Study: Ohio insurance rates are low

Ohioans pay among the lowest rates in the nation for auto and homeowners insurance according to a national industry study released Tuesday by Ohio Lt. Gov. Mary Taylor’s office. Taylor, who also serves as Ohio Department of Insurance director, quoted from findings of a National Association of Insurance Commissioners (NAIC) annual study.

“We are focused on cultivating a competitive insurance market that benefits the consumer,” Taylor said in a release. “That focus is generating some of the lowest premiums in the country.”

Ohioans paid an average of $763 (9th lowest) for homeowners insurance and $659 (12th lowest) for auto insurance compared to the national average of $1,096 and $841, respectively, Taylor’s office said. Ohio’s combined average premiums are $515 below the national averages.

When shopping for insurance, Taylor advised consumers to carefully compare products from different companies and remember that the insured deductible can be raised to lower the premium.

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