NU Online News Service, July 19, 3:50 p.m. EDT
Though they still pay less than the national average, Ohioans paid more for homeowners and automobile insurance in 2009, and the trend is expected to continue, according to the Ohio Department of Insurance.
Homeowners rates increased an average of 9.7 percent, and auto rates jumped 2.9 percent in 2009, the Insurance Department said.
The Ohio insurance industry had one of its worst weather-related years in 2008, with insured losses of more than $1.4 billion–a primary reason for the increases in 2009, according to the department.
Insurers have also dealt with weather losses in 2010. Severe weather, including a strong tornado in early June, caused at least $22.1 million in damages, according to estimates from the Ohio Insurance Institute (OII), a state trade association.
A series of storms in early May caused at least $31.4 million in damages, the OII said.
Ohio residents still pay less than the average for homeowners insurance. The Insurance Information Institute projected a nationwide average policy premium of $879 in 2010, while the OII estimated an average premium in Ohio of $653.
Columbus, Ohio-based Nationwide Group increased rates 14.3 percent. Nationwide is the state's third-largest writer of homeowners behind Allstate, which raised rates 7.2 percent, and State Farm, with increased rates of 12.1 percent. Westfield Insurance Group led the state's top 10 writers with a 15.9 percent hike in homeowners rates.
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