OKLAHOMA CITY (KOKH) — As hail, wind, wildfires, and tornadoes sweep across Oklahoma, residents are feeling the impact on their home insurance costs.
A new report from Insurify reveals that Oklahoma homeowners can expect their home insurance premiums to rise by 8% this year, amounting to an increase of around $600.
“Oklahoma is already the third most expensive state for home insurance in the country,” the report noted, adding that this fact surprises many people.
In 2023, home insurers in the state experienced financial losses, spending more on losses and claims than they collected through premiums. As a result, insurers are scrambling to manage extreme risks, often passing the increased costs onto homeowners through higher premiums.
There are, however, ways to mitigate these rising costs. Homeowners can potentially secure lower premiums by protecting their properties against severe weather, such as installing a new roof or stronger windows. Another option is to raise the deductible, which is the amount paid before insurance coverage kicks in. While this might mean paying more out-of-pocket in the event of a claim, it could result in lower premiums on a daily or monthly basis.
Matt Brannon, a data analyst at Insurify, advised homeowners to compare policies from different insurers to find the best idea. “Oftentimes it may turn out that there’s another insurer who’s willing to provide you similar or better coverage for a lower price,” Brannon said.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.