Ohio Homeowners Insurance Rates Effected By Storms Losses
Post Date October 5, 2013 – The severe thunderstorms which have caused flooding and tornadoes in Ohio in July of this year caused at least $72-million in Homeowners losses. Of course this will have an effect on Ohio Homeowners Insurance Rates.
Ohio Homeowners Insurance and Car Insurance Policies experience rate insurance
The storm systems in Ohio produced excessive raining and high winds for two full weeks. The storms caused the downing of a large number of power lines and trees, causing losses for both Ohio auto and homeowners insurance. As a result Ohio Homeowners Insurance Rates are to rise. Based on data from Ohio Homeowners Insurance companies which represent more than three quarters of Ohio’s homeowners and auto insurance markets, damages could be around $71.5-million to $84.8 million. Said insured losses estimate does not include flood-relates losses as these are covered under the National Flood Insurance Program. This information was compiled from 26 Ohio Homeowners Insurance companies. Each Ohio Homeowners Insurance company’s losses vary from $35,000 to more than $10.6 million. To date, Ohio Homeowners Insurance claims from the July incident are estimated to have reached around 16K. More than 3/4’s of these Ohio Homeowners Insurance claims . As for the Ohio auto insurance, there are 1,598 claims or almost 10 percent of the total claims from the incident. Business-related claims are numbered to around 2,824. However, the said estimates is not the actual insured losses in Ohio as the OII only surveyed its member companies which only account to around 76 percent of the insurance market in the state. But, the actual insured losses are likely to be closer to the OII’s estimates. The incident on July is being considered as the 10th worst major natural disaster to have hit the state since 2011. The tornadoes that struck Ohio include an EF-1 in Huron and Seneca counties, an EF-0 in Huron and Sandusky counties. These tornadoes were also matched by flashfloods in different parts of the state.