Auto Premiums Decline in Ohio; Homeowners Rates Rise

The Ohio Department of Insurance reports that auto insurance rates in that state declined for the third consecutive year but homeowners rates have risen slightly.

The department based its assessments on data released by the National Association of Insurance Commissioners (NAIC) in two reports: The 2006/2007 Auto Insurance Database Report and the 2007 Homeowners Insurance Report.

In 2007, the most recent year for which data is available, Ohio had the 11th lowest auto insurance rates in the nation, improving from its ranking of 13th lowest in 2006. In 2007, Ohioans paid an average $628.31 in auto insurance premiums, far below the national average of $794.98. In 2006, Ohioans paid an average of $654.33 in auto insurance premiums.

On average Ohioans paid slightly more for homeowners insurance in 2007 than in 2006, but premiums in the state remained the sixth lowest in the country. The average homeowners insurance premium in Ohio was $548 in 2007; in 2006, the average was $542. Those figures are far lower than the 2007 national average homeowners insurance premium of $816, which increased from $801 in 2006.

Insurance department analysts expect that rates for automobile insurance, overall, will slightly rise in 2010.