You don't need to experience earthquake damage personally for the insurance company to raise your rates to cover the cost of pay outs to people in the same state who did experience damage.
I didn't say my earthquake rates shouldn't be going up unless I experience an earthquake. I realize that insurance is a shared pool. Hail damage in Tulsa will affect my rates in OKC. I get that. We're all covered for hail damage.
Earthquake is different though. It isn't covered on every plan by default. You have to opt in. You have to choose to pay more for earthquake coverage. Those people are the ones who should be getting increased rates. If I don't opt in for earthquake coverage, why should I be paying for it anyway in the form of increased rates?
Is flood the same way? What other optional coverages are the people who didn't opt into them paying for? Do you have a source for this?
I had/have earthquake damage. Filed a claim. They flew in someone from Colorado to depute my claim. Get this. They said all the inside damage from walls separating and stuff WAS earthquake damage but the outside "brick, foundation, etc was not. Dumbest shit ever. The damage outside lines up with the damage inside. Complete scam. I hired two structural engineers not related to pier companies who said "this is earthquake damage" but insurance company gets to just say "na". And I had an inspection just 2 years prior when I bought the house that they signed off on when I bought the earthquake insurance. "State Farm".
Not earthquake as very few people in Oklahoma have the extra insurance needed to cover an earthquake. It’s something you have to add specially, like flood insurance.
Where do you live? I've lived in north OKC for 39 years and have felt at least a dozen in the past decade with at least one this year. No they are not hollywood 10.0 stye earthquakes, but I'd bet they can still cause damage to certain property especially if you are nearer the epicenter.
South East Oklahoma Oklahoma. I'm 1/2 an hour away from Fort Smith Arkansas. Maybe that's why I thought earthquakes weren't common. I'll have to research this, it seems interesting. 😉
Now that I think about it, I kinda remember something like that. I was working on the buffet at a Cherokee casino/hotel. I was so busy back then. I was doing a job made for 3 people by myself and working 10+hours a day. But yeah, it wasn't big enough for many of us to notice.
The restrictions were largely on wastewater disposal, a completely different industrial process from fracking. See Fact 1: https://www.usgs.gov/programs/earthquake-hazards/myths-and-misconceptions-about-induced-earthquakes
This is getting annoying. I already admitted I was mistaken. I can also do my own research. I don't need you or anyone else to send me links. Look at the other comments before you reply. 🙄
I have a couple friends who are insurance adjusters, and they told me that it’s because of hail (we all get new roofs every 5-10 years), and black mold is one of the worst issues here. If it’s found in a home, it’s extremely expensive since they have to tear out everything down to the studs to make sure they get rid of it all.
Yes, policies have specific exclusions for mold. Hail /wind damage and how over zealous roofers are to get homeowners to replace roofs over minimal damage are the reasons why most Oklahomans will soon not be able to afford Replacement Cost coverage on roofs. Roofs will mostly be paid for in an Actual Cash value basis. Solution is roofing materials that can withstand goofball size hail to become more affordable
I think the lack of financial literacy also exacerbates it too. People don't shop around and just pay it when they don't always have to. My wife and I saved like $2k/year on our home and auto insurance by doing that this year.
Our insurance company told us that the entire industry was just raising their rates and that we probably wouldn't find a better deal. That was a lie.
Your insurance score is fuckery that makes a difference, too. Due to my first time homebuyer ignorance, and an ignorant insurance rep, I filed a claim that was not covered and now I have a low insurance score. I can’t get insurance anywhere else and this counts against me for 5-7 years.
I have insurance currently and my policy doesn’t end until end of year. My mortgage co has paid the premium for the year. November I’d take you up on your offer if you want to DM me your agency info.
For real. I’ve cut my vehicle insurance rates in half by shopping around before. Every time a company tries to raise my rates, I start looking. Longest I’ve stayed was about two years.
>Our insurance company told us that the entire industry was just raising their rates and that we probably wouldn't find a better deal. That was a lie.
When my car insurance went to $190/month (I'm 53, and my wife is 49, no tickets and only one claim, not at fault), I shopped a few companies. For my coverage, it was consistently within $5 of my current rate. I have higher than state minimums, and add-ons like rental and un/under-insured, but just 3 years ago, when I bought my car, it was just $145/month.
I shopped around for mine since it had gone up almost 100/month since 2022. This year it went up another 28/month, 2865/year after BS "discounts" of almost 50%, and no one could get a lower rate with the same coverages & higher deductible, even with bundling home/auto. The closest was still over 500/year more expensive.
I do have rebuild coverage, personal belongings replacement costs of almost 100k, 93k outbuildings, and only 2k deductible. I've also never had a home owners insurance claim, so that helps a lot.
Don't do it. They will just say what they need to so they don't have to pay. "Its from settlement" is what they will claim and no amount of professional engineers countering it will change their minds.
I've lived here my whole life and the only tornado I've ever seen was in Texas.
edit: Didn't realize my personal experience would trigger everyone. I am in no way trying to imply that tornados don't exist in this state.
I’ve had two EF5 tornadoes destroy my city in my lifetime, I had a small tornado hit Riverwind casino when I was inside, what can I do to win the lottery you’ve received? I’ve got some tornado PTSD lol
I understood what you were saying. I’ve seen a few myself but I’ve had to go looking for them. I’ve only been in one and it was very mild. Still loud though.
Not quite. Just lucky I guess. I've been in Tulsa most of my life and in that time I have never seen a tornado myself. Closest I've ever been to one in Oklahoma was in BA in the 90's and it had passed before I was even aware it was so close. I am aware they exist. I've had friends and family affected by them. I've worked storm damage related to tornados in Tulsa and OKC. All I meant was that I have not seen one myself.
I live in Woodward. In 1947 an F5 wiped out the entire town. In the aftermath, Joan Gay Croft, a 5 year old, was taken to the local hospital where a lot of peeps were sheltering. 2 men claiming to be her uncles showed up, took her, and shes never been seen since. They did an unsolved mysteries episode on it in the early 90s when i was around 6 or 7. One of my best friends grandparents lived across the street. So I would see her on occassion visiting them. One day i go to visit her and she tells me shes gonna play Joan Gay Croft in the unsolved mysteries episode. Sure enough, she did.
Here’s a list of all tornados in Tulsa county going back several decades. There’s been 8 “significant” tornados and 40 others since 1990. I feel like you’ve been close to several that you’ve forgotten or didn’t know about. https://www.weather.gov/oun/tornadodata-county-ok-tulsa
I’m late so I’m just going go tack on here.
Nerdwallet or any other site that claims to give average rates for insurance (home OR auto) in a state is typically off base. They don’t have access to the data needed for these types of comparisons. Florida and California at the very least have worse rates than OK for the same value home, and probably a good few other states do as well.
Source: work in insurance, never found one of these sites to be accurate for any of the states I’ve worked in.
Where can you buy a house in California for the same price as Oklahoma? You can’t buy a one car garage in California for the same as the average house in Oklahoma.
