Insurance Costs Less in Ohio
A bunch of my friends from places like California and Texas have recently relocated to various cities in Ohio. Being someone who has fulfilled her obligations to the winter weather several times over, it’s been difficult for me to comprehend why anyone would want to move there.
Apparently, insurance costs a lot less there. Specifically, at least according to data provided by the Ohio Insurance Institute (OII), Ohio drivers pay about $167 less than the national average for their car insurance, and Ohio homeowners are charged about $226 less than the national average to insure their homes.
The numbers for homeowners insurance are based on data from 2008 that was released by the National Association of Insurance Commissioners (NAIC) last month, and the auto insurance details are based on data from 2007 released a year ago this month.
In 2008, Ohio homeowners spent an average of $565/year as opposed to the national average of $791 for homeowners coverage, while the average auto insurance cost in 2007 for Ohio drivers was $628 as compared to the U.S. average of $795. Ohio has the eleventh lowest average auto insurance rates in the United States, while it ranks seventh lowest for homeowners insurance. The averages are based on the specific types of coverage that homeowners in each state typically purchase.
The Ohio Department of Insurance says that between 2005 and 2009 homeowners insurance in Ohio had average premium increases of 3.6 percent/year, while, during the same period, auto insurance premiums showed an average decrease of 0.3 percent/year.