Homeowners insurance policyholders need to read closely what their new policies require. There could be a higher deductible for certain weather related events like wind and hail damage. Ohio has seen a number of such storms over the past 5 years and because insurance companies look at past events to predict costs, prices could be going up. Nationwide Insurance is one company that has raised deductibles for hail and wind damage to $1,000. Spokeswoman Liz Christopher.

“These are effective at the time of renewal so when your policy renews. Customers will get a letter with their declarations page letting them know about this change,” said Christopher.

Christopher says letters were sent out starting in May to all Ohio policyholders. She adds the higher deductible could be equal to or less than paying a percentage of the loss.

“Our responsibility as an insurer to protect customers against the financial loss of property due to certain insurable losses, and higher deductibles allow us to continue providing competitive rates for our customers by sharing losses with property owners,” added Christopher.

Other insurance companies have not raised deductibles. Chief Claims Officer with Grange Insurance, Peter McMurtrie.

“Grange Insurance does not force place a deductible on an insured. We believe that again that is a personal decision that each individual insured needs to make himself, understanding that higher deductibles do create higher discounts in terms of the cost of insurance,” said McMurtrie.

McMurtrie adds though that he understands a company increasing deductibles to keep insurance affordable. Spokesman for the Ohio Department of Insurance Jarrett Dunbar says higher deductibles for certain claims are allowed and have been used for 15 years.

“It’s very important that policyholders read their policies from cover to cover and when they get a renewal notice in the mail to read that renewal notice as well because there may be some changes that are being implemented by the company that they may not agree with,” Dunbar explained.

Dunbar adds that insurance companies make a prediction on future claims by what has happened in the past. He points out that homeowners insurance in Ohio is the 6th lowest in the country. An average policy here costs $548 a year compared to Florida where it costs about $1500.

The storm across northern Franklin County damaged siding, gutters and roofs of thousands of homes in northern franklin county. All of that damaged siding and gutters is ending up in scrap yards.

Siding and gutter and crews started bringing in the scrap siding last summer. Many of the crews are back to finish up the remaining work.

The going rate for painted alluminum is 50 cents per pound. The price has remained fairly stable over the past year, it’s the volume that’s exploded.

Jacob Garrett, vice president of Joyce Iron and Metal in east Columbus, says he’s never seen anything like the past year. Garrett says before the hail storm, his company might take in 800 pounds of aluminum siding a day. At last summer’s peak, it was buying up to 20,000 pounds a day.