The average rate change for auto insurance was similar to that for 2013, while the homeowner’s rate change was smaller than the previous year.
Officials said Ohio has the ninth lowest homeowner’s insurance average premiums in the U.S. at $725, compared to the national average of $1,023. The state has the 11th lowest auto insurance average premiums, at $635, compared to the national average of $815.
Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs. Changes in homeowner’s insurance rates can be attributed to weather-related claims, and building and materials costs.
The top 10 insurance groups represent about 75 percent of the market in Ohio, officials said.
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