July 15th, 2014
Although insurance rates rose in 2013, Mary Taylor, Ohio lieutenant governor and Department of Insurance director, said that the state still has some of the lowest premiums in the country.
The past year marked the sixth straight year that both auto and homeowners insurance rates increased. Auto rates were up 2.6 percent and homeowners insurance rose 7.4 percent in 2013, according to the Ohio Department of Insurance. The figures were based on what the top 10 insurance companies in the state charged. Of the 10 companies, five had double-digit increases over the past year.
One of the reasons why rates for homeowners insurance were high was that Ohio has seen more storms than usual over the last few years. Between 2010 and 2014, 16 storms have come through the area, causing $25 million in losses, according to the Department of Insurance, per the Dispatch. Insured losses during that time were estimated between $2.1 billion and $2.2 billion.
To put that into perspective, from 2000 to 2009, there were 11 storms that caused $25 million in damage, with losses totaling $2.9 billion.
"Ohio's insurance market continues to provide consumers with choice and competitive rates," Taylor said. "With nearly 700 companies selling auto and homeowner's policies in Ohio, rates remain well below the national average saving consumers more of their hard earned dollars."
Average homeowners insurance premiums for the state in 2013 were $652, the sixth lowest in the country, and auto insurance premiums were the ninth lowest in the country at $620. The national averages for homeowners and auto insurance were $968 and $797, respectively.