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Insuring your Ohio home in 2012 will continue to climb.


2011 destructive weather which included tornadoes, floods and hurricanes means that the cost of  your homeowners insurance in Ohio is likely continue to climb.

The price of home insurance has been increasing even before the storms in 2011. Prices have been increasing steadily for over three years now. 

You see, insurance companies are forbidden to increase rates to recoup past losses.  However they have to base rates on the predicted future losses they expect, and a insurance company can use the data from losses in the past to determine the current rates.

We are already seeing increased rates from most carriers.  Which could result in you seeing a few dollars difference in you monthly bill.


   Average rate increase in 2012

rate increase for ohio home insuracne in 2012
The average Ohio homeowners insurance policy cost $666 in 2010. Ohio has the sixth-lowest figure in the nation, according to the Ohio Insurance Institute. So Ohio insureds should feel lucky about that.

Ohio Insurance Department data show that home insurance cost were increased by the top 10 insurance companies, in Ohio they jumped 8.7 percent in 2010, 9.7 percent in 2009 and 7.1 percent in 2008.

State Auto Financial a local Columbus insurance company has been one of the worst hit company with losses, not only in Ohio, but throughout the entire country.

2011 was one of the worst in terms of insurance claims since Katrina. This should tell you how much money was paid out in claims.   2011 catastrophic tornadoes, floods and hurricanes means that the cost of insuring your home in 2012 will continue to climb.

The only suggestion we have is to shop around and see who is going to have the best rates for you in 2012.  Call us is and we can work up some quotes for you.

614 560 7875

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Posted Wednesday, February 01 2012 4:51 PM
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Tags : 2011, insurance claims, Ohio homeowners rate increase 2012

Columbus Ohio Insurance Agency adds a new location.


The Columbus Insurance Market is pleased to announce our newest Columbus Ohio location at 1515 Bethel Rd. Suite 105 Columbus, Ohio 43220. 

Attached is a link with driving directions to the new location.

Driving Directions

Location Map

1515 Bethel Rd suite 105 Columbus OH 43220

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Posted Wednesday, January 11 2012 1:09 PM
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Tags : Columbus Ohio Insurance Agency New Location

Traveler net income down 67% in Q3


A summer filled with catastrophe from hurricanes to tropical storms hammers Travelers Q3.

The Travelers Insurance Companies says third-quarter net income dropped 67 percent primarily on weather-related catastrophe claims that have rocked the insurance industry.

Travelers says net income dropped $672 million to $333 million in the third quarter compared to last year, which translated into net income per share of 79 cents, down $1.32 cents a share. Total revenues were down 1 percent, or $75 million, to $6.4 billion. Net premium written for the quarter rose 4 percent, or $210 million, to $5.7 billion.

Q3 resulted in an increase in cat losses of $489 million, to $606 million pre-tax.

Cat losses drove Travelers Q3 combined ratio up 13.9 points to 104.5 vs 90.6 for lat Q3.

Combine ratio consists of how much premium a insurance company takes in vs. how much they pay out.  Anything over 100 on a combined ratio means the company is losing money.

Even with the huge losses we have seen in the property and casualty industry this year Travelers Ohio rates have remained inline with the other Ohio insurance company we compete against.

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Posted Wednesday, October 19 2011 3:53 PM
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Tags : Travelers Insurance Ohio

Ohio Insurance Claim? Beware of stormchasers!


The Ohio Insurance Institute has been warning Ohio resident about the danger of using stormchasers.  We would like to pass this information on to our Columbus Ohio insureds as well, this is good information about selecting the right repair contractors.

columbus ohio insurance claim

COLUMBUS–Spring and summer storms, some including damaging wind and hail, are attracting more than just routine home repairs in northeast Ohio. The Ohio Insurance Institute (OII) is joining forces with the Better Business Bureaus of Akron and Canton to warn area residents of door-to-door roofer solicitors urging homeowners to sign contracts for repairs that may not be covered by insurance.

“Disasters have been known to attract out-of-state “stormchasers” who offer quick-fix repairs for cash or leaving customers with shoddy or incomplete work. But now we’re hearing of at least one local roofing contractor who’s canvassing Canton and Akron area neighborhoods offering to inspect and repair roofs, often insisting homeowners sign contracts,” said Daniel J. Kelso, OII president. “The problem is that homeowners may be forced into repairs before they’ve even filed an insurance claim. Since they’ve signed contracts, they may be responsible to honor them without fully understanding their potential liability.”

