The Buckeye state ranks sixth lowest in the U.S. in homeowners insurance rates and ninth lowest in auto insurance, based on average insurance premiums, the insurance department said. Ohio’s average annual homeowners insurance premium is $652, well below the national average of $968; the state’s auto insurance costs an average of $620, compared to the national average of $797, the insurance department said.
Mary Taylor, director of the Ohio Department of Insurance and lieutenant governor, said Ohio’s insurance market “continues to provide consumers with choice and competitive rates. With nearly 700 companies selling auto and homeowner’s policies in Ohio, rates remain well below the national average, saving consumers more of their hard-earned dollars.”
A recent Insure.com study that focused on new vehicles found the 2014 average annual premium for an auto policy in Ohio is the lowest in the country. Competition among insurers is one reason for the low rates: only Illinois and Texas having more auto insurance providers than the 700-plus companies that do business in Ohio.
Average car insurance premiums also depend on factors such as the number of urban areas, traffic conditions, state insurance laws, the percentage of drivers who are uninsured, and auto thefts, Insure.com said. The Ohio Insurance Institute said other factors include medical costs, weather-related claims, and repair costs, OII officials said. Changes in homeowners insurance rates can be affected by weather-related claims as well as building and material costs, the OII said.
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