Increase In Homeowner’s Insurance Rates In Oklahoma

If you noticed your homeowner’s insurance costs have gone up, you’re not alone.

The Oklahoma Insurance Commissioner says customers are reporting their rates have increased between 10 to 30 percent, and some even higher.

Factors Contributing to Rising Premiums

The recent Father’s Day storms around Oklahoma have racked up more claims — adding to the financial pressure of insurance companies.

Oklahoma Insurance Commissioner Glen Mulready says the state still has a competitive marketplace with 125 homeowners’ insurance companies to pick from, but homeowners should expect to pay more for insurance.

“We’ve had some rough years from a weather standpoint, and we’ve had that in Oklahoma, as well as some other states. You also had some supply chain issues, inflation, those sort of things,” said Mulready.

Sarah Corfidi from Broken Arrow says her homeowner’s insurance went up more than $2,000 in the last four years.

“We’re all feeling the pinch of inflation and all the extra expenses, and so you just don’t need that extra worry with your insurance,” said Corfidi.

Corfidi said she was able to find a cheaper policy, but it’s still a thousand dollars more.

Importance of Shopping Around

Insurance agents like Stacey Ray said customers should be shopping around before their next payment is due because companies are getting stricter about who they cover.

“Right now, just being able to keep the customers that we currently have is extremely challenging just because of how rates have fluctuated,” said Ray.

Mulready said the state does have laws that don’t allow insurance companies to drop a customer just because of one claim, and insurance companies are not dropping out of Oklahoma like California and Florida have seen.

Proactive Measures for Homeowners

Agents advise customers to keep up with home repairs and be proactive about your premiums.

“Plan for bad days. Know what your potential out-of-pocket expense is and try to set money aside for that. Look at increasing your deductibles for some of your home and auto coverages,” said Ray.

You can file a complaint against an insurance company or get help with finding insurance at the Oklahoma Insurance Department’s website HERE.