Lt. Governor Taylor Announces Ohio Auto and Homeowners Rates Remain Competitive in...

Lt. Governor Taylor Announces Ohio Auto and Homeowners Rates Remain Competitive in 2010

COLUMBUS, OH – August 12, 2011 – (RealEstateRama) — Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s 2010 average auto and homeowners insurance rates were among the most competitive in the United States. The Department annually compiles the state’s average auto and homeowners insurance rates.“Ohioans can count on the state’s dynamic insurance marketplace producing some of the lowest auto and homeowners rates in the country,” Taylor said. “We will continue to focus on attracting insurance companies to our great state to the benefit of the state’s consumers.”

Ohio has the 11th lowest auto insurance and 9th lowest homeowners insurance average premiums in the country, according to the most recent figures from the National Association of Insurance Commissioners (NAIC).

In 2010, the average rate change for the state’s top 10 private passenger auto insurance groups increased 1.5 percent. The average rate change for the state’s top 10 homeowners insurance groups increased 8.7 percent.  The top 10 insurance groups represent approximately 70 percent of the market.

The average increases in 2010 were less than the previous year, which saw average increases of 2.8 percent and 9.7 percent for auto and homeowners, respectively.  The historical rate change information is an average.  Individual insurance consumers may have experienced rate changes that differ from the average. The Department makes sure the rating plans comply with Ohio insurance law and the rates are actuarially sound.

Ohio insurers continued to experience claims from the multitude of weather events that have impacted the state over the last few years.

Based on rate activity so far this year and industry data, Department analysts expect 2011 rate activity to follow a similar pattern. Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowners rates can be attributed to weather-related claims, and building and material costs.

Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 1-800-686-1526. Free information, including guides and tip sheets about auto and homeowners insurance, is available at www.insurance.ohio.gov.

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