DAYTON — As if rising costs haven’t affected Americans enough, home insurance prices continue to go up at a much higher rate than inflation, and the trend doesn’t seem to be ending anytime soon.
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Data from ICE Mortgage Technology reveals that over the past five years, home insurance costs have risen by almost 70 percent.
In Ohio, that means the average homeowner is paying about $1,400 a year for insurance. That’s lower than the national average, but that’s equated to a 20 percent increase in just two years for some.
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“Now there’s a different kind of risk that carriers are looking at, (it’s) the risk of when there actually is a claim for home insurance,” Shannon Martin, Bankrate Insurance Analyst, said. “Because now they have to account for labor shortages, changes in materials, and longer repair times, which can also increase how much (you) are using your policy.”
Martin told News Center 7 that for some in Ohio, an increase in tornado activity is leading insurance companies to raise rates higher in certain areas of the state.
She said that, along with keeping an eye on costs, homeowners should keep an eye on policy language.
“Aside from rate increases, carriers have started to cut back on coverages that people are used to,” Martin said. “So if you had a $500 flat and tourist deductible, make sure you don’t suddenly now have a two percent wind deductible, because that is a much higher out-of-pocket expense for you when you have a loss.”
Martin also said she does not anticipate a stabilization in rate increases in the future, but not a drop.
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