Earthquake insurance legislation introduced in Oklahoma

Earthquake Insurance

New legislation may force insurers to honor claims associated with man-made quakes Earthquake insurance is becoming a major issue in Oklahoma. Lawmakers have introduced new legislation that would prevent insurers from denying claims for damage caused by man-made earthquakes. These disasters are becoming increasingly common due to hydraulic fracturing, also called “fracking.” This process is used to harvest natural gas from the earth and has been linked to seismic activity in the state. Lawmakers want to ensure that consumers are adequately protected from such disasters and that their insurance policies…

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Oklahoma’s homeowners insurance sector becomes shrouded in controversy

Oklahoma earthquake insurance coverage

Homeowners claim that insurers are refusing to cover damage caused by earthquakes Controversy has erupted in Oklahoma’s homeowners insurance sector, and earthquakes are part of the problem. Many homeowners have begun issuing complaints that their insurance providers are refusing to cover damage caused by earthquakes. Oklahoma has been rocked by quakes in recent months, with these disasters becoming somewhat more frequent over the past year. Notably, these quakes may be being caused by injection wells, which are used to extract natural gas from the earth. Even homeowners with earthquake insurance…

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

auto insurance car

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…

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Earthquakes cause problems for homeowners insurance customers in Oklahoma

Oklahoma Earthquake Insurance

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…

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

health insurance news

HHS releases information showing premiums are growing throughout the country Premiums for several popular health insurance plans sold through 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…

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Berkshire Hathaway is pulling back from the property insurance space

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

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Disasters in Texas and Oklahoma highlight importance of flood insurance

flood insurance residential homeowners

Floods in two states cause significant damage and loss of life Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies,…

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