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A coverage you can count on: Additional living expense

HouseDestroyedWhen disaster strikes, an often-overlooked coverage that’s typically part of your homeowners or renters insurance policy may prove to be your financial and emotional lifesaver. Most of these policies include additional living expense (ALE) coverage. This provides reimbursement for extra living expenses while your home is being repaired or rebuilt due to an insured loss.
OII Insurance Matters explains this coverage and it’s importance in the event of a catastrophic loss. (READ POST)

Welcome OII new member!

Welcome1Welcome OII’s newest member: Demotech, Inc., the Columbus-based financial analysis firm serving Property/Casualty insurers and Title underwriters. Click here for OII’s membership list.

Ohio opens door to captive insurance market

InsuranceCaptive insurance companies have existed for over 100 years as a means for medium-to-large-sized businesses to manage risk through a form of self-insurance. In 2013, there were 6,342 captives globally compared to 4,688 just 10 years prior—talk about growth! Ohio recently opened its doors to the captive insurance market, allowing Ohio businesses to form captives to help protect assets. OII Insurance Matters looks at what this means for the future of Ohio’s insurance industry and business development. (READ POST)

Ohio legislation on e-auto insurance card effective March 23

On Monday, March 23 legislation which confirms that drivers are able to show law enforcement officers their proof of auto insurance (financial responsibility) via a cell phone, laptop computer, tablet or other electronic wireless device becomes effective. Including Ohio, 38 states have laws or regulations in place permitting the use of e-insurance cards. See our release that details Ohio’s law and includes US statistics pertaining to this trend in modernizing state insurance laws and regulations. (VIEW RELEASE)

OII Ohio insurance 2015 trend report: Premiums remain well below US average

trend analysisDespite an uptick in Ohio’s auto and homeowners insurance premiums, they continue to remain affordable in the Buckeye State. Ohio’s average homeowners insurance premium expenditure ranks 9th lowest in the nation, while the average auto premium is 11th lowest. Find out what’s driving insurance trends in Ohio’s auto and homeowners markets, and what can you expect in terms of premiums.  View the OII 2015 trend report.