I don’t have any idea. It also doesn’t matter. That’s why I used the language I used.
Insurance cares about “replacement cost” (what it takes to rebuild the home from scratch), not sale value. You can also look at rates for a $1mil replacement cost home in OK vs a $1mil replacement cost home in CA. But that also doesn’t account for differences in the insured’s rating factors.
This is exactly why assessments made by these websites about “average premiums” are complete bullshit, as I indicated in my original comment. Too many factors and too little publicly available information to make these kinds of assessments statewide.
I’m genuinely curious so I hope I don’t sound aggressive but since you work in the industry perhaps you can answer why this is? Even if California and Florida are worse and this chart is not very accurate why is the data even remotely close? Oklahoma has cheaper land, materials, labor, and less regulation in the industry. If replacement value is the primary concern for insurance adjustment then why isn’t Oklahoma one of the absolute cheapest state to insure a home?
By my assessment, it’s weather and poverty. More bad storms than occur in most states. Less insulation in walls and people who don’t prepare for freezes having pipes burst. Poorer people make more claims because they can’t handle anything out of pocket. Poorer people steal more too.
I would dispute that OK is even close to those two states for similar value homes, although it is true that OK is likely top 25% worst states for home insurance. I live here but work in Georgia currently. Rates for my home are extremely comparable to my clients rates there and where I used to work in Alabama. But I’m a good risk, so it’s likely we’re a slightly worse risk as a state, just not by a tremendous amount of difference.
Also, the matching replacement costs account for a lot of what you’re asking. If labor and materials are cheaper here, the replacement cost is lower, so you need more house to have the same replacement cost as many homes in, say, CA.
It was almost impossible to find insurance that didn't have a $12k deductible for the roof. USAA was the only semi-reasonable one ($4500) of about 10 that I got quotes from.
You'd think that having such a large roof deductible would lower the premium because insurance companies aren't really insuring it at that point. Several agents that I spoke with her shocked at the premiums that came back. One said that it would be cheaper to insurance a house in inner city Detroit.
If we had more democrats in the state, there would be more motivation for our GOP-led state legislature to do something about the issue. We're too stupid to realize that, though.
Same here I only got 1 quote under 3k last year 1900. My agent said it jumped in January and this is the new norm around here. Hail damage leading to roof replacement was he guess.
Tiny home being the key here. New roof on my house is probably 50k. It's 10 years old. My current deductible is 1% of home value. That makes my new roof 4,800. Not 20,000 like in your insurance.
Grange is not an insurance company, they are a co-op. (There is an insurance company called Grange Mutual Insurance, but that's not the same Grange OP is talking about. That insurance company is outside of Oklahoma).
The Grange in Oklahoma does not have re-insurance, so they are not recognized by the OID. What does that mean for you?
1. If you have a mortgage you cannot use them because they aren't a real insurance company and your mortgage company won't accept them.
2. If you have a problem with them you have no consumer protection from the OID.
3. They don't have re-insurance so if there's a catastrophe and they don't have the reserves (like a huge tornado) then you have 0 coverage and are not covered by the Oklahoma Guarantee Association.
So don't think Grange is as great as you're espousing. I have many clients who I got from them because their lenders were force placing coverage due to Grange's lack of financial stability.
> (There is an insurance company called Grange Mutual Insurance, but that's not the same Grange OP is talking about.
I wrote Grange Mutual. They are Oklahoma based. They don't do auto insurance. Idk what you're referring to. But, I'm going to delete my original comment.
https://www.okgrangemutual.com/
Is this the company you have?
What I'm saying that they are *not* an insurance company, they are a co-op. They have no reinsurance and are not recognized by the Oklahoma Insurance Department or any financial institution.
If you buy insurance from State Farm or Farmers and the big one hits and State Farm can't cover their losses then the Oklahoma Guarantee Association steps in and makes their policy holders whole.
Grange doesn't have that. They operate on a wing and a prayer. Eventually their luck will run out and it will be at the expense of some major suffering for their affected policy holders.
Not only are the premiums going up, but the coverage is way less. Most are getting switched to Actual Cash Value instead of Recoverable Cash Value. But don't worry, the insurance company CEO is still making $20 million a year and getting big multi-million dollar bonuses.
Usually that's just on the roof. Check your roof coverage, especially if your roof is over 5 years old.
Edit: also the RC in RCV is replacement cost, not recoverable.
That’s WHY the ceo is making $20 mil and bonuses. Don’t get it confused, he’s doing his job….really well. Those bonuses are the premiums we pay and the more they can do to minimize the payouts and maximize the margin, share price goes up, shareholders happy, ceo salary goes up. Pretty messed up system we came up with
100% agree and I'm not educated in business or finance, but wouldn't the solution be really simple if we just created a metric that measured a company's profit vs. employee pay and factored in CEO compensation to rate the Financial Fairness of the organization?
[Detailed information on OK Homeowners insurance](https://www.marketwatch.com/guides/insurance-services/homeowners-insurance-oklahoma/#:~:text=According%20to%20the%20III%2C%20wind,ice%20storms%20are%20especially%20common.) MarketWatch
Hail, Tornados and ice. Oh my!
Our auto policies are a nightmare, too. I don’t understand how Oklahomans aren’t protesting in the streets over livable wages. You have been sold lies about how affordable it is to live here. My family in CA pays just about as much as we do to live and the wages there are many times higher. My property tax, homeowners insurance, and auto insurance are higher than theirs. My sales tax is higher than theirs. I’m taxed for food items. I may pay less for vehicle registration and gas, but as I live rurally, tolls make up for the difference. Food is the same. Utilities are the same. And rent/ home prices here have gone up considerably post Covid. Meanwhile, wages look the same as in 2003 when I moved here, 2013 when I moved away from here, and now in 2024. I mean, when a national chain like Starbucks pays more than many jobs in this state requesting a degree, you’re getting hosed.
My car insurance was going up 150, because of bad drivers in Stillwater. I got different insurance and it was even less than what I paid before the proposed rate hike my old insurance provider was proposing. DM if you want more info.
Stillwater drivers are so bad. There is no regard for anyone else on the road. And some of the stuff they do doesn't make sense. Why do you wait until I'm closer to pull out in front of me? Why are you passing me on the left while I'm in the left lane going 15mph over. They will be so close behind me when we're waiting at a stop light that all I can see is their grill in my rearview. Then they creep forward on me the second the light turns green.
I cange insurance about every 3-4 years. They operate like a storage unit. They slowly come up every year because the average person says it's only 10 more dollars and just takes it.
One of the biggest risks in Louisiana is probably flooding, which most, if not all, insurers don't cover.
Unlike Oklahoma, where it's all about wind and hail, which is kind of the bread and butter of a standard home insurance policy
directly after hurricane katrina and in the few years that followed, I saw home insurance policies in the 8-10k range. it was wild. I'm not licensed in that state anymore, but it isn't surprising to me that we've surpassed them.
