Facts and Figures on the Insurance Industry in Ohio

There is no denying that the insurance industry is a major economic player in Ohio. There are more than 200 insurance companies registered to operate within the state, employing thousands of people and providing considerable income to most of them. The most dominant sector of this industry is the property/casualty sector. One of the main features of the insurance industry in Ohio is its affordability. To date, consumers enjoy lower insurance premiums compared to most states in the country. This feature is clearly manifested in auto insurance and homeowner’s insurance sector, in which premiums are less than the national average. The presence of a lot of insurance companies in Ohio not only translates to more affordable insurance rates but also means there are a lot of insurance options for the average consumer. It also ensures that there are also numerous quality products offered in the market.

Though Ohio does not impose compulsory rule on purchasing automobile insurance, each driver should be insured or at least have some ready means to provide payment for injuries and damages they may caused. A typical auto insurance policy contains several features such coverage as against bodily injury liability, property damage liability, medical payments, uninsured motorists, underinsured motorists, among others. Under state law, there are minimum amounts of liability--$12,000 for any one person killed or injured, $25,000 total limit for all persons killed or injured, and $7,000 for property damage resulting from the accident. It is quite possible for a policyholder to purchase an insurance policy with high limits of liability, depending on their financial capabilities. According to the state’s financial responsibility law, motorists are required to present proof of financial responsibility whenever asked by law enforcement officers. The most common proof of financial responsibility would still be the auto insurance identification card, which is insured by the insurance provider.

Another insurance product enjoying a healthy demand in Ohio is the homeowner’s insurance. This particular product must always contain liability coverage which protects homeowners in instances when they are sued for damage or injury while in their property. There are also coverage for medical expenses associated with injuries that happen within the premises and for instances when the home in inhabitable for a period of time. It is also good to know that natural disasters are excluded from most homeowner’s insurance policies and policyholders have to seek other means for compensation for these events, such as availing of flood insurance from the federal government and seeking endorsements for earthquake insurance.

There are several ways to save money when purchasing both auto and homeowner’s insurance in Ohio. One good thing to keep in mind would be to shop around for the most affordable policy that has the most value in terms of coverage. When it comes to auto insurance, it would be good to procure one with high deductibles to reduce premiums. Savings from purchasing auto insurance can also be enjoyed if potential policyholders would refrain from purchasing luxury vehicles and those of the newest models. This is because these types of vehicles cost more to repair, translating to higher premiums. In relation to this point, it would also be wise to consider taking out coverage for collisions for cars with significant depreciation value. For those availing of homeowner’s insurance, it would also be quite beneficial to shop around before making concrete decisions. There are also several discounts available for this kind of insurance product and a good strategy would be inquire about and insist on getting a full list of them. If a policyholder has several properties and would need to insure all of them, savings can also be incurred if only a single insurance provider would be chosen. It would also be good to evaluate policies every few years or so in light of changing needs and priorities.

We help our Ohio based customers in Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton,OH and other great cities in The Buckeye State lower their premiums and save money on all types of insurance. Use the form above to find low cost auto insurance, homeowners insurance, medical insurance, life insurance or long term care insurance. Using our Ohio insurance agent and broker network, you can compare rates quickly from the comfort of your home.

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