ALL RIGHT. THANKS VERY MUCH, DAMON. AND SEVERE STORMS THAT PRODUCE HAIL AND TORNADOES. THE THE KINDS OF STORMS THAT WE’RE KNOWN FOR HERE IN OKLAHOMA ARE SECOND ONLY TO HURRICANES WHEN IT COMES TO EXPENSIVE INSURANCE CLAIMS. AND WE’RE LEARNING ALL THAT DAMAGE MAY LEAD TO AN INCREASE ON YOUR HOME INSURANCE RATES THIS YEAR. KOCO’S JASON BURGER JOINING US LIVE RIGHT NOW. AND JASON, THAT’S EVEN IF YOUR HOME WAS NEVER HIT. YEAH EVAN THAT’S RIGHT. I’M TOLD YOUR HOME INSURANCE COSTS COULD GO UP BECAUSE RECENTLY A LOT OF COMPANIES HAVE LOST MONEY WITH THESE INTENSE STORMS. IT WAS ABOUT A 30% INCREASE IN JUST AN 18 MONTH TIME FRAME WITH THE SAME ROOF, SAME ROOFER, INSURANCE COMMISSIONER MULREADY SAYS HE’S SEEN COSTS GO UP HIMSELF. PART OF THE EQUATION IS INFLATION. BUT THE OTHER PART, INTENSE STORMS HAVE BEEN FREQUENT THE LAST TWO YEARS. IN OKLAHOMA, YEAR IN 2023, YOU TAKE OUR TOP 20 HOMEOWNERS COMPANIES. THEY PAID OUT $105 FOR EVERY $100 THEY TOOK IN. SO THAT’S JUST A STRAIGHT PREMIUMS IN CLAIMS OUT. THAT’S THE LATEST DATA AVAILABLE. AND THAT INCLUDES HAIL DAMAGE, WIND AND TORNADO DAMAGE. THE COMMISSIONER SAYS THAT’S WHY THE NEWLY PASSED STRENGTHEN OKLAHOMA HOMES ACT IS A GAME CHANGER, HELPING HOMEOWNERS FORTIFY THEIR HOMES AGAINST STORMS TO LOWER INSURANCE RATES. A PART OF THAT IS IMPACT RESISTANT SHINGLES. CLASS FOUR SHINGLES, BUT ALSO FORTIFYING YOUR ROOF IN OTHER WAYS, TOO. BUT HE SAYS INSURANCE COMPANIES ARE ALREADY FILING FOR RATE INCREASES THIS YEAR, AND THAT MEANS YOUR RATES COULD GO UP EVEN IF YOU HAVEN’T FILED A CLAIM FOR HAIL OR SEVERE STORM DAMAGE. THEY’RE NOT EXORBITANT. I GUESS THAT’S THE GOOD NEWS. I MEAN, THEY ARE GOING UP, BUT ON AVERAGE IT’S ABOUT A 10% RATE INCREASE THAT WE SEE IN THE FILINGS. A LOT OF PEOPLE ARE DENIED COVERAGE. YOU KNOW, WHERE THE INSURANCE COMPANY COMES IN AND TRIES TO CLAIM THAT THE LOSS IS NOT RELATED TO THE MOST RECENT STORM? ATTORNEY BRYCE JOHNSON TOLD ME FROM A LEGAL PERSPECTIVE, INSURANCE COMPANIES HAVE THE POWER TO DROP A HOMEOWNER IF THEY FEEL IT’S TOO MUCH OF A RISK. THEY CAN’T DROP THE HOMEOWNER AFTER THE CLAIM IS MADE, BUT THEY CAN CERTAINLY DROP A HOMEOWNER BEFORE THEY HAVE ANY DAMAGE TO THEIR HOME. AND UNFORTUNATELY, INSURANCE COMPANIES IN OKLAHOMA HAVE BEEN KNOWN TO DO THAT. NOW, IF YOU’D LIKE TO APPLY FOR A GRANT UNDER THE STRENGTHEN OKLAHOMA HOMES ACT, WE’LL HAVE A LINK ON KOCO.COM
Oklahoma homeowners face rising insurance rates due to severe storm damage
While inflation is part of the equation, the frequent intense storms over the last two years in Oklahoma have contributed to the rising costs.
