OHIO — If you’re a homeowner, chances are that you’ve seen an increase in your insurance premiums in recent years.

What You Need To Know

  • Homeowners insurance premiums have been going up in recent years

  • While there are multiple reasons for these increases, more extreme weather events are also a cause

  • The Consumer Federation of America recently released a report studying the increases

  • Ohio sustained a record year of tornadoes in 2024

According to an April report from the Consumer Federation of America, premiums increased by 24% from 2021 to 2024 nationwide, an average of $648. There’s more at play than just inflation, however, as the report states that this is 11% higher than that rate during the same time frame.

The report cites various potential causes for the increase in premium costs, be they more expensive construction/building materials, “weak regulatory oversight,” and “an expensive and tight global reinsurance market.”

However, they also highlighted another cause, and that is climate change.

“While hurricanes and wildfires often attract the most attention, a rise in extreme weather events is impacting almost all parts of the country, including many states in the Midwest,” the report reads. “These disasters not only increase costs but also lead to increasing expectations of loss, which drives up premiums as insurance companies attempt to better predict future events.”

This certainly tracks in Ohio.

Last year, our state suffered a record year of tornadoes. A total of 74 twisters carved paths of destruction across Ohio. The previous record was set back in 1992 with only 62 tornadoes.

The tornadoes caused significant damage to communities across the state, knocked out power and even killed three people.

This year has been a bit more tame compared to last, with 14 tornadoes confirmed so far this year. You can view our interactive 2025 Ohio Tornado Tracker here.

According to the Consumer Federation of America report, Ohio has seen premiums increase by 23% between 2021 and 2024. That puts the state at rank 23 in the nation. The average premium in Ohio in 2021 was $1,720. By 2024, that has increased to $2,115.

Utah saw the largest change of 59%. In contrast, West Virginia saw premiums decrease by 24% during the same time period.

The report also took a look at populated metro areas, including a few Ohio cities.

Cleveland saw the highest average percentage change from 2021 to 2024 of 36%. Cincinnati came in at 33% and Columbus at 17%. 

The report also found that 7.4% of homeowners are uninsured. These were disproportionately people who owned mobile homes, inherited their homes and low-income, and Black and Hispanic homeowners.

While the increase in recent severe weather events were not the sole cause for the increase in prices, the report highlights them as a driver.

“There are no simple solutions. States, the federal government, and regulatory agencies must collaborate to determine who should bear the rising costs of climate disasters, to ensure that insurance products sufficiently serve homeowners at a fair price, and to protect the most impacted communities,” the report reads. “Without action, public disaster funds such as FEMA will be further stretched, and individual homeowners will be left with more of the cost of disaster recovery themselves. The US housing finance system will also strain under the rising risks of underinsured homes, posing new challenges to the availability of affordable mortgage finance.”

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