The state that has previously experienced low auto will also see higher premiums in that sector.
According to the latest auto and homeowners insurance data that has been released from the Ohio Department of Insurance, the price of both of those forms of coverage is on the rise, despite the fact that this state is known for its low rates.
There was an average increase of 4.1 percent among the leading 10 private passenger auto insurer groups.
Moreover, among homeowners insurance groups, the increase in Ohio was an average of 7.6 percent. Among the providers who were considered in the department’s data, approximately 70 percent of the total market was represented in the report.
There were different factors that caused the auto and homeowners insurance prices to rise in the state.
In the auto coverage area, it was the rising cost of weather related claims, medical costs, repair costs, and the number of cars on the road that have been sending the premiums paid by drivers in an upward direction. On the other hand, in terms of home insurance rates, it is primarily the rising cost of materials and building, as well as the number and cost related to weather damage claims.
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Data released by the National Association of Insurance Commissioners (NAIC), in 2010, stated that the homeowners insurance rates in Ohio were the sixth lowest in the country, at an average of $624 per year. The national average at that time was $904 per year. Similarly its average auto premiums were $619, putting it in ninth place for least expensive coverage, against a national average of $791.
The press release from the director of the state department, Mary Taylor, explained that “Ohio’s historically competitive insurance marketplace continues to provide consumers with choice and affordable options for auto and homeowners insurance.” Although the premiums that are being paid by the drivers and property owners in the state are on the rise, they continue to be among the cheapest in the country and are not growing at a rate that is notably greater than in many other states.