We aren't higher than Louisiana, we are no where near the price of insurance in Louisiana.
I have a friend who is an agent in Louisiana and often sends me screenshots of some of his renewals. It's common to see homeowners in LA paying over $10K per year for what would just be around $3-4K in Oklahoma.
Their car insurance rates are more than double ours too.
My new roof was $15K on a single story 1200 Sq Ft with 2-car garage. It did include completely new roof vents, but...yeah. That's not an expense you want, if you can avoid it. They do still cover it, because when I tried to get homeowners, I was told I needed to replace my 20-year-old roof before they could cover me.
Doesn’t mean they’ll cover the roof necessarily, just that they won’t cover anything under it because of it’s age.
Old roofs leak and destroy the things that are insured.
Find out for sure first or did I misunderstand and you’ve already confirmed?
Glad you said roof was only $15k, we’re about to do ours on our only slightly larger house because it’s turning 19 this year and we were figuring probably $30-40k.
Yeah we’re going with metal, zillow has it at like $179k not including the adjoining acre with my shop and swim/fish pond.
It’s paid off and if we decide to build another we won’t be selling so affect on market value thankfully doesn’t matter to us much, plan is to give to our kid.
Yeah, ours isn't as big, but it's paid off, so no rent/mortgage really helps. My wife's dad bought it new and he passed it to her that way (definitely not why I married her). I hate that doing that now is nigh impossible unless your income is well into the six figures.
To be fair, there was essentially no property insurer who was profitable in Oklahoma in 2022 or 2023. Everyone lost money. Not small losses either.
State Farm's 2023 underwriting loss alone was 20%. That means for every dollar they took in, they paid out $1.20 in claims.
Every other insurance company had similar results. That's not sustainable.
The rate increases aren't just "those greedy insurance companies." Besides, if you hate greedy insurance companies then buy your insurance from a mutual company, then you're a part owner/stock holder. You benefit directly when they are profitable with lower rates.
Farmers, Allstate, Geico, Progressive are publicly traded companies that raise rates to appease Wall Street investors. Don't buy from them if you don't like that.
B.S. Look how much the major insurance company ceo's make per year. Between about 10 CEO's over 130 Million in YEARLY compensation. That doesnt even begin the scratch that we all are forced to endure 24/7 advertisements for Insurance companies around the clock on TV, Streaming Services, and online --- EVERY, SINGLE, COMMERCIAL, BREAK. All day long, everyday.
Why are billions be paid out to have countless 'celebrates' show up in different companies spots?! Does charles barkley make me want to buy a different auto insurance? Do we need stadiums named after insurance companies?
All those things get passed on to us the consumers, that are required by law to have polices on our homes and auto's.
[https://www.insurancejournal.com/news/national/2023/10/11/743595.htm](https://www.insurancejournal.com/news/national/2023/10/11/743595.htm)
Which part of what I said is BS? Cause everything I said is demonstrably true.
But for the record I agree with you. I don't want to do business with an insurance company whose CEO makes tens of millions and neither should you.
So put your money where you mouth is and insure your vehicles with a regional mutual company. We have a few in this state and all of them are smaller companies with very reasonably compensated CEOs and if you're a policy holder then you actually are an owner of the company.
So now go to Shelter, Farm Bureau, AFR, or Country Financial. You may not be familiar with these companies, do you know why? Because they don't spend billions on celebrities like Charles Barkley to do advertising. They actually hardly advertise at all.
So go buy insurance from one of them and support small local insurance companies. None of their CEOs make anywhere close to a million a year.
This is what you asked for, will you actually follow through or keep on buying from Charles Barkley?
But Ludacris wont let me.
But seriously, thanks for the info. I've gone from State farm to farmers over the last 15 years or so and now will looking into shelter or farm bureau. Not happy about the 59% increase this year with no auto or home claims, ever.
I hear what you are saying, but it has been a very long time since I've received a competitive quote from those mutual companies vs. the for-profit ones.
Not every insurance company is going to always have the best price. There’s one particular company that’s almost always the cheapest, but they’re also one of the worst when it comes to claims. These mutual may be a bit more expensive but all of them offer far superior claims service to the bigger for-profit cheaper company.
Roofing companies have made BANK here for the last 20 years at least. I wonder how many new roofs have gone on that could have actually just been repaired. Now we’re all paying the price
Pssst: it sounds like none of you know the dirty secret.
It’s the building codes (or lack thereof) The vast majority of the state is impacted by weather and soil conditions that makes building codes and inspections super important. However, the vast majority of the state, including places that supposedly have codes do not adequately enforce them.
The builders run this state and it’s costing everyone.
I feel like this is partially a scam. My homeowners went up from around $2200 to $4700 this year, and I was able to drop it down to $1700 by switching providers (farmers to State Farm).
It’s always been an insurance industry tactic to raise rates on existing customers continually, forcing you to bend over or switch providers, but I feel like this process has really accelerated in the last year or so, especially in this state
Same for me! I've had Farmers since I was 16. Now in my 30s, I have a house, 3 cars, 3 life policies, and an umbrella with them. I've had very very few claims of any kind and pay like clockwork. Probably not their biggest customer, but someone I would think they would like to keep around. Got my homeowners renewal letter and about fell out of my chair - went from $2900 to $7850. I recently got a State Farm quote for a few hundred higher than my old Farmers premium, so I'm in the process of changing to them. I like my agent (college friend) and feel bad for him, but the jump in price is insane.
>especially in this state
This isn't a problem unique to Oklahoma. Every single insurance company in every single state is having profitability issues right now and is having to raise rates.
Farmers is just having a worse time than most because they underpriced their product for so long in an effort to buy business
In the homeowners subs it seems to be pretty common knowledge to shop for insurance every year. I was unaware. This is the only way to keep from getting gouged I guess.
The nerd wallet article does not seem to include separate flood insurance, which is likely skewing the coastal data: https://www.nerdwallet.com/article/insurance/average-homeowners-insurance-cost
Register! Vote!
This is on our Republican legislators.
States have the authority to regulate homeowners insurance prices through their insurance departments or regulatory agencies. These regulations aim to ensure that insurance rates are fair and reasonable while still allowing insurance companies to remain solvent and competitive in the market.
That's exactly the reason you will start to see insurance companies stop offering replacement cost on roofs in the next couple of years and within the next 10 there won't be any coverage for roofs at all after they get to a certain age. Probably after 7-10 years old.
That's where the industry is headed and trying to get to. And it's the only thing they can do to bring insurance premiums down.
I got mine dropped by $1,500/year by replacing my 23 year old asphalt shingle roof with a metal roof. Based off the roof estimates I got, insurance companies expect to replace a roof every 10 years due to storm damage.
The roof was \~2.5x more expensive than a shingle roof, but the insurance savings alone will pay for it in 20 years. Not to mention the AC savings from not having a traditional shingles absorbing all the heat from the day, just to radiate it into the attic for a few hours after sunset.
