COLUMBUS — Ohio’s 2011 average auto and homeowners insurance rates were again among the most competitive in the U.S. The Department of Insurance annually compiles the state’s average auto and homeowners insurance rates.
Ohio has the 10th lowest auto insurance and sixth lowest homeowners insurance average premiums in the country (dropping from 11th and ninth respectively), according to 2008-2009 data, the most recent figures from the National Association of Insurance Commissioners.
Changes
Based on 2011 activity, the average rate change for the state’s top 10 private passenger auto insurance groups increased 1.2 percent, the lowest uptick since 2008.
The average rate change for the state’s top 10 homeowners insurance groups was the lowest since 2007, increasing 6.2 percent. The top 10 insurance groups represent approximately 70 percent of the market.
The historical rate change information is an average. Individual insurance consumers may have experienced rate changes that differ from the average. The Department makes sure rating plans comply with Ohio insurance law and the rates are actuarially sound.
Factors
Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowners rates can be attributed to weather-related claims, and building and material costs.
Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 800-686-1526 and visit www.insurance.ohio.gov for free information. You can follow the Ohio Department of Insurance on twitter @OHInsurance and on Facebook at www.facebook.com/OhioDepartmentofInsurance.
Well this is good news for people living in Ohio. With the current trend in rising costs, this makes Ohio a top contnder for most liveable places in the United States. Auto and Homeowner’s insurance are among the top priority expenses that a family will consider so if it’s that low in Ohio, then a lot of people might ruminate on living there.