COLUMBUS – Ohio Department of Insurance Director Jillian Froment today announced that the average rate changes in 2016 for the top 10 homeowners and private passenger auto insurance groups in Ohio increased 1.9 percent and 3.1 percent, respectively. Ohioans pay among the lowest average insurance premiums for homeowners and auto insurance.
“Ohio’s insurance market continues to grow in part thanks to strong and fair regulation,” Froment said. “A growing and competitive market is why Ohioans can choose from many offerings to find the right policy at the right price.”
Ohioans pay an average of $797 (9th lowest) for homeowners insurance and $683 (12th lowest) for auto insurance compared to the national average, according to the most recent data from the National Association of Insurance Commissioners. Ohio’s combined average premiums are $518 below the national averages.
Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Homeowners insurance rates can be impacted by weather-related claims, and building and material costs.
Individual insurance consumers may have experienced rate changes that differ from the average. The Ohio Department of Insurance reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound.
The top 10 insurance groups represent approximately 75 percent of the market in Ohio.
Ohioans with insurance questions can call the department’s consumer hotline at 1-800-686-1526 and visit www.insurance.ohio.gov for insurance information.