The Ohio Department of Insurance recently announced that the average rates for the state’s top 10 auto and homeowners insurers – which represent 72 percent of both markets – decreased 1.2 percent and 0.8 percent, respectively, in 2006.
“A competitive market assures lower insurance premiums for all Ohioans,” Insurance Director Mary Jo Hudson said. “The Department will continue to monitor these markets, and also assure that Ohioans have access to competitive coverage.”
Ohio has the 14th lowest auto insurance and 7th lowest homeowners insurance average premiums in the country, according to the most recent figures from the National Association of Insurance Commissioners.
Auto rates decreased for the second consecutive year behind rate decreases by Progressive, Westfield, Cincinnati Financial, Erie Insurance, American Family Insurance and Geico. Rate decreases by State Farm Insurance, Cincinnati Financial, Westfield, Erie Insurance and Auto Owners Insurance helped decrease homeowners rates for the first time in recent years.
Department analysts expect the 2007 rate activity to be similar to the 2006 figures. Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs, while changes in homeowners insurance rates can be attributed to building and material costs and weather-related claims.
Free information, including recent Ohio average auto and homeowners insurer rate change information, can also be obtained at www.ohioinsurance.gov.
Source:Ohio Department of Insurance
Topics Trends Auto Pricing Trends Ohio Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Progressive Gains as Drivers Shop Around for Auto Insurance—Again 
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
