Ohio Property/Casualty Insurance Rates Still Among Lowest In Nation

Ohio insurance consumers continued to benefit from a healthy property/casualty market in 2005 and rates are not expected to change significantly in 2006. Homeowners insurance rates offered by the state’s top ten insurers rose less than one percent in 2005 while automobile insurance rates decreased 1.6 percent. Department statistics indicate that homeowners insurance rates across the state rose 2.2 percent in 2004, following increases of 9.9 percent in 2003 and 18.1 percent in 2002. In 2005, rates rose only 0.3 percent statewide. State Farm, Ohio’s largest home insurer with 22.4 percent of the market, dropped its rates 2.5 percent in 2005.