Live Insurance News

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…

Cyber insurance is becoming more important for businesses

February 12, 2015February 11, 2015 Logan B.

Fallout from major data breach at Anthem highlights the need for cyber insurance Following the major cyber attack against health insurance provider Anthem, numerous insurers are beginning to promote cyber insurance. Last week, Anthem confirmed that it was the victim of a major data breach, wherein hackers stole personal information concerning the company’s clients from its databases. Anthem noted that no financial information was compromised by the attack, but more insurers are beginning to stress the importance of adequate cyber insurance protection. Oklahoma Insurance Commissioner is promoting digital protection In…

New auto insurance law in Oklahoma may not be an effective solution

July 7, 2014July 8, 2014 S.Vagus

New law aims to encourage drivers to purchase insurance coverage, but it may not be successful A new law has been passed in Oklahoma that allows the state’s law enforcement to seize the vehicle tags of uninsured drivers. The law allows for these vehicle tags to be held for extended periods of time, forcing the vehicle’s owner to pay for insurance coverage every day that the vehicle is being held. The vehicle is released when its driver acquires private auto insurance coverage. The law may be a hit or miss…

Insurance industry feels financial impact of Oklahoma tornados

August 13, 2013August 10, 2013 Marc

Oklahoma tornado damage - homeowners insurance industry

Insurance industry sees payments top $1 billion The Oklahoma Department of Insurance has released the financial information concerning a powerful tornado outbreak that struck the state in May of this year. The information suggests that the tornado outbreak may be one of the most costly natural disasters in the state’s history. Insurance Commissioner John Doak claims that the financial impact of these tornadoes is staggering and notes that the rebuilding effort for communities stuck by tornadoes has only just begun. The cost of these disasters could have a significant impact…

Massive EF-5 Tornado Causes Destruction in Moore, Oklahoma

May 21, 2013May 25, 2013 Guest Author

BOSTON, May 21, 2013 – According to catastrophe modeling firm AIR Worldwide, at 3:01 p.m. on Monday, May 20, 2013, a massive tornado struck Moore, Oklahoma, a suburb of Oklahoma City, destroying many homes, businesses, and public buildings, including two elementary schools and a hospital. According to reports and aerial images, property damage in the affected region is extensive, with whole neighborhoods heavily damaged or destroyed. “A slow-moving upper level low pressure system triggered a series of severe thunderstorm outbreaks across the Central Plains starting on May 19,” said Dr.…

Massive tornado bodes ill for homeowners insurance in Oklahoma and Kansas

May 21, 2013May 25, 2013 S.Vagus

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…