Combined, average home owners and auto insurance premiums in Ohio are nearly $ 500 significantly less than national averages, according to the state’s insurance coverage department.
Private lines premiums in the state are among the lowest in the country, Lieutenant Governor and Department of Insurance coverage Director Mary Taylor reported.
Information for 2012 — the most current year available — from the National Association of Insurance coverage Commissioners (NAIC) showed Ohioans paid an average of $ 725 for home owners insurance coverage and $ 635 for auto insurance premiums, compared to national averages of $ 1,023 and $ 815, respectively.
Premiums had been the 9th lowest in nation for home owners insurance and 11th lowest for auto insurance, according to the Ohio Department of Insurance.
“Ohio continues to have a competitive insurance coverage market allowing consumers to find the insurance coverage coverage that very best meets their needs at some of the lowest prices in the nation,” Taylor mentioned in a departmental release. “I urge Ohio shoppers to use the services of an insurance coverage agent and shop around for coverage that best insures their risks and also fits their spending budget.”
Although Ohio private lines rates are comparatively lower than those in most U.S. states, they have been on the rise in recent years and are expected to enhance slightly in 2015, according to the Ohio Insurance Institute (OII), an business trade group.
Homeowners Premiums
The typical U.S. home owners insurance coverage premium rose by 5.7 percent in 2012, following a 7.6 % enhance in 2011. In Ohio, property owners premiums rose 12 % in 2012, following a 4.9 % increase in 2011, the OII stated.
The insurance coverage trade group estimated Ohio’s average home owners insurance coverage premium improved by $ 53 in 2013 and by $ 27 in 2014. It anticipates an typical $ 29 increase in the state’s average home owners premium in 2015.
States with reduce typical homeowners premiums than Ohio are: Idaho ($ 538), Oregon ($ 567), Utah ($ 580), Wisconsin ($ 631), Washington ($ 648), Nevada ($ 674), Delaware ($ 678) and Arizona ($ 691).
Auto Premiums
According to a December 2014 NAIC report, Ohioans spend $ 180 less for auto insurance than the U.S. average, the OII stated.
States identified to have decrease average auto insurance premiums than Ohio are: Idaho ($ 535), South Dakota ($ 557), Iowa ($ 561), North Dakota ($ 576), Maine ($ 582), Wisconsin ($ 599), North Carolina ($ 611), Nebraska ($ 617), Wyoming ($ 619) and Kansas ($ 632), the OII reported.
In 2013, the average auto insurance coverage premium in the United States rose by 2.3 %, following a .6 percent increase in 2011. In Ohio, average auto premiums rose by 2.4 % in 2013 and .2 % in 2011.
The average auto premium rose by $ 17 in Ohio in 2013, by $ 13 in 2014 and will increase by $ 14 in 2015, the OII estimated.
According to OII estimates, Ohio’s average auto premium was less in 2014 than it was 11 years earlier. Ohio’s 2003 typical auto insurance coverage price was $ 672 according to the NAIC the average auto insurance coverage premium in Ohio for 2014 is $ 665, the OII estimated.
Catastrophes
Ohio skilled 3 weather-related catastrophic events in 2014, the OII reported. Those had been:
- January 5-8 polar vortex with estimated losses for Ohio at $ 152.6 million.
- Could 10-14 wind and rainstorm event with estimated Ohio losses at $ 172.7 million.
- Could 18-23 wind and rainstorm occasion with estimated Ohio losses at $ 34.66 million.
Catastrophe-associated insured loss estimates for the 5-year period of 2010 by means of 2014 came in at far more than $ 2.4 billion (in 2014 dollars). All 5 years are included in Ohio’s list of the 6 costliest years for insured losses.
The most pricey catastrophe occasion in Ohio to date was Hurricane Ike in 2008, which brought on an estimated $ 1.380 billion (2014 dollars).
Ike crossed Ohio on Sept. 14, 2008, packing winds at speeds equal to a Category 1 hurricane (up to 74 mph).
The losses compiled by insurance firms and state government from Hurricane Ike topped the state’s preceding biggest natural disaster — the Xenia tornado of 1974. That tornado outbreak brought on $ 1.1 billion in insured losses, estimated in 2014 dollars.
