Loftis & Wetzel Corp home RSS Join Our Newsletter Home Page Facebook Twitter Online Customer Access
Alternate Content
Get A Quote


Residents of tornado-prone Oklahoma already pay some of the highest rates for homeowners insurance in the nation — and rates are only going up.

It's not uncommon for insurance companies to raise rates in a region after a catastrophe like the tornadoes that hit Oklahoma in May, said Amy Bach, executive director for the consumer nonprofit United Policyholders.

“As consumer advocates, we often feel that there is an overreaction there by the insurers,” Bach said.

Since May 20, when an EF5 tornado tore through Moore, 19 insurance companies have filed rate increase notices with the Oklahoma Insurance Department. The rate increases range from 5.4 percent to 40.6 percent for homeowners insurance.

However, these increases are routine and probably have more to do with weather-related losses in previous years than the May tornadoes, said Kelly Collins, spokeswoman for the Oklahoma Insurance Department.

“It takes insurers a long time to analyze the effects of a catastrophe and to determine how they should adjust,” Collins said.

“The rate increases, which happen all through the year, are indicative of what the company experienced in years past, not current conditions.”

Insurance companies have to regularly assess their loss ratio and what their overall expenses are in a region and change rates in reaction to those calculations, said Frank Stone, chief actuary for the Oklahoma Insurance Department.

For comparison, 25 companies filed rate increases in Oklahoma ranging from 4.2 percent to 35.3 percent in the first five months of the year leading up to the May 20 tornado.

Full Story at TheOklahoman.com.

As an independent insurance agent, we can shop your quote with many different carriers to get you a low rate with adequate coverage. Contact us today for a Oklahoma City home insurance quote at 855-360-0466.
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Home Page
About Us
Quote
Referrals
Contact Us
Blackwell Office: 580-363-3434
Ponca City Office: 580-765-5566
Stillwater Office: 405-334-5477
Oklahoma City Office: 405-530-4019
Tulsa: 918-720-8806

Map & Directions
Home Page RSS Facebook Twitter