Ohio is a great state with lots of things to see and do. We’re not going to talk about all of the many reasons why Ohio is a great place to live and work, but we want to talk about the Ohio insurance industry. We want to help make sure you get the best deal possible on all the types of insurance that you buy in the Buckeye state. Ohio auto insurance premiums are among the lowest in the country, and, while premiums are rising, Ohio home insurance premiums are competitively priced as well. Term life insurance rates in Ohio are the same as other states, because where you live does not have an impact on how long you will live.
There are over 2000 insurance companies licensed in Ohio to sell insurance, with two in particular being among the largest in the country. Nationwide Insurance Co., headquartered in Columbus, and Progressive Insurance Co., out of Mayfield, a suburb of Cleveland, insure millions of drivers, and have billions of dollars in assets. Ohio insurance is competitively priced, as these two large, well respected companies, and many others headquartered here, desire to have a strong presence in their home state.
While the last 5 or so years have brought an unusual number of storms to Ohio, Ohio insurance premiums remain lower priced than 80 % of all states. The types of Ohio insurance affected most by the storms have been property and automobile. Homes and commercial buildings have suffered the most damage, dollar wise, mainly due to hail and wind damage. Cars and trucks have also suffered insured damages. The physical damage coverage known as “comprehensive” will pay for damage caused by flood and hail damage. Insurance companies insuring property and vehicles in Ohio have paid nearly $2,000,000,000 in insurance claims, due to the severe claims. Unfortunately, when insurance companies pay more in claims than they had expected, insurance premiums start to increase. Ohio insurance companies have begun raising rates for property insurance, and that trend is expected to continue for the next few years.