COLUMBUS – Ohio Department of Insurance Director Jillian Froment announced the average rate changes in 2018 for the top 10 homeowners and private passenger auto insurance groups in Ohio. The average homeowners insurance rate change was zero percent while the average auto insurance rate increased one half of a percent.
“Ohioans continue to benefit from some of the lowest insurance premiums for homeowners and auto insurance compared to the rest of the country,” Froment said. “Ohio has a robust and competitive insurance market providing consumers many different product options to consider when selecting coverage.”
Annually Ohioans pay an average of $850 (9th lowest) for homeowners insurance and $727 (14th 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 $551 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.