By comparison, the national average annual premium for homeowner’s insurance was $1,023 and $815 for auto insurance, according to the NAIC. When combined, the state’s homeowner’s and auto insurance premiums were nearly $500 below national averages.
“Ohio continues to have a competitive insurance market allowing consumers to find the insurance coverage that best meets their needs at some of the lowest prices in the country,” said Mary Taylor, Ohio’s Lt. Governor and state insurance director. “I urge Ohio consumers to use the services of an insurance agent and shop around for coverage that best insures their risks and also fits their budget.”
In addition to having more carriers than insurance markets in many of the more expensive states, Ohio has a dearth of large scale natural disasters, such as earthquakes, hurricanes, floods and tornadoes, which typically drive up insurance rates.
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