Ohio consumers pay $226 less for homeowners insurance than the U.S. average and nearly $167 less for auto insurance than the U.S. average, according to a report updated by the Ohio Insurance Institute (OII).
The homeowners insurance average for Ohio is based on 2008 data released by the National Association of Insurance Commissioners (NAIC) in November 2010, and the auto insurance figure is based on 2007 data released by the NAIC in December 2009.
The average homeowners expenditure in Ohio in 2008 was $565 compared to the U.S. average of $791. The average auto insurance expenditure in Ohio in 2007 was $628 compared to the U.S. average of $795. Ohio’s average auto insurance expenditure is 11th lowest in the United States.
According to the NAIC, Ohio’s average homeowners insurance expenditure of $565 is the seventh lowest in the US. The six states with a lower average homeowners expenditure are Delaware, Wisconsin, Washington, Oregon, Utah and Idaho. The average expenditure is based on the type of coverage that most Ohio homeowners purchase.
Based on Ohio Department of Insurance rate figures, between 2005-09 the top 10 Ohio homeowners insurance writers increased premiums an average of 3.6 percent annually during the five-year period, the OII said.
Based on ODI rate reports, between 2005-09 the top 10 Ohio auto writers averaged nearly a 0.3 percent premium decrease annually.
Source: Ohio Insurance Institute
Topics USA Auto Ohio Homeowners
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