Ohio home insurance rates may rise in coming months
Insurance experts in Ohio say that residents in the state may soon see higher homeowners insurance rates following the disasters which hit the state last year.
Analysts told The Columbus Dispatch that many insurers could raise rates by roughly 10 percent, after increases of between 7 and 9.7 percent during this past year. However, insured losses in 2011 were roughly double what was seen in 2010.
"This past year has been as unprecedented in Ohio as it has been across the country," Mary Bonelli, spokeswoman for the Ohio Insurance Institute, told the paper
Data from the group said that losses from the state's biggest disasters last year could be up to $658 million. During the five-year period from 2002 to 2006, there was a total of $871 million in insured losses.
Even with the increases, the OII noted that Ohio homeowners insurance remains less expensive than premiums from many other states, ranking as the sixth cheapest nationwide, according to data from the National Association of Insurance Commissioners.
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