Ohio property insurance rates expected to rise

HAMILTON, Ohio --

Ohio's relatively low rates for property insurance are expected to rise in 2012 due to the damaging storms of recent years.

An insurance agent in Middletown in southwest Ohio said Mother Nature has had
her way with the state. According to The Associated Press, Gary Grimes of Insurance Associates said he expects homeowner rates to go up 10 percent this year.

Insurers can't raise rates to make up for past storms, but the history can be used to predict future losses to help set prices.

The Ohio Insurance Institute said insured losses from natural disasters were up 187 percent over 2007-11 compared to the previous five years.

Still, the industry group said the state ranks sixth lowest for the cost of home coverage and 11th lowest for auto insurance.