Ohio auto, home insurance rates to rise in 2017: See how we compare

Credit: DaytonDailyNews

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2016 was the strongest year ever for home sales in the Dayton area.

Credit: DaytonDailyNews

Ohio homeowners and auto insurance rates are expected to rise this year to keep pace with escalating claims, according to the Ohio Insurance Institute.

The average annual cost of homeowners insurance is expected to rise 3.3 percent, or $28, to $864 this year, according to OII, while auto rates are expected to rise 3.4 percent, about $25, to $748.

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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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