February Storms Lead to at Least $28.2 Million Losses in Ohio

04/16/2010

Winter storms are among the most destructive natural events, following only hurricanes and tornadoes.

Therefore, it may not be surprising that a month of record snowfall within several parts of one state have also boosted its homeowners and auto insurance claims, according to a recent survey by the Ohio Insurance Institute. A survey of 25 property and casualty insurers showed that at least $28.2 million in economic losses were suffered from February's storms.

Homeowners and renters experienced the vast majority of these losses, due to frozen pipes, power outages, fallen trees and back-up in sewers and drains. Some of the survey's respondents reported zero losses, according to the report. Others incurred up to $8 million in claims.
"It's important to note that not all insurance companies are represented by this survey," said Dan Kelso, president of the OII.

"Also, some insurers weren't able to provide Ohio-specific data or didn't experience a major uptick in claims to track losses specific to these particular storms. Actual losses will be higher than our initial findings."

Most home insurance policies cover damage from wind and freezing, while losses caused by water may be covered by flood insurance.

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