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Thursday, December 25, 2014
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Published: Saturday, 3/15/2014 - Updated: 9 months ago

LATEST FIGURES

Home, auto insurance rates in Ohio among lowest

BY JON CHAVEZ
BLADE STAFF WRITER

Despite increases in the price of coverage, rates for home and auto insurance premiums in Ohio remained among the lowest in the nation in 2013, according to the latest figures from the Ohio Insurance Institute.

Based on December, 2013, reports from the National Association of Insurance Commissions, Ohio had the sixth-lowest average homeowners premium and the 10th-lowest average auto insurance premiums nationwide.

Similar figures for Michigan were not available.

According to research by the Ohio institute, homeowners in the Buckeye state paid an average of $750 for home insurance premiums. The national average, as compiled by the Insurance Information Institute, was $1,100.

Projected auto insurance premiums in Ohio for 2014 will average $671, the Ohio Insurance Institute said. Nationally, the average is $846.

The state insurance institute, a trade association that represents Ohio insurance companies and agent groups, said that the estimated average auto premium for 2014 is less than it was 12 years ago. In 2003, the association of insurance commissioners reported Ohio average auto premium was $672.

The most recent data compiled by the association of insurance commissions that is available to the public is for 2011.

In 2011, Ohio’s average auto insurance premium was $620, ninth-lowest in the nation. According to the data, Ohio's average premium rose just 51 cents from 2010 to 2011.

Michigan’s auto premium average in 2011 was $984, eighth-highest in the nation, according to NAIC figures.

Ohio’s homeowner premium average in 2011 was $652, the sixth lowest. Ohio's average homeowner premium rose $30 between 2010 and 2011.

Michigan’s average in 2011 was $787, good for 18th lowest, according to the NAIC.



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