Living in Ohio offers several financial advantages. Firstly, the cost of living is relatively low compared to many other states, allowing residents to stretch their dollars further. Secondly, Ohio boasts a diverse economy with opportunities in manufacturing, healthcare, and technology sectors, providing stable employment prospects. Lastly, the state's affordable housing market makes homeownership more accessible for many individuals and families. In terms of geographical benefits, Ohio's central location in the Midwest provides easy access to major cities and transportation hubs. Additionally, the state features a varied landscape, from the shores of Lake Erie to the rolling hills of the Appalachian region, offering diverse recreational opportunities. Finally, Ohio experiences all four seasons, allowing residents to enjoy a range of outdoor activities throughout the year.
However, living in Ohio also comes with certain insurance risks that residents should be aware of. One significant concern is the potential for severe weather events, including tornadoes and flooding, which can lead to property damage and the need for comprehensive insurance coverage. Another risk is the higher-than-average rate of car accidents in some urban areas, which may result in increased auto insurance premiums. Lastly, Ohio has seen a rise in opioid-related health issues, potentially impacting health insurance costs and coverage options for residents. Despite these risks, many people find that the financial and geographical benefits of living in Ohio outweigh the potential drawbacks, making it an attractive place to call home.
Ohio's homeowners and auto insurance market is diverse and competitive, with numerous providers offering coverage to the state's approximately 11.8 million residents. The Ohio Department of Insurance regulates the industry, overseeing more than 1,600 insurance companies licensed to do business in the state. In 2021, Ohio's property and casualty insurance market wrote over $22 billion in premiums, showcasing the significant size and importance of the industry to the state's economy.
Weather-related risks play a crucial role in shaping Ohio's insurance landscape. The state experiences a variety of severe weather events, including tornadoes, thunderstorms, and winter storms. According to the National Weather Service, Ohio averages around 19 tornadoes per year, with the peak season occurring from April to July. In 2019, the state saw a record-breaking 59 tornadoes, highlighting the potential for extreme weather events. Additionally, Ohio faces risks from flooding, particularly along its major rivers and in urban areas with inadequate drainage systems.
One of the most significant insurance events in Ohio's recent history was the Memorial Day tornado outbreak of 2019. This event resulted in 21 tornadoes touching down across the state, causing widespread damage to homes, businesses, and vehicles. The Ohio Insurance Institute estimated that insured losses from this event exceeded $500 million, making it one of the costliest natural disasters in the state's history. This event serves as a stark reminder of the importance of comprehensive insurance coverage for Ohio residents.
In terms of auto insurance, Ohio has seen a gradual increase in traffic accidents over the past decade. According to the Ohio State Highway Patrol, there were 296,374 crashes reported in 2020, resulting in 1,154 fatalities. While this represented a slight decrease from previous years due to reduced traffic during the COVID-19 pandemic, the long-term trend shows an uptick in accidents. Distracted driving remains a significant concern, with 11,784 distracted driving-related crashes reported in 2020. These statistics underscore the importance of adequate auto insurance coverage for Ohio drivers to protect themselves financially in the event of an accident.
| Provider | Annual Insurance Rate | Open Quote Rating | |
|---|---|---|---|
| Westfield Insurance | $986 | rating | |
| Ohio Mutual Insurance | $1164 | rating | |
| Erie | $1190 | rating | |
| Cincinnati Insurance | $1279 | rating | |
| Auto-Owners Insurance | $1384 | rating | |
| USAA | $1413 | rating | |
| Western Reserve Group | $1422 | rating | |
| Encova Insurance | $1583 | rating | |
| American Modern | $1633 | rating | |
| Allstate | $1677 | rating |
| City | Average Monthly Cost |
|---|---|
| Youngstown | $1711 |
| Canton | $1768 |
| Dayton | $1773 |
| Elyria | $1784 |
| Middletown | $1784 |
| Lorain | $1785 |
| Hamo;ton | $1785 |
| Parma | $1794 |
| Akron | $1800 |
| Cleveland | $1801 |
| Provider | Average Insurance Rate | Open Quote Rating | |
|---|---|---|---|
| Nationwide | $1755 | rating | |
| Safeco | $1876 | rating | |
| State Farm | $2050 | rating |