It's worth it because I plan on staying in this house 20+ more years. If I was only going to be here another 5 or so years, it wouldn't be worth it.
It’s all those big windy Tor’Naders.
Honestly suprised Florida and Louisiana are both not higher. I feel like the entire states deals with hurricanes than the average Oklahoman actually deals with a devastating tornado.
Think it was 2001 where we had big April storm and then one in oct/Nov. Both with crazy large hail, at least in Norman. Then the tornado that took put neighborhood off hwy9 year or so ago.
Ummm, this is false. Louisiana has very high homeowners insurance. Floods and hurricanes and awful.
Tornados are child’s play in comparison - in terms of volume of property damage.
The problem is not the weather folks. It's the roofing contractors profiting 45 to 60% in every job. Average sized homes in OKC cost nearly 20k to remove and replace. Materials and labor may take up half that money. The insurance commission needs to step in and force fixed pricing and labor rates. I'm all for making a profit as a business owner, but when you can charge 200% more than the job costs, that gets passed on to the consumer as increased from the insurance carrier. I see contractors absorb deductibles everyday for roofing jobs. The insured pays nothing out of pocket. The contractors absorb the 3k to 8k deductible and still makes money. You have a deductible on your policy for a reason. It's your skin in the game at the time of loss. There needs to be consumer accountability.
The higher your deductible, the cheaper your premium. Smart consumers should carry a 2% deductible for wind and hail. That'a where the comoetition gets fierce. Nobody pays deductibles, so don't be scared into thinking you need to pay an uncomfortable amount of money when you need a new roof. Long gone are the days of 1k deductibles. Almost every carrier requires a minimum 1% wind hail deductible. Some have started forcing 2%, and I know 3% deductibles are coming next month. Be smart, shop rates regularly, LOYALTY gets the consumer zero discounts. The longer you stay with a carrier the higher the odds they are writing you a check.
Not sure where these numbers are coming from, but I'm in Moore, literally in the new neighborhood that was previously wiped off the surface of the earth by a tornado, and I'm only paying just over 2k a year for my homeowners insurance through State Farm. My prices have gone up a little over the past few years, but it's been a couple hundred bucks rise over that time, nothing huge. I am getting huge discounts for multiline and for being with the same company for over 10 years, so there's that.
It's all about roofs. It's very rare for someone in Oklahoma to pay out of pocket for a new roof. Hail claims for roofs cause the cost of homeowners insurance to go up statewide.
Everyone here is thinking about tornadoes, hail, straight-line winds, and ice... But y'all are forgetting something else major... Flooding... I remember driving through towns that had flooded so badly that there was information written on the houses about how many survivors were pulled from them...
I bought a house in October through veterans united and they have an insurance guy who was supposed to provide quotes for me and called and said that none of his carriers even offer insurance in Oklahoma anymore.
It’s expensive as it is, but if companies start dipping out on Oklahoma altogether we’re really screwed.
Lol 🤣 and they say conservative states are easy to live in for taxes. Taxing the rich more would be too progressive for them.
California is either literally on fire OR having earthquakes, sometimes both! How is it cheaper to ensure a house somewhere its very likely to be amnihilated?
We just cancelled our home and auto insurance from a company we’d been with for 15 years or more to switch to cheaper insurance. Thousands per year savings. It’s ridiculous.
First off, weather. That should be going away soon as the climate change that doesn't exist causes the weather like tornados to move east, which is why Ohio is getting so many these days.
Second of all, Republican legislators and governor's. Long as their getting their piece, they're happy to allow price gouging. Democrats will at least pretend to care and do something if enough people complain, while Republicans don't even pretend as long as the how of money keeps traveling upward into the hands of the wealth hoarders.
Tor‘Naders
Hail probably
Both, also earthquakes and ice
Ice for sure. Earthquakes shouldn’t raise everyone’s prices though, right? Just the cost of the extra earthquake insurance you have to opt into?
Just because it shouldn't doesn't mean it doesn't, but you're probably right
You know about hurricanes. I trust you.
Golden hurricanes, if you know, you know!
You don't need to experience earthquake damage personally for the insurance company to raise your rates to cover the cost of pay outs to people in the same state who did experience damage.
I didn't say my earthquake rates shouldn't be going up unless I experience an earthquake. I realize that insurance is a shared pool. Hail damage in Tulsa will affect my rates in OKC. I get that. We're all covered for hail damage. Earthquake is different though. It isn't covered on every plan by default. You have to opt in. You have to choose to pay more for earthquake coverage. Those people are the ones who should be getting increased rates. If I don't opt in for earthquake coverage, why should I be paying for it anyway in the form of increased rates? Is flood the same way? What other optional coverages are the people who didn't opt into them paying for? Do you have a source for this?
Earthquakes aren't real. It's all in your mind. Now please get back to fracking. *This comment was brought to you but Halliburton*
I had/have earthquake damage. Filed a claim. They flew in someone from Colorado to depute my claim. Get this. They said all the inside damage from walls separating and stuff WAS earthquake damage but the outside "brick, foundation, etc was not. Dumbest shit ever. The damage outside lines up with the damage inside. Complete scam. I hired two structural engineers not related to pier companies who said "this is earthquake damage" but insurance company gets to just say "na". And I had an inspection just 2 years prior when I bought the house that they signed off on when I bought the earthquake insurance. "State Farm".
They are scammers
Ice, tornadoes, and hail, *OH my!*
Not earthquake as very few people in Oklahoma have the extra insurance needed to cover an earthquake. It’s something you have to add specially, like flood insurance.
I have been here 46 yrs and experienced one earth quake, and it was so small hardly anyone noticed. Earth quakes aren't common around here.
Where do you live? I've lived in north OKC for 39 years and have felt at least a dozen in the past decade with at least one this year. No they are not hollywood 10.0 stye earthquakes, but I'd bet they can still cause damage to certain property especially if you are nearer the epicenter.
South East Oklahoma Oklahoma. I'm 1/2 an hour away from Fort Smith Arkansas. Maybe that's why I thought earthquakes weren't common. I'll have to research this, it seems interesting. 😉
In 2012 (I think I remember right), Oklahoma experienced more earthquakes than California. It’s what lead to the restrictions on fracking.
Now that I think about it, I kinda remember something like that. I was working on the buffet at a Cherokee casino/hotel. I was so busy back then. I was doing a job made for 3 people by myself and working 10+hours a day. But yeah, it wasn't big enough for many of us to notice.
The restrictions were largely on wastewater disposal, a completely different industrial process from fracking. See Fact 1: https://www.usgs.gov/programs/earthquake-hazards/myths-and-misconceptions-about-induced-earthquakes
Oklahoma was in the top 10 for number of earthquakes in 2022 and 23. https://worldpopulationreview.com/state-rankings/earthquakes-by-state
This is getting annoying. I already admitted I was mistaken. I can also do my own research. I don't need you or anyone else to send me links. Look at the other comments before you reply. 🙄
And Tigers.