Akron Better Business Bureau (BBB) President Vic Wlaszyn adds, “Our experience shows that some of these contractors are not accredited by the local BBB and lack substantial work references. Some fail to carry Ohio Workers Comp insurance or proper licensing. Should one of these workers injure themselves while working on your home, you may be liable for covering their medical bills and additional legal action taken by the injured party.”

OII also warns homeowners about signing any repair contracts prior to contacting their insurance company or agent to guide them through the claims process.

“There are cases where outside contractors illegally cross the line by stepping into the role of public insurance adjusters, which requires licensing through the Ohio Department of Insurance,” he explains. “This could lead to the homeowner paying more of the repairs than originally anticipated.”

Frank Cilona, President of the Canton Better Business Bureau, also cautions homeowners about false repair promises.

“Your repairs may not necessarily equate to a new roof or complete home re-siding as you may be lead to believe,” he said. “There are times when damage is due to maintenance issues and not storms which means you’re responsible for repairs, not your insurer. If you have a legitimate claim, we advise to never sign a contract without contacting your insurance company first. You may end up losing your right to representation along with paying for repairs out of pocket.”

Both Better Business Bureau leaders caution local area contractors about selling their company name to outside contractors. Potential future claims regarding incomplete repair or poor workmanship against the out-of-area company ultimately become the responsibility of the local firm, and could end up affecting the company’s reputation and bottom line.

OII adds that the homeowner ultimately decides who completes their repairs and shouldn’t feel pressured to do so. Local BBBs and insurers are ideal sources for reputable and reliable contractor leads, along with referrals from families and friends.

To protect against the possibility of dishonest contractors, the organizations offer the following tips:
•  Never feel forced or coerced into signing a contract. Some may be incomplete which could be altered upon signing.
•  Don’t allow a contractor to serve as a negotiator with your insurer. Should you allow a contractor to negotiate on your behalf, the claim may be over-inflated or the damage may be nonexistent. Insurers aren’t obligated to cover false or over-inflated claims.
•  Be wary of door-to-door solicitations, fliers or telemarketing calls regarding repair work. The homeowner should take the lead role in selecting contractors to handle repairs. Don’t be guided by potentially false or fraudulent marketing tactics that often arise following a local wind or hail storm.
•  Ask for references and check them. The Better Business Bureaus of Akron and Canton can serve as additional points of reference with online guides to reputable local businesses for repair services.
•  Watch for padded repair estimates. This is especially true if the repair estimator asks you for the amount of your homeowners insurance deductible. There is no such thing as a “free deductible.” Often these end up being built into the repair estimate.
•  Obtain all information in writing including cost, work to be completed and payment schedules. Make sure that the roofing materials used in the estimate are the same as the ones used in repairs.
•  Obtain more than one estimate. Don’t be bullied into signing the first contract that’s presented to you.
•  Ask for the contractor’s drivers license and insurance credentials. Keep a record of the license along with a vehicle description and license plate number. Some contractors come into disaster areas from out of state. Make sure they’re licensed or bonded.
•  Don’t pay for the repairs or sign a certificate of completion until all work has been completed.
•  Don’t be tempted to conspire in a fraudulent insurance claim. Disasters often heighten the opportunity for insurance fraud and abuse. Also, be aware that insurance fraud is a felony and coverage may be voided if policyholder intentional misrepresentation is discovered.


For a list of local Columbus Ohio contractors we refer please feel free to contact our Columbus insurance agency any time.

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Posted Tuesday, August 16 2011 5:05 PM
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Tags : ohio insurance claim, stormchasers

Are Ohio basic liability limits right for you?


Basic limits also know as state minimum liability limits are never the best option.  Basic limits give an insured the lowest limits of liability that can be purchased by a policy holder - it's the minimum allowed by the Ohio state law. The basic limits are the ones in which the base rates are developed. 

We always recommend higher than the state minimum auto coverage.  The state minimum auto limits in Ohio are 12,500/25,000/7,500.  This only gives you $12,500 to any one person you may cause bodily injury to in an auto accident.  One trip to the ER can cost much more than the Ohio state minimum coverage amount.  When you think you might be able to save a few bucks by just squeaking by, you better think again.

Ohio auto state minimum liablity limits

Ohio State state law only mandates that you carry $7,500 in property damage liability.  If you run a red light, and total a brand new Mercedes Benz, do you think $7,500 will coverage the damages?  Don't think so.  While you think you may be saving by purchasing state minimum coverage you better think again. One accident could have you paying for the rest of your life by not having the correct liability limits.

To increase your limits of liability on an auto policy it only cost pennies on the dollar. So make sure you know what your buying.  Let us shop for you and we can show you how to save....

 

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Posted Monday, June 20 2011 5:30 PM
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Tags : Ohio state minimum auto coverage
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