Department of Insurance releases report on insurance rates
The Ohio Department of Insurance has released a new report that shows that the state boasted of some of the lowest homeowners and auto insurance rates in the country. The agency compiles data concerning homeowners and auto insurance rates every year and provides information concerning how the state ranks with others on the matter of premiums. According to the report released by the agency, Ohio is home to the 10th lowest auto insurance and 6th lowest homeowner’s insurance rates based on 2011 activity.
Insurance rates rise slowly in Ohio
The agency notes that rate changes coming from the state’s largest auto insurance companies increased by an average of 1.2% throughout 2011. This is the lowest rate I increase Ohio has experienced since 2008.The average rate increase coming from Ohio’s homeowners insurance companies was approximately 6.2%. The insurance companies represented in the report account for 70% of Ohio’s insurance market.
Better policies make Ohio more attractive to businesses
The removal of redundant regulations is one of the factors that is contributing to Ohio’s favorable insurance climate. The state has also been working to promote the growth of businesses and create an atmosphere that is more attractive to companies outside of Ohio. The companies bring with them more jobs and provide more stability for the state’s economy, as well as create more competition in their given industry. Insurers have benefited from the state’s policies and have managed to keep rates relatively low for some time.
Insurance rates trend expected to continue into the future
The trend that Ohio has experienced with its auto and homeowners insurance rates is expected to continue well into the future. Insurers have not shown any extreme eagerness in raising rates for their coverage and state officials continue to make cuts to policies that are considered burdensome to businesses. Ohio officials hope to continue attractive companies from out of state, especially those that work in the insurance industry.