Oklahoma residents are feeling the financial pinch as severe weather events like hail, wind, wildfires, and tornadoes continue to sweep across the state. A recent report from Insurify reveals that homeowners can expect their insurance premiums to rise by 8% this year, translating to an increase of around $600.
Oklahoma is already the third most expensive state for home insurance in the country, a fact that may surprise many. The surge in premiums is largely attributed to the financial losses experienced by home insurers in 2023, where payouts for losses and claims exceeded the premiums collected. As insurers scramble to manage these extreme risks, they are passing the increased costs onto homeowners.
However, there are strategies that homeowners can employ to mitigate these rising costs. Insurify suggests that protecting properties against severe weather through measures such as installing new roofs or stronger windows can potentially lower premiums. Another option is to raise the deductible, which, while meaning higher out-of-pocket costs in the event of a claim, could result in lower daily or monthly premiums.
Matt Brannon, a data analyst at Insurify, recommends that homeowners shop around and compare policies from different insurers to find the best deal. “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 advised.
For Oklahoma homeowners looking to navigate these challenging times, staying informed and proactive about insurance options is crucial. By taking steps to protect their properties and carefully comparing insurance policies, homeowners can work towards minimizing the impact of rising premiums.
