Sky-high homeowners insurance rates got ya down? In the words of Milli Vanilli, blame it on the rain. 🎶☔
Actually, if you’re in Ohio, you can blame it all on those midwest twisters. 🌪️ A rise in strong storms and tornadoes in the Buckeye State could be the reason your premiums are higher than your cousin Brody on 4/20. 😵
Here’s Five Fast Facts on homeowners insurance in Ohio:
- 📈 Pricey Payments - All across the country, homeowners are faced with rising insurance costs. Between 2021 and 2024, the average American experienced a 24% cost increase, which shakes out to just under $650 a year. In that same timeframe, premiums in Ohio rose 23% and 16% in Columbus.
- 🌪️ Twisted Sister - Last year was a big year for tornadoes in the Buckeye State. In 2024, Ohio had 82 tornadoes on record, ranking the state 10th in the country for the most spinny skies. The state hasn’t had that many tornadoes in a year since 1950.
- 🏚️ Damage Control - So how does that impact insurance rates? Strong storms and tornadoes cause a lot of home damage. Thanks to flooding, rain, hail, and all that other fun storm stuff, homeowners wind up filing a ton in claims for home repairs and replacements. In 2024, insured losses from nationwide national disasters were over $100B. This is the third time in four years we’ve seen numbers that high.
- 🛒 Shop Around - If you’re not happy with your homeowners insurance rate, now’s a great time to see what else is out there. Check rates with competitor providers who offer similar coverage. If you work with an insurance agent, connect with them at least once a year to make sure you’re carrying the right coverage. Don’t forget to ask about discounts.
- 🔨 Home Improvement - Speaking of discounts, some homeowners insurance companies shave a little off the top of that premium when you make weather-friendly improvements to your home. Springing for stormproof windows or a new roof ain’t cheap, but they could save you a lot in the long run. Added bonus: you might wind up saving on your energy bills, too.
🔥Bottom line: Hey, did you know that Costco is *so* much more than pallets full of frozen burgers? If you’re shopping around for a new insurance policy, grab your club card and check out what the big box baddie has to offer. Cheat sheet: read this article!
Got any insurance cost saving hacks?
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