Over the last few years, people who live in Ohio have had to get used to holding their breath whenever they received an insurance statement online, or in their mail boxes, now they are cringing once again when it comes to their car insurance premiums since car insurance premiums for Ohio drivers were recently raised by just over 4 percent this year alone.
Drivers in Ohio are not taking the increase in their car insurance premiums lightly as it was the biggest increase that they’ve received in 10 years but due to the devastation from recent storms and natural disasters it was only a matter of time until Ohio drivers saw a car insurance rate increase.
Homeowners Insurance Rate Increase
What’s even worse is that Ohioans are not just feeling the financial pain when it comes to their car insurance premiums increasing; they are also feeling the pain of their homeowner’s insurance premiums increasing by 10 percent recently as well.
Protection for Future Losses
Although insurance companies can’t point the finger at specific storms for being the reason why their car insurance or homeowners insurance premiums have risen they can raise their rates to protect themselves from future losses.
Due to recent major storm damage that Ohio has sustained, costs have risen across the board for everything from fuel, building materials, medical expenses and more.
Recent statistics have shown that total losses from storm damage in Ohio since 2007 has reached $3.3 billion dollars and this has driven most major insurance companies to raise their rates with the goal of preparing for risk that may occur 10 years or more down the road.
To learn more about recent homeowners or car insurance rate increases in Ohio, or to get an affordable Central Oregon Car Insurance quote, contact the Farnsworth Agency today by calling us at (541) 318-8835.