Insurance Department Announces Auto and Homeowners Insurance Rates
??Ohio’s premiums among lowest in country
Insurance Department Announces Auto and Homeowners Insurance Rates
??Ohio’s premiums among lowest in country
Gain a better understanding of why your Ohio homeowners insurance premiums are on the rise
The short answer: weather and shared risk. Download the full article here.
Brian Lampton was singled out with customer appreciation in the July 27, 2011 edition of “The Bulletin.”
” I recently had a roof damage claim and some auto damage too, and I called to say how nice and helpful everyone involved was. Thank you, especially to my Agent Brian and [Claims Supervisor] Donna Carpenter.”
–Customer Jane B., via a phone conversation with Branch Manager Joe Wilkerson
[ Newsletter ]
http://www.insurance.ohio.gov/Newsroom/Pages/08102011AutoHomeRates.aspx
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8/10/2011
Lt. Governor Taylor Announces Ohio Auto and Homeowners Rates Remain Competitive in 2010 COLUMBUS — Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s 2010 average auto and homeowners insurance rates were among the most competitive in the United States. The Department annually compiles the state’s average auto and homeowners insurance rates.
“Ohioans can count on the state’s dynamic insurance marketplace producing some of the lowest auto and homeowners rates in the country,” Taylor said. “We will continue to focus on attracting insurance companies to our great state to the benefit of the state’s consumers.” Ohio has the 11th lowest auto insurance and 9th lowest homeowners insurance average premiums in the country, according to the most recent figures from the National Association of Insurance Commissioners (NAIC). In 2010, the average rate change for the state’s top 10 private passenger auto insurance groups increased 1.5 percent. The average rate change for the state’s top 10 homeowners insurance groups increased 8.7 percent. The top 10 insurance groups represent approximately 70 percent of the market. The average increases in 2010 were less than the previous year, which saw average increases of 2.8 percent and 9.7 percent for auto and homeowners, respectively. The historical rate change information is an average. Individual insurance consumers may have experienced rate changes that differ from the average. The Department makes sure the rating plans comply with Ohio insurance law and the rates are actuarially sound. Ohio insurers continued to experience claims from the multitude of weather events that have impacted the state over the last few years. Based on rate activity so far this year and industry data, Department analysts expect 2011 rate activity to follow a similar pattern. Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowners rates can be attributed to weather-related claims, and building and material costs. Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 1-800-686-1526. Free information, including guides and tip sheets about auto and homeowners insurance, is available atwww.insurance.ohio.gov. |
Dayton Daily News publishes article from The Columbus Dispatch reporting that losses from recent storms factor into future projections.
[ Article ]
Brought to you by:
Brian Lampton
1326 Parkway Ct
Beavercreek, 45432(937) 427-8444
www.lamptonengleagency.com
[email protected]
Check your homeowner insurance policy for a section often called “Special Limits” These are coverage limitations for certain groups of personal property. All home owner policies have limits and every company is different with what items they limit, and the actual dollar amount for each group. A couple of the items listed are actually extra coverages provided such as watercraft and trailers. Other items are limited such as money, jewelry, silverware and others.
Our agency wants you to be aware of these limits so if there is a concern we can make the necessary changes to your insurance program to cover the items prior to a claim. I don’t know why these limits are in the policies, and I don’t like that they are “hidden” in the policy, and not printed on the front coverage page. Please take a few moments to review your own limits and call your agent if any of them could be a problem.
Our two main insurance carriers Erie Insurance and Auto-Owners Insurance for homeowner policies have these sort of limits (just like the rest) and we have pulled them out of the policy and put them in summary form so they are easy to read and understand. Please contact us if anything on the list could be an insurance problem for you and your family.
Homeowner Limits -pdf
There are three kinds of water when it comes to home owner insurance. The first kind
is called flood. There is a specific definition of flood, simply put, it is the water that
comes “ in and down” (in the house) from normally dry land. The second kind of water
is water back-up or sewer drain back-up. This is water and or sewage that comes back
up from drains in the house. The third type of water would be all other water damage,
weather it is from a leaky roof, or a busted water heater, or pressure hose from your
washing machine, for example.
All home policies exclude any damage caused by flood. The only way to cover flood is
to purchase a flood policy from the National Flood Insurance Program. All home owner
insurance policies also exclude the second type of water, or water back-up. Coverage for
this type of water damage can be purchased and added back on to your home policy as an
option for extra premium. This optional coverage is usually limited to $5,000 or $10,000
depending on the insurance company. The third type of water damage is typically
covered on most regular home owner policies.
Let’ s emphasize the importance of the water back-up or sewer & drain back up damage
coverage. We feel this coverage should be considered with every home policy. Even
if you’ re on a slab, up on a hill, it doesn’ t mean you’ re not susceptible to water back-up
loss. The drains in your home can become clogged from regular use, or tree roots getting
in the drain lines. Many folks have plumbing services come out once a year to “ snake
out” or clean out their drains. Most water back up losses involves damaged carpet and
flooring which usually results in larger losses.
There is a reason insurance carriers charge extra and limit coverage for water back-up.
These types of losses occur very frequently, and are usually over $1,000.
Please don’ t short change yourself, review your home policy, and make sure it has water
back-up or sewer and drain back up coverage.