Auto, Homeowners Insurance Rates Rise in Ohio in 2014

The average rates for the top 10 private passenger auto and homeowner’s insurance groups in Ohio increased 2.6 percent and 4.3 percent, respectively, in 2014. The average rate change for auto insurance is similar while the homeowner’s insurance change is smaller compared to 2013, the Ohio Department of Insurance reports.

Ohio’s rates for both lines of insurance are still some of the lowest in the country.

The state has the ninth lowest annual homeowners insurance rate at $725 versus the national average of $1,023 and 11th lowest average auto premiums, at $635 versus the national average of $815. That’s according to 2012 data — the most recent available — from the National Association of Insurance Commissioners (NAIC).

The top 10 insurance groups represent approximately 75 percent of the market in Ohio.