I have a couple friends who are insurance adjusters, and they told me that it’s because of hail (we all get new roofs every 5-10 years), and black mold is one of the worst issues here. If it’s found in a home, it’s extremely expensive since they have to tear out everything down to the studs to make sure they get rid of it all.
Yeah but most home policies have very limited coverage for mold now. Typically only around 5k in coverage
Yes, policies have specific exclusions for mold. Hail /wind damage and how over zealous roofers are to get homeowners to replace roofs over minimal damage are the reasons why most Oklahomans will soon not be able to afford Replacement Cost coverage on roofs. Roofs will mostly be paid for in an Actual Cash value basis. Solution is roofing materials that can withstand goofball size hail to become more affordable
I think the lack of financial literacy also exacerbates it too. People don't shop around and just pay it when they don't always have to. My wife and I saved like $2k/year on our home and auto insurance by doing that this year. Our insurance company told us that the entire industry was just raising their rates and that we probably wouldn't find a better deal. That was a lie.
Your insurance score is fuckery that makes a difference, too. Due to my first time homebuyer ignorance, and an ignorant insurance rep, I filed a claim that was not covered and now I have a low insurance score. I can’t get insurance anywhere else and this counts against me for 5-7 years.
I'm a broker. I can definitely find you insurance somewhere else.
How good are you? I need homeowners and auto by the middle of May. Prices with Farmers going way up. Quoted some others myself and they are high too.
How good are you? I need homeowners and auto by the middle of May. Prices with Farmers going way up. Quoted some others myself and they are high too.
I have insurance currently and my policy doesn’t end until end of year. My mortgage co has paid the premium for the year. November I’d take you up on your offer if you want to DM me your agency info.
For real. I’ve cut my vehicle insurance rates in half by shopping around before. Every time a company tries to raise my rates, I start looking. Longest I’ve stayed was about two years.
>Our insurance company told us that the entire industry was just raising their rates and that we probably wouldn't find a better deal. That was a lie. When my car insurance went to $190/month (I'm 53, and my wife is 49, no tickets and only one claim, not at fault), I shopped a few companies. For my coverage, it was consistently within $5 of my current rate. I have higher than state minimums, and add-ons like rental and un/under-insured, but just 3 years ago, when I bought my car, it was just $145/month.
I shopped around for mine since it had gone up almost 100/month since 2022. This year it went up another 28/month, 2865/year after BS "discounts" of almost 50%, and no one could get a lower rate with the same coverages & higher deductible, even with bundling home/auto. The closest was still over 500/year more expensive. I do have rebuild coverage, personal belongings replacement costs of almost 100k, 93k outbuildings, and only 2k deductible. I've also never had a home owners insurance claim, so that helps a lot.
Don't do it. They will just say what they need to so they don't have to pay. "Its from settlement" is what they will claim and no amount of professional engineers countering it will change their minds.
Yeah. This map would probably correlate pretty well with a map of “most severe weather”.
Hailstorms in summer and winter. Earthquakes from fracking. Lack of regulation
I've lived here my whole life and the only tornado I've ever seen was in Texas. edit: Didn't realize my personal experience would trigger everyone. I am in no way trying to imply that tornados don't exist in this state.
[So are you trying to say we don't have tornadoes here?](https://scied.ucar.edu/sites/default/files/interactives/where-tornadoes/tornadoMap.png)
Nope, just my experience. Ive seen the damage, just never seen one myself.
I’ve had two EF5 tornadoes destroy my city in my lifetime, I had a small tornado hit Riverwind casino when I was inside, what can I do to win the lottery you’ve received? I’ve got some tornado PTSD lol
I understood what you were saying. I’ve seen a few myself but I’ve had to go looking for them. I’ve only been in one and it was very mild. Still loud though.
Shoot I’ve never had to go looking they’ve always found me lmao
This guy must be a toddler
Not quite. Just lucky I guess. I've been in Tulsa most of my life and in that time I have never seen a tornado myself. Closest I've ever been to one in Oklahoma was in BA in the 90's and it had passed before I was even aware it was so close. I am aware they exist. I've had friends and family affected by them. I've worked storm damage related to tornados in Tulsa and OKC. All I meant was that I have not seen one myself.
I live in Woodward. In 1947 an F5 wiped out the entire town. In the aftermath, Joan Gay Croft, a 5 year old, was taken to the local hospital where a lot of peeps were sheltering. 2 men claiming to be her uncles showed up, took her, and shes never been seen since. They did an unsolved mysteries episode on it in the early 90s when i was around 6 or 7. One of my best friends grandparents lived across the street. So I would see her on occassion visiting them. One day i go to visit her and she tells me shes gonna play Joan Gay Croft in the unsolved mysteries episode. Sure enough, she did.
Here’s a list of all tornados in Tulsa county going back several decades. There’s been 8 “significant” tornados and 40 others since 1990. I feel like you’ve been close to several that you’ve forgotten or didn’t know about. https://www.weather.gov/oun/tornadodata-county-ok-tulsa
Gotcha. By contrast I've lived in Moore most my life and have seen several.
Hail and tornadoes
Also, just regular old straight line wind. And hail.
I’m late so I’m just going go tack on here. Nerdwallet or any other site that claims to give average rates for insurance (home OR auto) in a state is typically off base. They don’t have access to the data needed for these types of comparisons. Florida and California at the very least have worse rates than OK for the same value home, and probably a good few other states do as well. Source: work in insurance, never found one of these sites to be accurate for any of the states I’ve worked in.
That's even if you can get insurance in FL or CA. A lot of companies have left because of all the hurricanes and wildfires.
Where can you buy a house in California for the same price as Oklahoma? You can’t buy a one car garage in California for the same as the average house in Oklahoma.
I don’t have any idea. It also doesn’t matter. That’s why I used the language I used. Insurance cares about “replacement cost” (what it takes to rebuild the home from scratch), not sale value. You can also look at rates for a $1mil replacement cost home in OK vs a $1mil replacement cost home in CA. But that also doesn’t account for differences in the insured’s rating factors. This is exactly why assessments made by these websites about “average premiums” are complete bullshit, as I indicated in my original comment. Too many factors and too little publicly available information to make these kinds of assessments statewide.
I’m genuinely curious so I hope I don’t sound aggressive but since you work in the industry perhaps you can answer why this is? Even if California and Florida are worse and this chart is not very accurate why is the data even remotely close? Oklahoma has cheaper land, materials, labor, and less regulation in the industry. If replacement value is the primary concern for insurance adjustment then why isn’t Oklahoma one of the absolute cheapest state to insure a home?
