You may notice something new when you renew you homeowners insurance policy: a separate deductible for wind and hail damage.
Ohio has seen more than its fair share of wind and hail storms over the past couple of years. That's what has prompted the change, according to Ohio Insurance Institute spokesperson Mitch Wilson.
"These companies within the state are looking at various ways to address the increase in the frequency and severity of claims that have hit Ohio in the recent years," Wilson said.
Ohio has actually seen four of the top 5 costliest disasters within the past five years. "It's been costly, costly, costly weather-related claims in the state," he said.
The change could end up keeping your premium lower in a state that is typically in the bottom 10 when it comes to homeowners insurance premium rates. Wilson said, for example, that if you have a $500 deductible on your homeowners policy you could keep that, but opt for a higher deductible to cover any wind or hail damage.
Wilson said companies can offer the separate deductibles as an option or make it mandatory. He added many companies actually filed to do that with the state a few years ago but are just now starting to implement it. Separate deductibles are more common in coastal areas where wind damage is more common.
No matter what option you choose, Wilson suggests always find out what's not covered in the policy.
"That's what you really want to know. You don't really care about what's covered, but you want to know about what's not covered so there's no surprises at the end," he said.