Oklahoma home insurance rates rising
With residents of Oklahoma sustaining multiple disasters over the past few years, officials are seeing homeowners insurance rates rise for many.
Jerry Johns, president of the Southwestern Insurance Information Service, told the Tulsa World that there hasn't been any kind of increase across the board in the state. However, some insurance companies have needed to alter their damage projections in light of the past few years.
"Oklahoma has been ravaged by severe weather, wildfires and just about every weather-related disaster known to man, and that comes into play along with a lot of other factors when companies begin to establish their rates," he told the paper.
Many of the claims over the past four years are for roof damage, the paper reported. One insurance expert relayed that wind and hail accounted for approximately three-quarters of all losses, which is very unusual compared to other parts of the country.
A previous report by the Tulsa World showed that the losses sustained by Oklahoma homeowners insurance companies quintupled from 2005 to 2010. Last year, they topped $1.6 billion.
Related Home Insurance Articles:
- Homes destroyed by Nevada wildfire May 23, 2012
- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