Updated: 10:21 AM CDT Apr 1, 2025
Severe storms that produce hail and tornadoes are second only to hurricanes in terms of expensive insurance claims, potentially leading to higher home insurance rates this year. “There was about a 30% increase in just an 18-month time frame, for the same roof, same roofer,” Oklahoma Insurance Commissioner Greg Mulready said. According to Mulready, while inflation is part of the equation, the frequent intense storms over the last two years in Oklahoma have contributed to the rising costs.”In year-end 2023, you take our top 20 homeowners’ companies. They paid out about $105 for every $100 they took in. That’s just straight, premiums in, claims out,” Mulready said. Video Below: Are nighttime severe storms and tornadoes becoming more common in Oklahoma? Click here to learn more.The data includes hail damage, wind, and tornado damage. Mulready highlighted the newly passed Strengthen Oklahoma Homes Act as a game changer, helping homeowners fortify their homes against storms to lower insurance rates. “A part of that is impact-resistant shingles, Class 4 shingles, but also fortifying your roof in other ways, too,” Mulready said. Video Below: Oklahoma City metro homes, buildings made to meet codes influenced by severe weather. Click here to learn more.However, insurance companies are already filing for rate increases this year, meaning rates could go up even if homeowners haven’t filed a claim for hail or severe storm damage. “They’re not exorbitant. I guess that’s the good news. They are going up, but on average, it’s about a 10% rate increase that we see in the filings,” Mulready said.Attorney Bryce Johnson from Johnson and Biscone Law Firm told KOCO 5 that from a legal perspective, insurance companies have the power to drop a homeowner if they feel it’s too much of a risk. “A lot of people are denied coverage, where the insurance company comes in and tries to say the loss is not related to the recent storm,” Johnson said. “They can’t drop a homeowner after the claim is made, but they can certainly drop a homeowner before they have any damage to their home. Unfortunately, insurance companies in Oklahoma have been known to do that.” People who want to apply for a grant under the Strengthen Oklahoma Homes Act can do so here. Top Headlines TIMELINE: Severe storms with risk of large hail and tornadoes move in Tuesday night Polls open as Oklahomans set to cast votes on various local elections Tuesday NASA astronauts Butch Wilmore and Suni Williams reflect on 9-month space mission Take these steps now to make sure you’re safe before overnight storms, tornadoes hit Oklahoma Morgan Wallen walks off stage during ‘Saturday Night Live’ goodbyes
Severe storms that produce hail and tornadoes are second only to hurricanes in terms of expensive insurance claims, potentially leading to higher home insurance rates this year.
“There was about a 30% increase in just an 18-month time frame, for the same roof, same roofer,” Oklahoma Insurance Commissioner Greg Mulready said.
According to Mulready, while inflation is part of the equation, the frequent intense storms over the last two years in Oklahoma have contributed to the rising costs.
“In year-end 2023, you take our top 20 homeowners’ companies. They paid out about $105 for every $100 they took in. That’s just straight, premiums in, claims out,” Mulready said.
Video Below: Are nighttime severe storms and tornadoes becoming more common in Oklahoma? Click here to learn more.
The data includes hail damage, wind, and tornado damage. Mulready highlighted the newly passed Strengthen Oklahoma Homes Act as a game changer, helping homeowners fortify their homes against storms to lower insurance rates.
“A part of that is impact-resistant shingles, Class 4 shingles, but also fortifying your roof in other ways, too,” Mulready said.
Video Below: Oklahoma City metro homes, buildings made to meet codes influenced by severe weather. Click here to learn more.
However, insurance companies are already filing for rate increases this year, meaning rates could go up even if homeowners haven’t filed a claim for hail or severe storm damage.
“They’re not exorbitant. I guess that’s the good news. They are going up, but on average, it’s about a 10% rate increase that we see in the filings,” Mulready said.
Attorney Bryce Johnson from Johnson and Biscone Law Firm told KOCO 5 that from a legal perspective, insurance companies have the power to drop a homeowner if they feel it’s too much of a risk.
“A lot of people are denied coverage, where the insurance company comes in and tries to say the loss is not related to the recent storm,” Johnson said. “They can’t drop a homeowner after the claim is made, but they can certainly drop a homeowner before they have any damage to their home. Unfortunately, insurance companies in Oklahoma have been known to do that.”
People who want to apply for a grant under the Strengthen Oklahoma Homes Act can do so here.
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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.