Homeowners and auto coverage is growing more expensive in Ohio Auto insurance rates in Ohio are expected to rise in 2016, along with homeowners insurance premiums. The Ohio Insurance Institute has announced that auto premiums are set to rise by an average of 3.3%, whereas homeowners coverage will become 2.9% more expensive, on average. Even with the increases in premiums, Ohio is well below the national average in terms of the cost of auto and homeowners insurance coverage. In terms of homeowners coverage, Ohio is ranked the ninth lowest when…
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Auto and homeowners insurance rates grow in Ohio
Homeowners insurance and vehicle protection are becoming more expensive in the state Auto and homeowners insurance premiums have increased in Ohio, according to an announcement from Lieutenant Governor Mary Taylor. While insurance rates have gone up in the state, they remain well below the national average, in terms of vehicle and property coverage. Insurers sought rate increases last year, many of which were approved by state regulators due to various issues that have placed insurance companies under greater financial strain. Higher rates may help insurers recover from the losses they…
Read MoreOhio law to bring changes to state’s insurance industry
Insurance changes coming to Ohio thanks to new law Ohio lawmakers have approved a new budget that will bring major changes to the state’s insurance law. The change reduces the amount of money that insurance companies will receive from injury cases in which consumers are found at fault and cannot pay the full amount they owe. The change to the law has received significant support from lawmakers, with supporters suggesting that some companies in the insurance industry could be exploiting the old law for financial gain. Insurance companies will receive…
Read MoreOhio insurance industry hit by severe weather
Recent storms put some financial pressure on insurance companies operating in Ohio Recent storms have had a major impact on the insurance industry in Ohio. Recently, a tornado struck Green County, causing several thousands of dollars in damages. Though insurers do not expect losses to be to the degree of severe storms in the past, the recent storm is yet another blow to the insurance industry, which has begun to show concern for the increase in frequency of natural disasters. Some of these concerns are related to the potential effects…
Read MoreRates for homeowners insurance and auto coverage are on the rise in Ohio
Homeowners insurance and vehicle coverage is becoming slightly more expensive this year Those living in Ohio can expect to be paying more for their homeowners insurance and auto coverage this year. Insurers in the state will be raising rates, but Ohio will still enjoy insurance rates below the national average for property and auto coverage. According to a report from the Ohio Insurance Institute, rates are on the rise for a number of reasons. Homeowners insurance providers note that many powerful storms have hit the state recently, which is leading…
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