FRIDAY, JUNE 14, 2013
Many of you may be wondering why your homeowner insurance premiums are increasing along with higher deductibles and companies applying a wind/hail deductible. From information received by Professional Independent Agents Association of Ohio, Inc. it is due to weather and shared risk.
When a wave of major storms strikes Ohio, or anywhere in the United States for that matter, your carrier uses insurance premiums to pay claims to help customers, like you, recover. If they expect more storms, your rates increase. Ohio has been rocked with several devastating storms this past year, from hail storms to tornados. Simply stated, a greater frequency and severity of storms create higher premiums, regardless of whether or not you have had a claim. Experts identified causes for the increase, but the two major reasons are: An increase in severe weather events and the growing population.
How to save on homeowners insurance-The best way to reduce the impact of a rate increase is to talk to your independent insurance agent about your coverage options and let them find the best solution for your needs. Their knowledge and professionalism is your best option.
Ohio is ranked 6th lowest in the United States based on its average homeowners insurance premium. Even with the increase looming, the cost of coverage remains considerably lower in Ohio than in most other states.
Posted 9:20 AM