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March 27, 2013

Weather Patterns causing Homeowner Changes

As I’m sure you have noticed, we have had a very large change in our weather patterns these past 5-6 years.  We have experienced hail and windstorms that have caused many more wind/hail insurance claims than in the past.  This is a widespread issue with all of the insurance companies.  Between the ongoing state of the economy and the increased incidents of storm damage throughout Ohio and the entire country, most Ohio insurance companies will be making changes to their homeowner policies that will affect everyone. 

I feel obligated to make you aware that you will more than likely experience increases in your homeowner’s policy along with other changes.  In order to minimize the increases, the companies are offering different solutions.  Most companies are requiring larger minimum deductibles (usually $1,000+) for either all perils or just applying that deductible to only wind and hail claims.  Some are changing the basis of settlement for roof damage resulting from wind or hail claims to an Actual Cash Value basis rather than a replacement cost.  These changes will allow the companies to minimize their rate increases.

What should you do?  Feel free to call or e-mail us to discuss increased deductibles.  Consider taking care of the “smaller” claims to continue your loss free discounts (therefore using your homeowner for the more catastrophic larger claims).  Call us before submitting a claim – we want you to be educated as to what is going on in our industry and how to keep your premiums as low as possible. 

Your business matters to us and we care about you!!

Tags: actual cash value, homeowner changes, homeowner rate increases, weather patterns

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