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Homeowners' insurance rates jumped 9.7 percent; Hurricane Ike to blame

Hurricane Ike partly to blame for the 9.7 percent increase — the highest since 2003.

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By Lou Grieco, Staff Writer Updated 8:15 AM Tuesday, July 20, 2010

DAYTON — Homeowners insurance rates for the top 10 firms in Ohio jumped 9.7 percent in 2009, in part a legacy left by Hurricane Ike in 2008.

The 10 companies, which include national heavyweights such as State Farm and Nationwide, account for nearly 75 percent of the market, according to Ohio Department of Insurance report released Monday, July 19.

The increase was the largest since 2003, when average rates rose 9.8 percent.

“While we did experience premium rate increases in 2009, it’s important to remember that Ohio still has some of the lowest insurance rates in the country,” said department director Mary Jo Hudson.

Only five states — Washington, Utah, Oregon, Wisconsin and Idaho — have lower average homeowner insurance expenditures, according to the Ohio Insurance Institute, a trade association.

The insurance department report noted that in 2008, Ohio saw some of its worst weather-related losses in almost a century, with storms causing more than $1.4 billion in losses. Those losses are the primary reason for the rate increases, according to the report.

But Mitch Wilson, spokesman for the insurance institute, said that companies were not allowed to raise rates to cover past events.

“There are hundreds of different factors that are in play,” Wilson said. “You can’t blame it all on Ike.”

Ohio homeowners  insurance rate increases

State Farm, 12.1 percent.
Allstate Insurance Group, 7.2 percent.
Nationwide Corp., 14.3 percent.
Grange Mutual Casualty, 6 percent.
Liberty Mutual Group, 4.6 percent.
Cincinnati Financial Corp. -2.1 percent.
Westfield Group, 15.9 percent.
Erie Insurance Group, 9.5 percent.
Auto Owners Group, 7.3 percent.
Zurich Insurance Group, 11.3 percent.

SOURCE: Ohio Department of Insurance

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this story is from 2009 data just wait for the 2010 data!!!! Blame the roofing companies they were the ones profiting and the insurnace companies paid the bills, which the consumer ends up paying as always.

anon
2:33 PM, 7/27/2010

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yes you can save money on your auto insurance by making few simple changes find how much you can save http://bit.ly/d4HSCH

jordanrow
7:32 AM, 7/21/2010

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JRICHARDSON,

Don't know where you get your information, but insurance companies don't receive a dime from the federal government during large catastrophic storms.

Do some research the next time you make an outlandish statement like that.

Everyone should do research on who provides the best claims service and stability with the rates.

D.P.
6:22 PM, 7/20/2010

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Hey .... Vote Republican and the high cost of Insurance will go down , after all who controls and pays off the Washington Lobbyist ? The Washington Lobbyist will determine how much and how little you will pay the Pied Piper !

Hank
5:24 PM, 7/20/2010

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Insurance is nothing except legalized extortion. Social Security is nothing but a giant ponzi scheme organized by the federal government. Why are any of you surprised by a rate increase? You don't actually expect them to pay your claims without getting the money from somewhere other than their own profits, do you??

Premium Payor
4:51 PM, 7/20/2010

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