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Inclement weather raises Ohio home insurance ratesPosted On Mon, July 23, 2012
After years of increasingly severe weather in Ohio, it comes as little surprise that homeowners insurance premiums are on the rise in the Midwestern state, according to the Dayton Daily News.
The news source reported that new data produced by Verisk Analytics showed a 40 percent increase in premiums from 2003 to 2010, a period when Ohio saw over $5 billion in damages from storms and natural disasters.
Wind storms, in particular, have been a leading cause of damage. The Ohio Insurance Institute noted that between 2008 and 2011, nine major storms caused nearly $2 billion in damages.
Most recently, storms featuring winds up to 80 mph have left thousands of Ohio residents without power. In addition to the inconvenience, the lack of electricity also rendered several water pumps useless, cutting the state's ability to supply its residents with clean water during a sweltering heat wave, according to the Columbus Dispatch.
The Verisk study noted that this most recent bout with destructive weather could mean more premium hikes, even after the average annual insurance cost reached $666 in 2010, compared with just $476 in 2003.
Of course, the Ohio Insurance Institute reported that despite increasing costs, Ohio insurance rates still fall well below the national average, touting the sixth lowest average premium in the United States as of 2009. The agency also noted that these comparatively low costs are due to in-state competition as well as substantial regulatory efforts from the state government.
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