Why has my homeowner s rate increased so much lately?

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1 Why has my homeowner s rate increased so much lately? Due to an enormous amount of weather related claims over the past few years, we are seeing an increase in homeowner premiums. It is not just a select few companies taking this large increase; it is state and industry-wide. Unfortunately, we do not believe that we have seen the end of the increases. We are hoping that 2012 brings the homeowners market back into balance, allowing companies to level rates in Ohio has historically had very low insurance rates. We rank 9th for lowest cost of homeowners coverage, based on average homeowner premiums. However, we are now seeing a weather trend that has place us 10th in cost of losses relating to disasters. Clearly, having the 9th lowest rate combine with the 10th highest cost of disaster losses has created companies are not doing well in the investment market, and you have a need to generate more premium dollars. It s very important that you completely understand your homeowner s insurance policy and make informed decisions about the options that you have on that policy. We are very proud of the fact that we look at each policy at renewal and come to you with suggestions for keeping your policy with the best value for your insurance dollar. We always look for ways that you can reduce your premium. Being an independent agent, allows us to shop your insurance with our other carriers to be sure that the premium you are paying is very competitive in the marketplace. There are many ways to reduce your homeowner s premium. Below are several suggestions that we make: 1) Increase your deductible 2) Combine your auto and home policies with the same company 3) Improve your credit rating 5) Re-evaluate the amount of coverage that we are carrying on the dwelling 6) Re-evaluate all additional coverages like earthquake, jewelry, computers, water and sewer backup Please feel give us a call if you want more information about controlling your insurance costs. Below are some graphs that have been provided by the Insurance Information Institute that may help you understand the homeowners premium issues that we face. Please scroll down for further information and helpful illustrations.

2 Number of Federal Disaster Declarations, * There have been 2,043 federal disaster declarations since The average number of declarations per year is 34 from , though that few haven t been recorded since The number of federal disaster declarations set a new record in 2011, with 93 declarations through Nov. 13. It is no wonder that FEMA is broke! * The Number of Federal Disaster Declarations Is Rising and Set a New Record in 2011 *Through November 13, Source: Federal Emergency Management Administration: ; Insurance Information Institute.

3 U.S. Thunderstorm Loss Trends, * Thunderstorm losses in the first half of 2011 totaled $16.4 billion, a new annual record through just 6 months Average thunderstorm losses are up more than 8 fold since the early 1980s Hurricanes get all the headlines, but thunderstorms are consistent producers of large scale loss are the most expensive years on record. *Through June 30, Source: Property Claims Service, MR NatCatSERVICE 2

4 Number of Tornadoes Number of Tornadoes and Related Deaths, * 1,133 1,132 1,297 1,173 1,082 1,234 1,173 1,148 1,424 1,345 1,071 1, ,376 1,264 1,103 1,098 1,692 1,156 1,282 1,805 Number of Deaths 2,000 1,800 1,600 Number of Tornadoes Number of Deaths Tornadoes have already claimed more than 500 lives 1, ,400 1, , There were 1,805 tornadoes recorded in the US by Oct P Insurers Expect to Pay at Least $2 Billion Each for the April 2011 Tornadoes in Alabama and a Similar Amount for the May Storms in Joplin 0 *2011 is preliminary data through October 13. Source: U.S. Department of Commerce, Storm Prediction Center, National Weather Service. 4

5 Location of Tornadoes in the US, January 1 October 13, ,805 tornadoes killed 546 people through Oct. 13, including at least 340 on April 26 mostly in the Tuscaloosa area, and 130 in Joplin on May 22 Source: NOAA Storm Prediction Center; 5

6 Location of Large Hail Reports in the US, January 1 October 13, 2011 There were 9,287 Large Hail reports through Oct. 13, causing extensive damage to homes, businesses and vehicles Source: NOAA Storm Prediction Center; 6

7 Location of Wind Damage Reports in the US, January 1 Oct. 13, 2011 There were 18,293 Wind Damage reports through Oct. 13, causing extensive damage to homes and, businesses Source: NOAA Storm Prediction Center; 7

8 Severe Weather Reports, January 1 October 13, 2011 There have been 29,385 severe weather reports through Oct. 13; including 1,805 tornadoes; 9,287 Large Hail reports and 18,293 high wind events Source: NOAA Storm Prediction Center; 8

9 Homeowner issues make national news Nationwide Profit Down Due to $1.5 Billion Disaster Losses by Ben Berkowitz, Aug. 15, 2011, Claims Journal Catastrophes Cost Allstate by Greg Shushinsky, Sept. 20, 2011, Investopedia Allstate-ALL-TRV-WRB-HIG-ACE0919.aspx#axzz1bGVRpP7q Travelers Posts Loss After Devastating Tornados July 21, 2011, Claims Journal State Farm: Weather Claims This Year Reach $5 Billion September 26, 2011, Insurance Journal

10 The state of Ohio homeowner rates Ohio average homeowner premium ranked 7 th lowest, in 2007 Rank Least expensive states 2007 Homeowner s average premium 1 Idaho $ Utah Oregon Washington Wisconsin Delaware Ohio Maine Pennsylvania 586 Source: ISO and Insurance Information Institute 10 Kentucky 601

11 The state of Ohio homeowner rates Now in 2010, Ohio 9th LOWEST premium in the U.S. Source: ISO and Insurance Information Institute

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