– Ohioans pay among the lowest average premiums in the nation for auto and homeowners insurance according to a national study, Lieutenant Governor Mary Taylor announced.
“We are driven to help foster a competitive insurance marketplace that benefits Ohio consumers with increased choice in coverage and lower costs,” said Taylor, also director of the Ohio Department of Insurance. “These most recent national rate comparisons proves our policy continues to work for Ohioans.”
The National Association of Insurance Commissioners found Ohioans paid an average of $797 (9th lowest) for homeowners insurance and $683 (12th lowest) for auto insurance in 2014 (the most recent data available) compared to the respective national averages of $1,132 and $866. Ohio’s combined average savings are $518 below the national averages.
Ohio as compared to its neighboring states’ average insurance premiums:
Ohio $797 Indiana $642
Michigan $865 Ohio $683
West Virginia $877 Kentucky $783
Pennsylvania $893 Pennsylvania $858
Indiana $944 West Virginia $871
Kentucky $1,023 Michigan $1,227
Ohio’s ranking remains unchanged from the previous year.
To help save money when shopping for insurance, Taylor advises consumers to compare products from different companies and to regularly evaluate coverage.
Consumers with insurance questions can contact the Ohio Department of Insurance at 1-800-686-1526 and visit www.insurance.ohio.gov for information.