Data Shows Great News for Ohio’s Home and Auto Insurance Rates

The Ohio Department of Insurance recently released data showing estimated rate changes for the top 10 homeowners and auto insurers in 2018. The data shows that Ohio continues its trend of having some of the best rates in country, with homeowners rates continuing to remain stable and auto rates continuing to increase, but only slightly. 

Homeowners Rates Continue to Remain Stable 

Recently released data from the Ohio Department of Insurance shows that estimated rate changes among the top 10 homeowners insurers for 2018 ranged from -3.4 percent to 5.2 percent. When averaged, the overall rate changes were negligible as they averaged zero percent.

Of the ten insurers that make up close to 75 percent of the market in Ohio, two insurers decreased rates, one kept rates flat, and seven increased rates. Of the insurers that increased rates, five took larger rate increases in 2018 than in 2017, with the exception of Nationwide and Grange Insurance.

The largest rate reduction was a 3.4 percent decrease by State Farm.  The largest increase of all 10 insurers was a 5.2 percent increase by Cincinnati Insurance Company.

Ohio continues to boast the ninth lowest homeowner's rates in the country, with an average annual premium of $850.

Auto Rates Continue to Increase, But Only slightly

It is estimated that the ten largest auto insurers increased their rates an average of 0.5 percent in 2018 – a lower average increase than the average rate change of 3.9 percent in 2017.

Rate changes in 2018 ranged from a rate reduction of 4.8 percent by State Farm to an increase by Nationwide of 9 percent. Of the 10 insurers that make up 77.5 percent of the market in Ohio, two insurers decreased rates, two kept rates flat, and six increased rates. Notably, only four of the 10 auto insurers took bigger rate increases in 2018 than they did in 2017.

Ohio’s auto insurance premiums average $727, which is the 14th lowest in the country.

Bottom line 

Ohio’s combined average premiums for home and auto are $551 below the national averages.

Remind your clients that Ohio has a long history of enjoying some of the best rates in the country and continues to do so as a result of our competitive insurance marketplace which only exists because of our stable regulatory, legislative and judicial environments.

Also see:  Insurers put brakes on rising auto rates in Ohio last year

                 Distracted Driving is Enemy No. 1 for Stable Personal Auto Rates