Insights on Insurance--Ohio's insurance rates among the lowest in the country!
Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s 2011 average auto and homeowners' insurance rates were again among the most competitive in the United States. The Department annually compiles the state’s average auto and homeowners' insurance rates.
“We are fortunate to have a robust insurance marketplace that produces competitive rates for consumers,” Taylor said. “To the benefit of Ohioans we are removing burdensome and duplicative regulatory requirements, fostering innovative business growth and attracting new companies to create more jobs and maintain rate stability.”
Ohio has the 10th lowest auto insurance and 6th lowest homeowners' insurance average premiums in the country (dropping from 11th and 9th respectively), according to 2008-2009 data, the most recent figures from the National Association of Insurance Commissioners (NAIC).
Based on 2011 activity, the average rate change for the state’s top 10 private passenger auto insurance groups increased 1.2 percent, the lowest uptick since 2008. The average rate change for the state’s top 10 homeowners insurance groups was the lowest since 2007, increasing 6.2 percent. The top 10 insurance groups represent approximately 70 percent of the market.
The historical rate change information is an average. Individual insurance consumers may have experienced rate changes that differ from the average. The Department makes sure rating plans comply with Ohio insurance law and the rates are actuarially sound.
Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs. Changes in homeowners rates can be attributed to weather-related claims, along with building and material costs.
David Carlson is the past Chairman of the Euclid Chamber of Commerce; President of the Euclid Public Library Board; President, Euclid Rotary Club; and the owner of Nationwide Insurance Agency.
Past Charman, Euclid Chamber of Commerce; President, Euclid Public Library Board; President, Euclid Rotary Club; Owner, Nationwide Insurance Agency