Oklahoma Lawmaker Addresses Rising Property Insurance Premiums
OKLAHOMA CITY – State Representative Mark Tedford has responded to a recent article about Oklahoma’s rising property insurance premiums, citing the state’s frequent severe weather events and ongoing legislative efforts to support homeowners. “Oklahoma faces some of the most destructive and unpredictable weather in the country,” Tedford said in a statement. “From widespread hailstorms to wildfires and tornadoes, our events are frequent, damaging and often hit densely populated areas.”
Tedford pointed out that the frequency and severity of these weather events drive insurance claims, which in turn affect premiums. He referenced recent storms in Sulphur, Barnsdall, Holdenville, and Claremore, as well as wildfires in March, which collectively cost billions of dollars in damages. “That’s the reality insurers are responding to,” Tedford explained.
The lawmaker also highlighted other factors contributing to rising insurance premiums, including inflation in construction costs, increased prices for materials and labor, and a higher number of high-value claims following consecutive disasters. While acknowledging that many states are currently experiencing rate increases, Tedford noted that Oklahoma’s insurance market adjusted earlier than most. “Oklahoma ranked 35th last year for average rate hikes,” he said. “It’s not the worst in the nation. It’s a sign our market responded early while others are still catching up.”
Tedford commended the work of Insurance Commissioner Mulready in improving Oklahoma’s insurance industry. He also highlighted his own legislative efforts to support homeowners, including authoring the Strengthen Oklahoma Homes Act last year, a grant program designed to help homeowners retrofit their homes with weather-resistant materials. Additionally, he worked with the insurance commissioner on legislation to prevent insurers from canceling policies due to older or single claims.
This year, Tedford introduced House Bill 1084, aimed at reducing claim costs and curbing insurance fraud. While advocating for targeted policies to support homeowners and maintain a strong insurance market, Tedford cautioned against overregulation. He pointed to the example of California, where stricter policies led insurers to exit the market, leaving homeowners without options. “When states overregulate, insurers leave,” Tedford warned. “We can’t change the weather, but we can pursue smart, targeted policies that support homeowners and keep the insurance market strong.”
