Ohioans on average pay less for home and auto insurance than the national average.
Ohioans pay an average of $819 (9th lowest) for homeowners insurance and $703 (14th lowest) for auto insurance compared to the national average, according to the most recent data from the National Association of Insurance Commissioners.
Ohio’s combined average premiums are $540 below the national averages, the Ohio Department of Insurance reported.
The average rate changes in 2017 for the top 10 homeowners and auto insurance groups in Ohio increased 1.5 percent and 4.1 percent, respectively, from 2016.
“We are fortunate in Ohio to have among the lowest average insurance premiums for homeowners and auto insurance compared to the rest of the country,” Ohio Department of Insurance Director Jillian Froment said in a statement. “Ohio has a robust and competitive insurance market providing consumers many different product options to consider when selecting coverage.”
The Ohio Department of Insurance reviews rates to make sure they follow Ohio law and are actuarially sound.
The data comes from the top 10 insurance groups, which represent about 75 percent of the market in Ohio.