An industry trade association has stated that auto and homeowners coverage can be afforded by most people.
According to the latest data that has been released from an Ohio insurance industry trade association, auto and homeowners premiums are low enough that they can be afforded by the majority of the people living within the state.
In fact, the rates within this state are notably lower than the average in the rest of the country.
A report was issued by the Ohio Insurance Institute (OII) which has said that this state is the sixth least expensive for in terms of the cost of the average homeowners coverage in the country. At the same time, it is the tenth least expensive for the average auto insurance rates. These are based on the data from the 2011 National Association of Insurance Commissioners (NAIC), the most recent complete year that this group has provided.
This has shown that Ohio insurance is something that consumers are able to work into their budgets.
The OII represents insurance agent groups and companies within the state’s property and casualty industry. Its projections are showing that this year, the average homeowners insurance premium will be about $750. Comparatively, the Insurance Information Institute (III) has stated that the national average for home coverage is about $1,100.
On the other hand, when it comes to vehicle coverage, the average auto insurance premium to be paid by the residents of the state, this year, will likely be $671. That said, the III has said that the average across the country will be about $846.
There are a number of different factors that play a role in the size of the rates that are charged to a consumer for coverage within a state. These can include everything from the amount of competition among insurers within a given state to the types of risks that occur within that region and even the laws that dictate the type of protection that must be purchased and provided.
The Ohio insurance industry clearly lends itself to a more affordable coverage environment than the majority of other states across the country.