Live Insurance News

Price optimization being used by auto insurance companies in Oklahoma is coming under fire

January 7, 2016January 5, 2016 Nordstrom

State senator aims to put price optimization to rest Oklahoma drivers have been seeing their auto insurance premiums steadily grow over the past few years, and one of the state’s legislators want to put an end to a practice that has contributed to this problem. In Oklahoma, many insurers use price optimization as a way to price coverage, which leverages a consumer’s credit score as a factor in determining premiums. Senator Rob Standridge intends to introduce new legislation that will prevent insurers from using price optimization. Senator to introduce new…

Earthquakes cause problems for homeowners insurance customers in Oklahoma

December 21, 2015December 20, 2015 S.Vagus

Oklahoma homeowners are beginning to feel pressure associated with earthquakes Earthquakes in Oklahoma are beginning to cause some problems for those with homeowners insurance. The Oklahoma Insurance Department notes that many homeowners may be surprised to discover that their homes are not actually protected against earthquakes. The state has been experiencing an increasing frequency of earthquakes in recent years, with some state officials suggesting that tremblers may be linked to the controversial practice of fracking, which involves the use of oil injection wells. Most homeowners may lack the needed earthquake…

Health insurance premiums are on the rise for policies sold through federal exchanges

October 30, 2015October 28, 2015 S.Vagus

HHS releases information showing premiums are growing throughout the country Premiums for several popular health insurance plans sold through HealthCare.gov will be going up in 2016. The Department of Health and Human Services has released a “snapshot” of the plans that will be available through the federal exchange gateway, showing that rates are on the rise. On average, rates for the exchange’s most popular plans will be going up by 7.5%, though premiums for some plans will be going up by a larger margin. Some states will see more modest…

Flood insurance may be in jeopardy in Oklahoma

April 9, 2015April 8, 2015 Logan B.

New legislations could make flood insurance inaccessible in the state Flood insurance may become more difficult to obtain for homeowners in Oklahoma if new legislations take effect. The Oklahoma Floodplain Managers Association has warned state lawmakers that new legislations that are making their way through both the Senate and the House of Representatives could mean that the state can no longer participate in the National Flood Insurance Program. The federal program is typically the only place that homeowners throughout the country can find flood insurance protection. Legislations seek to prohibit…

1,100 homeowners insurance claims generated after Oklahoma storms

March 31, 2015March 28, 2015 Logan B.

Oklahoma Insurance Department sheds light on recent disasters and offers advice The Oklahoma Insurance Department has released information that shows that 1,100 homeowners insurance claims have been generated by storms that hit the state earlier in the week. The state fell victim to powerful storms that generated tornadoes and caused a significant amount of property damage. Many homeowners were affected by the disasters that struck the state and more claims may be filed in the coming weeks as property owners continue to assess the damage. Tornadoes have caused significant damage…