Rates ticked up last year for auto and homeowners insurance in Ohio, says a new report from the state’s insurance department.
Among the state’s top 10 private passenger auto insurance groups, rates increased 4.1 percent on average, according to data released Monday by the agency.
The average uptick for the state’s top 10 homeowners insurance groups was 7.6 percent. The top tier of providers represents about 70 percent of each market, the report indicated.
Auto insurance rates are affected by medical costs, weather-related claims, the number of cars on roads and repair costs. Homeowners rates are a function of weather-related claims and building and materials costs.
Data from the National Association of Insurance Commissioners in 2010 said Ohio had the 6th-lowest homeowners rates at $624, compared with a national average of $906. Its $619 average for auto insurance rates put it 9th-lowest in that regard, when compared with a $791 national average.
“Ohio’s historically competitive insurance marketplace continues to provide consumers with choice and affordable options for auto and homeowners insurance,” Department of Insurance Director Mary Taylor said in a press release.
