COLUMBUS – Homeowners and auto insurance rates for Ohioans edged upward only slightly last year and remain among the lowest in the nation, according to data released by the state and industry group.
Ohio’s average 2015 homeowners insurance premium increased 1.5 percent from 2014 to 2015 and auto premiums rose 2.3 percent, according to the Ohio Department of Insurance, among the lowest increases in recent years.
The increase equals approximately $12 on a home owners’ insurance policy and $16 on an auto policy, according to projections from the Ohio Insurance Institute. That compares with an estimated $37 for homeowners insurance and $29 for auto insurance for the same period nationwide.
The institute says Ohio’s average homeowners insurance premium expenditure ranks ninth lowest in the U.S. and the average auto insurance premium expenditure is 12th lowest.
Among the leading factors that impact homeowners insurance premiums are local construction costs and the degree of exposure to catastrophe.
Auto rates have been affected by a stronger economy, lower unemployment rates and average gas prices that were 28 percent lower than in 2014, leading to more drivers on the road, which increases the risk for driver error and the potential for crashes.