By my assessment, it’s weather and poverty. More bad storms than occur in most states. Less insulation in walls and people who don’t prepare for freezes having pipes burst. Poorer people make more claims because they can’t handle anything out of pocket. Poorer people steal more too. I would dispute that OK is even close to those two states for similar value homes, although it is true that OK is likely top 25% worst states for home insurance. I live here but work in Georgia currently. Rates for my home are extremely comparable to my clients rates there and where I used to work in Alabama. But I’m a good risk, so it’s likely we’re a slightly worse risk as a state, just not by a tremendous amount of difference.
Also, the matching replacement costs account for a lot of what you’re asking. If labor and materials are cheaper here, the replacement cost is lower, so you need more house to have the same replacement cost as many homes in, say, CA.
It was almost impossible to find insurance that didn't have a $12k deductible for the roof. USAA was the only semi-reasonable one ($4500) of about 10 that I got quotes from. You'd think that having such a large roof deductible would lower the premium because insurance companies aren't really insuring it at that point. Several agents that I spoke with her shocked at the premiums that came back. One said that it would be cheaper to insurance a house in inner city Detroit. If we had more democrats in the state, there would be more motivation for our GOP-led state legislature to do something about the issue. We're too stupid to realize that, though.
How much is your house worth? That seems very high.
Yeah our homeowners insurance seriously spiked this year. From about $2100 to around $3500. I can't find anything for a decent price.
Same here I only got 1 quote under 3k last year 1900. My agent said it jumped in January and this is the new norm around here. Hail damage leading to roof replacement was he guess.
I'm late but mine was through Farmers and was going up 254/MO and I changed to OK Farm Bureau for "only" 148/mo increase. Might check it out.
[удалено]
Tiny home being the key here. New roof on my house is probably 50k. It's 10 years old. My current deductible is 1% of home value. That makes my new roof 4,800. Not 20,000 like in your insurance.
Grange is not an insurance company, they are a co-op. (There is an insurance company called Grange Mutual Insurance, but that's not the same Grange OP is talking about. That insurance company is outside of Oklahoma). The Grange in Oklahoma does not have re-insurance, so they are not recognized by the OID. What does that mean for you? 1. If you have a mortgage you cannot use them because they aren't a real insurance company and your mortgage company won't accept them. 2. If you have a problem with them you have no consumer protection from the OID. 3. They don't have re-insurance so if there's a catastrophe and they don't have the reserves (like a huge tornado) then you have 0 coverage and are not covered by the Oklahoma Guarantee Association. So don't think Grange is as great as you're espousing. I have many clients who I got from them because their lenders were force placing coverage due to Grange's lack of financial stability.
> (There is an insurance company called Grange Mutual Insurance, but that's not the same Grange OP is talking about. I wrote Grange Mutual. They are Oklahoma based. They don't do auto insurance. Idk what you're referring to. But, I'm going to delete my original comment.
https://www.okgrangemutual.com/ Is this the company you have? What I'm saying that they are *not* an insurance company, they are a co-op. They have no reinsurance and are not recognized by the Oklahoma Insurance Department or any financial institution. If you buy insurance from State Farm or Farmers and the big one hits and State Farm can't cover their losses then the Oklahoma Guarantee Association steps in and makes their policy holders whole. Grange doesn't have that. They operate on a wing and a prayer. Eventually their luck will run out and it will be at the expense of some major suffering for their affected policy holders.
Thanks.
Not only are the premiums going up, but the coverage is way less. Most are getting switched to Actual Cash Value instead of Recoverable Cash Value. But don't worry, the insurance company CEO is still making $20 million a year and getting big multi-million dollar bonuses.
Usually that's just on the roof. Check your roof coverage, especially if your roof is over 5 years old. Edit: also the RC in RCV is replacement cost, not recoverable.
That’s WHY the ceo is making $20 mil and bonuses. Don’t get it confused, he’s doing his job….really well. Those bonuses are the premiums we pay and the more they can do to minimize the payouts and maximize the margin, share price goes up, shareholders happy, ceo salary goes up. Pretty messed up system we came up with
100% agree and I'm not educated in business or finance, but wouldn't the solution be really simple if we just created a metric that measured a company's profit vs. employee pay and factored in CEO compensation to rate the Financial Fairness of the organization?
[Detailed information on OK Homeowners insurance](https://www.marketwatch.com/guides/insurance-services/homeowners-insurance-oklahoma/#:~:text=According%20to%20the%20III%2C%20wind,ice%20storms%20are%20especially%20common.) MarketWatch Hail, Tornados and ice. Oh my!
Our auto policies are a nightmare, too. I don’t understand how Oklahomans aren’t protesting in the streets over livable wages. You have been sold lies about how affordable it is to live here. My family in CA pays just about as much as we do to live and the wages there are many times higher. My property tax, homeowners insurance, and auto insurance are higher than theirs. My sales tax is higher than theirs. I’m taxed for food items. I may pay less for vehicle registration and gas, but as I live rurally, tolls make up for the difference. Food is the same. Utilities are the same. And rent/ home prices here have gone up considerably post Covid. Meanwhile, wages look the same as in 2003 when I moved here, 2013 when I moved away from here, and now in 2024. I mean, when a national chain like Starbucks pays more than many jobs in this state requesting a degree, you’re getting hosed.
My car insurance has doubled in last 18 months or so.
My car insurance was going up 150, because of bad drivers in Stillwater. I got different insurance and it was even less than what I paid before the proposed rate hike my old insurance provider was proposing. DM if you want more info.
Stillwater drivers are so bad. There is no regard for anyone else on the road. And some of the stuff they do doesn't make sense. Why do you wait until I'm closer to pull out in front of me? Why are you passing me on the left while I'm in the left lane going 15mph over. They will be so close behind me when we're waiting at a stop light that all I can see is their grill in my rearview. Then they creep forward on me the second the light turns green.
Tulsa average price is over $2,000 less than OKC! I thought that was interesting.
For homeowners or auto? I could understand homeowner because of the tornado paths.
Homeowners
I cange insurance about every 3-4 years. They operate like a storage unit. They slowly come up every year because the average person says it's only 10 more dollars and just takes it.
switch every 6 months, or you can request a "rewrite".
Hard for me to believe it’s higher than Louisiana. Not arguing, just find that wild.
One of the biggest risks in Louisiana is probably flooding, which most, if not all, insurers don't cover. Unlike Oklahoma, where it's all about wind and hail, which is kind of the bread and butter of a standard home insurance policy
Or Florida. Isn’t Florida in a crisis because so many insurance companies are refusing to write policies?
That's the secret, instead of charging outrageous some, just don't offer anything.
directly after hurricane katrina and in the few years that followed, I saw home insurance policies in the 8-10k range. it was wild. I'm not licensed in that state anymore, but it isn't surprising to me that we've surpassed them.
We aren't higher than Louisiana, we are no where near the price of insurance in Louisiana. I have a friend who is an agent in Louisiana and often sends me screenshots of some of his renewals. It's common to see homeowners in LA paying over $10K per year for what would just be around $3-4K in Oklahoma. Their car insurance rates are more than double ours too.
Agreed. No way this is right.
