Welcome to the Ohio Department of Insurance

Skip Navigation

Please Note: You are viewing the non-styled version of Ohio Department of Insurance. Either your browser does not support Cascading Style Sheets (CSS) or it is disabled. We suggest upgrading your browser to the latest version of your favorite Internet browser.



Press Release- July 19, 2010
 
STATE OF OHIO
DEPARTMENT OF INSURANCE
COMMUNICATIONS OFFICE
 
 

7/19/2010

Ohio Auto and Homeowners Insurance Rates Increase Slightly in 2009


Premiums are still among lowest in the nation


 

COLUMBUS – The Ohio Department of Insurance announced that the average rates for the state’s top 10 private passenger auto insurers increased 2.8 percent in 2009.   The average rates for the state’s top 10 homeowners increased by 9.7 percent in 2009.

“While we did experience premium rate increases in 2009, it’s important to remember that Ohio still has some of the lowest insurance rates in the nation,” the Ohio Department of Insurance said. “The Department will continue to monitor these markets, and also assure that Ohioans have access to competitive coverage.”

Ohio has the 11th lowest auto insurance and 6th lowest homeowners insurance average premiums in the country, according to the most recent figures from the National Association of Insurance Commissioners (NAIC).

Unfortunately, in 2008, Ohio saw some of its worst weather-related losses in almost a century.  Storms caused insured losses of over $ 1.4 billion throughout Ohio in 2008.  Losses of this sort are the primary reason for the rate increases.

Based on the rate activity thus far and industry data, Department analysts expect the 2010 rate activity to continue similarly as it did in 2009. For auto insurance, the average rates will likely increase slightly.  For homeowners insurance, the average rates will likely increase.  Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs, while changes in homeowners insurance rates can be attributed to building and material costs and weather-related claims.

Ohio insurance consumers with questions and concerns about their insurance can call the Department’s consumer hotline at 1-800-686-1526. Free information – including recent Ohio average auto and homeowners’ insurer rate change information – can also be obtained at www.insurance.ohio.gov.

 


# # #



 

The State of Ohio is an Equal Opportunity Employer

Ohio Department of Insurance
50 W. Town Street, Third Floor - Suite 300
Columbus, Ohio  43215
|
|
|
John Kasich, Governor | Mary Taylor, Lt. Governor / Director
General Info: 614-644-2658 | Consumer Hotline: 800-686-1526
Fraud Hotline: 800-686-1527 | OSHIIP Hotline: 800-686-1578