Residents of the state are still seeing costs that are among the highest in the United States. Property owners in Oklahoma are already paying some of the highest homeowners insurance rates in the country due to the state’s high risk of severe weather such as tornadoes, hail, and other damaging forces of nature. Now, insurers in the state are seeking to increase their rates by as much as 40 percent. Despite the fact that the residents of the state are already paying more than those of most other states across…
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Homeowners insurance recommended for Oklahoma residents
Officials in the state have been urging residents to consider the “hard to insure” program for their homes. The head of the homeowners insurance department in Oklahoma has released a statement that is currently urging residents to consider taking part in the “hard to insure” program to obtain coverage for their homes. This recommendation comes on the heels of over $1 billion in claims payments from May’s severe tornado damage. John Doak, the commissioner for Oklahoma, issued a statement at the end of the week that reminded residents of the…
Read MoreHomeowners insurance prices shouldn’t be affected by Oklahoma tornadoes
The major storms that the state has seen should not cause its premiums to increase, says the commissioner. Following the devastation from the tornadoes and the massive storms that have struck central Oklahoma over the last few weeks, homeowners insurance customers have been worried that this will increase their risk level and will cause their premiums to skyrocket. However, the commissioner has released a statement to assuage those fears and has said that increases will hold off. Commissioner John Doak has released a statement that has said that the homeowners…
Read MoreHomeowners insurance claims from Oklahoma tornado could exceed Joplin
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…
Read MoreHomeowners insurance rates move up in tornado prone Oklahoma
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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