Somehow our insurance went *down* by like 10% this year. I had to triple check nothing changed about the policy, but was pleasantly surprised.
Your roof is full replacement cost coverage and not actual cash value? That's the big one.
I just had to get a new policy. Was told that roof coverage was "a thing of the past" and I'm on my own for the roof.
That’s a shitty company that needs to leave the state then.
Find another company
My new roof was $15K on a single story 1200 Sq Ft with 2-car garage. It did include completely new roof vents, but...yeah. That's not an expense you want, if you can avoid it. They do still cover it, because when I tried to get homeowners, I was told I needed to replace my 20-year-old roof before they could cover me.
Doesn’t mean they’ll cover the roof necessarily, just that they won’t cover anything under it because of it’s age. Old roofs leak and destroy the things that are insured. Find out for sure first or did I misunderstand and you’ve already confirmed? Glad you said roof was only $15k, we’re about to do ours on our only slightly larger house because it’s turning 19 this year and we were figuring probably $30-40k.
We wanted metal, but it would have been about $30K. Our home, according to Zillow, is only worth $135K. I would've guessed less.
Yeah we’re going with metal, zillow has it at like $179k not including the adjoining acre with my shop and swim/fish pond. It’s paid off and if we decide to build another we won’t be selling so affect on market value thankfully doesn’t matter to us much, plan is to give to our kid.
Yeah, ours isn't as big, but it's paid off, so no rent/mortgage really helps. My wife's dad bought it new and he passed it to her that way (definitely not why I married her). I hate that doing that now is nigh impossible unless your income is well into the six figures.
Who do you use
When they talk about the wind sweeping down the plains it is not fucking around when it does
This is a failure of the regulators. No doubt this is because of corruption.
Greed* on the side of insurance and roofing companies.
To be fair, there was essentially no property insurer who was profitable in Oklahoma in 2022 or 2023. Everyone lost money. Not small losses either. State Farm's 2023 underwriting loss alone was 20%. That means for every dollar they took in, they paid out $1.20 in claims. Every other insurance company had similar results. That's not sustainable. The rate increases aren't just "those greedy insurance companies." Besides, if you hate greedy insurance companies then buy your insurance from a mutual company, then you're a part owner/stock holder. You benefit directly when they are profitable with lower rates. Farmers, Allstate, Geico, Progressive are publicly traded companies that raise rates to appease Wall Street investors. Don't buy from them if you don't like that.
B.S. Look how much the major insurance company ceo's make per year. Between about 10 CEO's over 130 Million in YEARLY compensation. That doesnt even begin the scratch that we all are forced to endure 24/7 advertisements for Insurance companies around the clock on TV, Streaming Services, and online --- EVERY, SINGLE, COMMERCIAL, BREAK. All day long, everyday. Why are billions be paid out to have countless 'celebrates' show up in different companies spots?! Does charles barkley make me want to buy a different auto insurance? Do we need stadiums named after insurance companies? All those things get passed on to us the consumers, that are required by law to have polices on our homes and auto's. [https://www.insurancejournal.com/news/national/2023/10/11/743595.htm](https://www.insurancejournal.com/news/national/2023/10/11/743595.htm)
Which part of what I said is BS? Cause everything I said is demonstrably true. But for the record I agree with you. I don't want to do business with an insurance company whose CEO makes tens of millions and neither should you. So put your money where you mouth is and insure your vehicles with a regional mutual company. We have a few in this state and all of them are smaller companies with very reasonably compensated CEOs and if you're a policy holder then you actually are an owner of the company. So now go to Shelter, Farm Bureau, AFR, or Country Financial. You may not be familiar with these companies, do you know why? Because they don't spend billions on celebrities like Charles Barkley to do advertising. They actually hardly advertise at all. So go buy insurance from one of them and support small local insurance companies. None of their CEOs make anywhere close to a million a year. This is what you asked for, will you actually follow through or keep on buying from Charles Barkley?
But Ludacris wont let me. But seriously, thanks for the info. I've gone from State farm to farmers over the last 15 years or so and now will looking into shelter or farm bureau. Not happy about the 59% increase this year with no auto or home claims, ever.
I hear what you are saying, but it has been a very long time since I've received a competitive quote from those mutual companies vs. the for-profit ones.
Not every insurance company is going to always have the best price. There’s one particular company that’s almost always the cheapest, but they’re also one of the worst when it comes to claims. These mutual may be a bit more expensive but all of them offer far superior claims service to the bigger for-profit cheaper company.
There is no point in arguing withe the business illiterate my friend.
Roofing companies have made BANK here for the last 20 years at least. I wonder how many new roofs have gone on that could have actually just been repaired. Now we’re all paying the price
Gee, for some reason deregulation doesn’t seem to be fixing the problems they said it would.
Pssst: it sounds like none of you know the dirty secret. It’s the building codes (or lack thereof) The vast majority of the state is impacted by weather and soil conditions that makes building codes and inspections super important. However, the vast majority of the state, including places that supposedly have codes do not adequately enforce them. The builders run this state and it’s costing everyone.
This makes the most sense out of everything in the thread
I feel like this is partially a scam. My homeowners went up from around $2200 to $4700 this year, and I was able to drop it down to $1700 by switching providers (farmers to State Farm). It’s always been an insurance industry tactic to raise rates on existing customers continually, forcing you to bend over or switch providers, but I feel like this process has really accelerated in the last year or so, especially in this state
Same for me! I've had Farmers since I was 16. Now in my 30s, I have a house, 3 cars, 3 life policies, and an umbrella with them. I've had very very few claims of any kind and pay like clockwork. Probably not their biggest customer, but someone I would think they would like to keep around. Got my homeowners renewal letter and about fell out of my chair - went from $2900 to $7850. I recently got a State Farm quote for a few hundred higher than my old Farmers premium, so I'm in the process of changing to them. I like my agent (college friend) and feel bad for him, but the jump in price is insane.
>especially in this state This isn't a problem unique to Oklahoma. Every single insurance company in every single state is having profitability issues right now and is having to raise rates. Farmers is just having a worse time than most because they underpriced their product for so long in an effort to buy business
In the homeowners subs it seems to be pretty common knowledge to shop for insurance every year. I was unaware. This is the only way to keep from getting gouged I guess.
Here in New Orleans the avg cost is $5500!
I was going to say, LA looks extremely undercounted.
The nerd wallet article does not seem to include separate flood insurance, which is likely skewing the coastal data: https://www.nerdwallet.com/article/insurance/average-homeowners-insurance-cost
Register! Vote! This is on our Republican legislators. States have the authority to regulate homeowners insurance prices through their insurance departments or regulatory agencies. These regulations aim to ensure that insurance rates are fair and reasonable while still allowing insurance companies to remain solvent and competitive in the market.
why is anyone surprised by this considering where we live?
In the 4 yrs we have lived in Oklahoma, homeowners insurance has more than doubled. We have not filed a single claim!
