Ohio Residents See Bump in 2012 Average Insurance Rates

Ohioans saw increases in their homeowners and auto insurance rates last year, though they’re still getting a bargain.

Ohio’s Department of Insurance recently released the 2012 average rates for homeowners and auto insurance.

The state’s top 10 auto insurers raised rates by 4.1 percent last year.

The 10 biggest homeowners insurance groups boosted rates by 7.6 percent. In both areas, the largest insurers represent about 70 percent of Ohio’s market.

The most recent figures from the National Association of Insurance Commissioners show Ohio’s average homeowners premium was $624, compared to the national average of $906. Drivers on average paid $619, compared to $791 nationally.

State officials say changes in auto insurance rates are associated with weather-related claims and repair costs. Poor weather and material costs also affected homeowner rates.