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Ohio Continues to Yield Favorable Insurance Choices, Premiums for Consumers

March 11, 2016

Ohio's healthy economic climate continues to provide consumers with an array of choice, product availability and affordable rates that are among the lowest in the country. The Ohio Department of Insurance (ODI) recently announced that Ohio’s average homeowners and auto insurance premiums, when combined, are nearly $515 below national averages.

While price is an important factor, it's certainly not the only one. The most important thing consumers should look for in their insurance purchasing process is the personal advice and guidance only their independent agent can provide. The combination of affordable rates and Ohio's large number of independent agents makes Ohio a great place to be an insurance consumer.

Homeowners insurance in Ohio averages $763, which is the ninth lowest in the nation. Auto insurance premiums average $659, the twelfth lowest in the nation. These rates compare to national averages of $1,096 and $841, respectively. The data provided by the National Association of Insurance Commissioners (NAIC) is from 2013, the most recent statistics available.

What changed from last year's NAIC report?
The average homeowners premium increased $38, from $725 to $763, keeping Ohio at the ninth lowest in the nation. The average auto premium increased $24, from $659 to $635, moving Ohio from the eleventh lowest in the nation to the twelfth.

Looking Ahead 
Data released last July from ODI shows that rates among the top 10 homeowners insurers increased an average of 4.3 percent in 2014. This represents a significant drop in rate increases, as it is the smallest average rate increase since 2008. The Ohio Insurance Institute (OII) predicts an average home increase of 2.9 percent in 2016, which would boost the average premium to $843.

For auto, the 10 largest auto insurers increased their rates an average of 2.6 percent in 2014 -- a slightly higher increase than the average rate hike of 2.5 last year. All 10 auto insurers increased rates in 2014, with several of the insurers who operate through the independent agency channel taking a larger rate increase in 2014 than in 2013. OII predicts an average auto increase of 3.3 percent in 2016, which would boost the average premium per vehicle to $721.

*Please note this article was obtained from the Ohio Insurance Agents website
Posted 12:33 PM

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