Insurance losses top $500 million in Ohio
Due to violent weather conditions, several states have been devastated by environmental disasters this year. Ohio has proven to be no exception, according to the Akron Beacon Journal.
After collecting data from the Ohio Insurance Institute, the paper reports the state sustained approximately $537 in insured losses between February and May from tornadoes, thunderstorms and blizzard conditions.
"This has just been an unprecedented year in terms of storms systems affecting Ohio," said Mary Bonelli, a spokeswoman for the OII, in an interview with the paper. "A really heavy duty year for losses. Very unusual."
Tornado activity has roiled much of the country, as the source says homeowners insurance companies everywhere are describing 2011 as the "Year of the Tornado."
However, in the past 20 years, most insured losses resulting from storms were hurricane and tropical storm related, accounting for 45 percent of claims, according to the ISO's Property Claims Services.
While well inland, Ohio homeowners insurance companies now must prepare for hurricane season, which began in June. The last significant hurricane to affect the Buckeye State was in 2008 with Hurricane Ike.
Related Home Insurance Articles:
- Homes destroyed by Nevada wildfire May 23, 2012
- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
