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But premium increases in Ohio are unlikely to be as severe as in other parts of the country, based on the National Association of Insurance Commissioners’ 2014 auto and homeowners insurance average premium reports released last week by the Ohio Department of Insurance.
Ohio residents, on average, pay among the lowest homeowners and auto insurance premiums in the nation, the state department of insurance announced Thursday.
The National Association of Insurance Commissioners found Ohio residents pay an average $797 a year for homeowners insurance, ninth-lowest in the nation, and $683 a year for auto insurance, ranking 12th-lowest among all states in 2014 — the most recent year for which figures were available.
Compared to neighboring states, Ohio had the lowest average cost for homeowners insurance, below Michigan, where homeowners paid annual average premiums of $865. And Ohio had the second-lowest average premiums for auto insurance, slightly ahead of Indiana, where residents paid $642 annually, on average.
“We are driven to help foster a competitive insurance marketplace that benefits Ohio consumers with increased choice in coverage and lower costs,” said Lt. Governor Mary Taylor, also head of the state insurance department. “These most recent national rate comparisons proves our policy continues to work for Ohioans.”
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