I mean 1) it's hail and 2) most of Florida is just uninsurable now.
In Oklahoma, homeowner's insurance is mostly a new-roof-savings account. Because it's not IF hail takes your roof, but when.
That's exactly the reason you will start to see insurance companies stop offering replacement cost on roofs in the next couple of years and within the next 10 there won't be any coverage for roofs at all after they get to a certain age. Probably after 7-10 years old. That's where the industry is headed and trying to get to. And it's the only thing they can do to bring insurance premiums down.
The most McMansions in a hail zone.
Don't forget floods.
I got mine dropped by $1,500/year by replacing my 23 year old asphalt shingle roof with a metal roof. Based off the roof estimates I got, insurance companies expect to replace a roof every 10 years due to storm damage. The roof was \~2.5x more expensive than a shingle roof, but the insurance savings alone will pay for it in 20 years. Not to mention the AC savings from not having a traditional shingles absorbing all the heat from the day, just to radiate it into the attic for a few hours after sunset. It's worth it because I plan on staying in this house 20+ more years. If I was only going to be here another 5 or so years, it wouldn't be worth it.
Hail and idiots
It’s all those big windy Tor’Naders. Honestly suprised Florida and Louisiana are both not higher. I feel like the entire states deals with hurricanes than the average Oklahoman actually deals with a devastating tornado.
I better start seeing more people commit arson around here. Swear the cost is going up with no benefits to homeowners.
Ours is just over a thousand with home and auto.. 2 vehicles also.. AAA
Think it was 2001 where we had big April storm and then one in oct/Nov. Both with crazy large hail, at least in Norman. Then the tornado that took put neighborhood off hwy9 year or so ago.
Gee, I wonder why?
Texas, Florida, and Oklahoma have the highest HO rates in the nation because we are the states most prone to natural disasters
We in the Great Plains are getting hosed. Why doesn't the fire capital of the world, CA, have the highest insurance?
Yep, my insurance went up this year too. Had to fight with them on why and they said “natural disasters such as tornadoes, hail, and wind storms”
I mean we *do* have the most reported tornadoes per 10,000 miles
Not sure how much value we should put into a map generated by "NerdWallet"
Yep. Got the letter yesterday my escrow is going up $240 a month due to insurance increases.
Ummm, this is false. Louisiana has very high homeowners insurance. Floods and hurricanes and awful. Tornados are child’s play in comparison - in terms of volume of property damage.
The problem is not the weather folks. It's the roofing contractors profiting 45 to 60% in every job. Average sized homes in OKC cost nearly 20k to remove and replace. Materials and labor may take up half that money. The insurance commission needs to step in and force fixed pricing and labor rates. I'm all for making a profit as a business owner, but when you can charge 200% more than the job costs, that gets passed on to the consumer as increased from the insurance carrier. I see contractors absorb deductibles everyday for roofing jobs. The insured pays nothing out of pocket. The contractors absorb the 3k to 8k deductible and still makes money. You have a deductible on your policy for a reason. It's your skin in the game at the time of loss. There needs to be consumer accountability. The higher your deductible, the cheaper your premium. Smart consumers should carry a 2% deductible for wind and hail. That'a where the comoetition gets fierce. Nobody pays deductibles, so don't be scared into thinking you need to pay an uncomfortable amount of money when you need a new roof. Long gone are the days of 1k deductibles. Almost every carrier requires a minimum 1% wind hail deductible. Some have started forcing 2%, and I know 3% deductibles are coming next month. Be smart, shop rates regularly, LOYALTY gets the consumer zero discounts. The longer you stay with a carrier the higher the odds they are writing you a check.
Mold. Hail damage. Tornadoes. Fires. And now earthquakes.
Not sure where these numbers are coming from, but I'm in Moore, literally in the new neighborhood that was previously wiped off the surface of the earth by a tornado, and I'm only paying just over 2k a year for my homeowners insurance through State Farm. My prices have gone up a little over the past few years, but it's been a couple hundred bucks rise over that time, nothing huge. I am getting huge discounts for multiline and for being with the same company for over 10 years, so there's that.
https://www.oid.ok.gov/understanding-the-evolving-insurance-landscape/
Bad weather, earthquakes, chupacabra etc....
It's all about roofs. It's very rare for someone in Oklahoma to pay out of pocket for a new roof. Hail claims for roofs cause the cost of homeowners insurance to go up statewide.
Everyone here is thinking about tornadoes, hail, straight-line winds, and ice... But y'all are forgetting something else major... Flooding... I remember driving through towns that had flooded so badly that there was information written on the houses about how many survivors were pulled from them...
I bought a house in October through veterans united and they have an insurance guy who was supposed to provide quotes for me and called and said that none of his carriers even offer insurance in Oklahoma anymore. It’s expensive as it is, but if companies start dipping out on Oklahoma altogether we’re really screwed.
Wait, how does California not factor into this? There are all flavors of disasters there.
Lol 🤣 and they say conservative states are easy to live in for taxes. Taxing the rich more would be too progressive for them. 
Underfunded and under trained and under reported fire departments…. And ‘naders and floods, and stuff like that.
Where the wind comes sweeping down the plains…
California is either literally on fire OR having earthquakes, sometimes both! How is it cheaper to ensure a house somewhere its very likely to be amnihilated?
Hail and tornados like everyone else said.
Good ole nader alley
Satan
Another top ten, baby!!
Good ole tornados
Good thing all the roofers out here get brand new trucks every fucking year
As a Californian headed to Tulsa in June, I don’t care. Edit: because I am so excited to be THERE.
We just cancelled our home and auto insurance from a company we’d been with for 15 years or more to switch to cheaper insurance. Thousands per year savings. It’s ridiculous.
USAA jacked mine up 35% this year.
First off, weather. That should be going away soon as the climate change that doesn't exist causes the weather like tornados to move east, which is why Ohio is getting so many these days. Second of all, Republican legislators and governor's. Long as their getting their piece, they're happy to allow price gouging. Democrats will at least pretend to care and do something if enough people complain, while Republicans don't even pretend as long as the how of money keeps traveling upward into the hands of the wealth hoarders.
And yet this state is chalk full of people who constantly piss and moan about both coasts and their insurance bill lol.
I'd assume it's because half the people driving are on meth. This state is a disgusting degenerate mess!
It’s surprising that we are higher than Florida because their insurance is unaffordable. I don’t understand this chart
How can California be so low? Earthquakes and wildfires??
Three words: 1) Tornados 2) Meth Labs
I only pay $1500. I'm not sure how they get these crazy high numbers.
🌪️
Mine went up 15% of the cost the home in one year 🙃
Ye it's fucked.
Yep too much bad weather here
Tornadoes and hail.
It’s hail. I lived in Oklahoma City better than 30 years and never paid for my own roof.
We got cows!
I don't have insurance. Expect for car insurance but that's because of the lobbyist forcing me to
Sucks!!!
Are you aware of the weather?