Those severe storms that caused some heavy damage across two thirds of the state south of us in June and July, will cost us more in future homeowners insurance rates....
Mary Bonelli of the Ohio Insurance Institute tells AkronNewsNow " Even if you haven't filed a claim in the last few years you're likely going to see an increase in the cost of your homeowners insurance. The trends show that the weather patterns have changed dramatically in this last five to ten year period, and are causing extensive losses in the midwest and a lot in Ohio."
Bonelli says over the past five years Ohio has seen a big increase in violent weather and the insurance companies are projecting we'll have more severe weather in the next few years, so they'll base their rates on that risk.
"Since 2011 we've had eight major catastrophes in Ohio, and the losses from those storms was one $1-billion in insured losses,"says Bonelli.
Mary Bonelli says this summer's storms resulted in damage claims of up to $440-million."The losses from that particular series of storms, actually are now the third costliest natural disaster in recent times in Ohio," says Bonelli.
News Release From The Ohio Insurance Institute
COLUMBUS (August 13, 2012) – After a relatively calm winter and spring, a round of summer storms socked Ohioans and their insurers in late June-early July with losses of at least $433.5 million.
According to the Ohio Insurance Institute (OII), this is the third costliest natural disaster to hit the Buckeye state in recent times, behind the September 14, 2008 Hurricane Ike windstorm and the April 3-4, 1974 Xenia tornado super-outbreak. Statewide preliminary estimates find insured losses totaled $433.5-$440 million from the six-day period, June 28-July 4.
Ohio claims from the summer “derecho” storms are estimated at 96,725–107,300. A derecho, according to the National Oceanic and Atmospheric Administration (NOAA) Storm Prediction Center, is a widespread, long-lived windstorm associated with a band of rapidly moving showers or thunderstorms. A derecho can cause tornado-like damage, but is typically along a relatively straight swath, also described as “straight-line winds.” By definition it includes wind gusts of at least 58 mph along most of its length.
Property Claim Services reports that the June 28-July 2 storms affected IL, IN, KY, MD, NJ, NC, OH, SC, VA, WV and Washington D.C. Damages due to flood, hail, tornadoes and high wind caused overall losses of $1.125 billion. PCS reports the July 2-4 storms caused an additional $300 million in losses in five states including OH, MI, MN, PA and WI. In both of these storm events, PCS ranks Ohio as having the highest dollar loss estimates.
According to OII President Dan Kelso, this is the eighth major natural disaster to hit Ohio since 2011, which includes two winter storms in 2011 and six wind-hail storms. (See Ohio’s winter and wind/hail loss histories for recaps of these events.)
According to the Ohio EMA situation reports, five Ohio deaths are blamed on these storms. One was from a barn collapse and the other four were heat-related.