The state’s auto coverage is also considered to be among the most affordable in the country.
Mary Taylor, the Ohio Lieutenant Governor and the director of the Department of Insurance, has recently announced that the auto and homeowners insurance premiums within the state are yet again some of the lowest in the country.
In her statement, she said that the marketplace in the state continues to offer favorable premiums.
Taylor explained that “Ohio’s competitive insurance market continues to provide consumers with choice and lower insurance premiums compared to the rest of the country.” She also went on to say that she encourages all of the residents of the state to go over their auto coverage and homeowners insurance policies on a regular basis.
This homeowners insurance and auto coverage review can help to ensure ideal protection.
Moreover, by making sure that the homeowners insurance and auto policies are reviewed on a regular basis, the residents of Ohio can also make certain that they’re not paying for any more or any less coverage than they need. They’ll know that they have the right policy and that they are paying the best price for this protection.
The most recent National Association of Insurance Commissioners (NAIC) data (from 2010) has shown that people in Ohio pay the ninth lowest premiums in order to cover their vehicles. The average price paid per year is $619 for drivers in that state. This is an improvement over 2009, when the state was in tenth place.
Similarly, the same data showed that Ohio is the sixth least expensive for homeowners insurance. The average owner pays $624 per year.
Comparatively, the national average for vehicle coverage was $791 per year, whereas the average for home policies was $906.
The average price of homeowners insurance was calculated by taking all of the different forms of that type of policy into account. It was found by dividing the total premiums for a state by the number of policies that were assuring the homes within it. The same technique was used in terms of the auto coverage and dividing the total by the number of covered vehicles.