Ohio Home Insurance Rates Jump

A 2008 wind storm is still causing problems for Ohio homeowners. This time instead of downed trees and ripped off roofs, homeowners are having to deal with higher homeowners’ insurance rates. According to the Ohio Department of Insurance, rates increased by an average of 9.7 percent. The Ohio Department of Insurance surveyed the top ten providers of homeowners’ insurance, according to the Dayton Business Journal.

The increase comes on the heels of a seven percent increase in 2008, which at the time was the largest jump in five years, according to reports. Insurance companies say they paid out more than $1.4 billion in 2008 as a result of the September wind storm that left millions without power for days. The storm was what was left of Hurricane Ike, wiping out power to 1.9 million electricity customers in the Dayton area.

In addition to increased homeowners’ insurance rates, Ohio residents will also see a 2.8 percent increase in auto insurance rates. But despite the increases, reports show that Ohio is still the sixth lowest in the country for homeowner’s insurance rates and the 11th lowest for auto insurance rates.