Ohio homeowner’s, auto insurance premiums nearly $500 below national averages

Lieutenant Governor and Department of Insurance Director Mary Taylor has announced that Ohio’s average insurance premiums are again among the lowest in the country. The state’s homeowner’s and auto insurance premiums are – when combined – nearly $500 below national averages.

Ohioans paid an average of $725 (9th lowest) for homeowner’s insurance and $635 (11th lowest) for auto insurance premiums compared to national averages of $1,023 and $815, respectively. This is according to 2012 data – the most recent available – from the National Association of Insurance Commissioners (NAIC).

“Ohio continues to have a competitive insurance market allowing consumers to find the insurance coverage that best meets their needs at some of the lowest prices in the country,” Taylor said. “I urge Ohio consumers to use the services of an insurance agent and shop around for coverage that best insures their risks and also fits their budget.”

Insurance Shopping Tips:

• Shop around: Check with several insurance companies and agents before making a final decision on a product.
• Consider more than price: Use more than just price to make your decision. Seek recommendations regarding a company and/or agent from family and friends.
• Seek discounts: Many companies offer discounts if you purchase more than one policy from the same company.
• Raise deductible: Consider raising your deductible to lower your premium.
• Review at least annually: Carefully review your policy at least annually to ensure that it is still current and up to date.
• Ohio licensed: Get a list of companies and agents licensed to sell insurance in Ohio. Visit the Ohio Department of Insurance website at www.insurance.ohio.gov or call 800-686-1526 for information.

Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 800-686-1526. Insurance information including insights and tips about how to best choice appropriate and adequate insurance protection is available at www.insurance.ohio.gov. You can follow the Ohio Department of Insurance on Facebook and Twitter.