What's New
Many of our clients have been asking about their increasing Homeowner premiums. We have researched some of the recent articles and reports that have been released regarding these changes. The following claim charts and synopsis of news articles help explain the factors for the necessary rate changes in Ohio. Please contact our office if you would like to discuss your account in detail. We appreciate your business!
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September 14, 2008 |
Hurricane Ike Windstorm |
Estimated 1.3 Billion in Losses |
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April 3-4, 1974 |
Xenia Tornado |
Estimated $1 Billion (2008 Dollars) |
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May 20-26, 2011 |
May Storms |
Preliminary Insured Damage Estimated $322 Million to $400 Million |
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June 8, 2007 |
Northeast Ohio Hailstorm |
$288 Million |
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October 4, 2006 |
Central Ohio Hailstorm |
$239.6 Million |
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Homeowners |
Auto |
Business |
Total |
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Claim Estimates |
$38,597 |
$27,387 |
$1,971 |
$67,955 |
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Loss Estimates |
$2414.9 Million |
$80.4 Million |
$26.9 Million |
$322.1 Million |
Ohio Ranks 10th in Losses to Disaster in Decade
Yet according to an analysis by the Insurance Services Office, which studies property and casualty risk for the insurance industry, Ohio had the 10th highest damages from disasters during the last decade – not exactly a Top 10 list the Buckeye State wanted to crack. According to the study, Ohio recorded $4.1 billion in losses from severe weather between 2001 and 2010, including extensive damage from Hurricane Ike in 2008. Also counted in that amount were the devastating tornadoes that struck northwest Ohio last year, killing six and destroying scores of homes and businesses, including Lake High School. Damaging winds, large hail, and tornadoes accounted for 62 percent of Ohio’s damage total. During the same period, Michigan recorded insured losses of $1.08 billion, a spokesman for the Insurance Services Office said. The group did not rank other states beyond the highest 10, however.
Source: Toledo Blade, 03/30/2011
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With Storm Losses at $8 Billion, Insurance Rate Hike Looms
Source: Dayton Daily News 06/02/2011
The unusual number of severe storms that have devastated parts of the South, Midwest and East Coast already have generated nearly $8 billion in insured losses this year alone, according to industry estimates.
That’s close to the total of all insured losses last year, the third consecutive year in which U.S. property and casualty insurers incurred more than $9 billion in losses, according to credit rating agency A.M. Best.
Those figures don’t include potential losses from the hurricane season, which began Wednesday. Forecasters are predicting an active Atlantic hurricane season.
Competition has kept rates in Ohio among the lowest in the country, but as catastrophic losses continue to mount, so does the incentive for insurers to raise rates.
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Flurry of Storms driving homeowner's insurance premiums up, increases likely to continue
Source: Cleveland.com; Teresa Dixon Murray, The Plain Dealer 09/06/2011
CLEVELAND, Ohio -- More than 130,000 insurance claims have been filed statewide this year because of those nasty, damaging storms that seem to keep coming.
And those claims are just for six of the bigger storms.
Insurance losses from tornadoes, hail, wind and snowstorms in Ohio have almost tripled since 2006, compared with the previous five years.
This year through July is by far the worst of the last five years in the number of big storms.A new report by the Ohio Insurance Institute says this year's six major storms caused at least $567 million in insured losses.
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The following is a new bulletin from PIA of Ohio:
