Homeowners insurance claims from Oklahoma tornado could exceed Joplin

Homeowners insurance losses oklahoma tornado

The state commissioner has reported that the damage caused by the E5 will be in the billions of dollars. John Doak, the Oklahoma Insurance Commissioner, has stated that it is likely that the tornado that struck the Oklahoma City suburb will generate homeowners insurance claims that will be higher than the twister that hit Joplin, Missouri in 2011. Doak stated that Joplin’s storm caused about $3 billion in damage, and that “This will likely exceed that.” The commissioner made his statement after having toured the devastated area. He said that…

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Homeowners insurance sector rallies to Oklahoma

Oklahoma tornado homeowners insurance

Homeowners insurance faces another powerful blow from natural disasters Oklahoma City, Oklahoma, fell victim to a powerful tornado earlier this week. The tornado had been classified as an EF4 at the time it reached the city on May 20. The tornado boasted of more than 200 mile per hour winds and cut a path of destruction through the city and its surrounding area, claiming the lives of 24 people. State officials are now declaring the event an official disaster, which may be of some benefit to the homeowners insurance sector…

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Massive tornado bodes ill for homeowners insurance in Oklahoma and Kansas

Oklahoma tornado damage - homeowners insurance industry

Homeowners insurance claims teams deployed to states affected by disaster What is being called the worst tornado disaster in world history has caused havoc in Oklahoma and Kansas this week. A powerful tornado has touched down in Oklahoma, causing significant damage in Oklahoma City. Initial reports suggest that the tornado demolished an elementary school in one part of the city before moving on an causing more damage to surrounding properties. Farmers Insurance is one among several companies that have deployed claims teams to help manage the impact of the disaster…

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Homeowners insurance rates move up in tornado prone Oklahoma

Tornado damage homeowners insurance

As the season for natural disasters begins, the premiums are headed skyward yet again. Over the last few years, Oklahoma has seen some of its costliest natural disasters, and with the increase in the losses from tornado damage, homeowners insurance rates are now on the rise. The season for tornadoes has now begun and people across the state are keeping a watch on the skies. Some of the regions in Oklahoma are among the hardest hit by severe weather in the entire country. In 2010, there were 55 tornadoes that…

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Earthquakes send ripples through homeowners insurance industry in Oklahoma

Oklahoma Homeowners Insurance

Small quakes cause some concern in the homeowners insurance space A recent outbreak of earthquakes in Oklahoma has caused some waves in the homeowners insurance sector. Over the past month, several small earthquakes have been reported throughout the state. In many cases, these quakes are not large enough to cause any significant damage, often only knocking pictures or books from shelves. According to the U.S. Geological Survey, these quakes range in magnitude from 2.8 to 4.3, barely enough to be felt by anyone, but enough to cause some concern. Frequency…

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Homeowners insurance premiums in Oklahoma are rising for many reasons

homeowners insurance

Many residents of the state are wondering why their rates are skyrocketing. Homeowners insurance policyholders in Oklahoma are now facing premiums that have risen by ten percent, and many are wondering what is behind this significant increase. In this case, the traditional explanations that would justify a rate hike don’t seem to apply. As materials and labor remaining about the same due to the current economy, and inflation is low – according to the government – many are struggling to see what could possibly be behind a homeowners insurance rate…

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Oklahoma Insurance Department sends aid for Oklahoma fire victims

Creek County Fires

Insurance officials dispatched to Creek County The Oklahoma Insurance Department has dispatched a dozen insurance officials to assist consumers that suffered from the recent wildfires that rampaged through Creek County. The insurance officials will assist those affected by the disaster with claims and provide them with the resources necessary to ensure that their claims are filed appropriately and what steps to take thereafter. The Insurance Department notes that the move is to show Creek County residents that the agency is committed to providing the assistance they may need to navigate…

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