Homeowner Insurance

[XYZ]

Rates going up?

 

[mtnboomr]

I'd call BS on that "statistic." While Oklahoma may, indeed, have its share of bad weather, the monetary cost of devastation doesn't compare to the Gulf and East Coast states.

 

[XYZ]

Pretty much what this one says.
I know we get a bunch, but so does the area around Mississippi.

And I still hear people commenting on how their premiums are going up.

 

[JD8]

I'd call BS on that "statistic." While Oklahoma may, indeed, have its share of bad weather, the monetary cost of devastation doesn't compare to the Gulf and East Coast states.

Actually it does. We have wind, hail, fire, and ice.

So the graph is a bit disingenuous. Some areas along the coast, and especially in Florida will exclude wind in their insurance policies. Their state tried to circumvent this by creating a state funded wind pool for insurance. IT went insolvent too. If you notice, they admit it for Hawaii. Their insurance is cheap because it only covers fire and other perils. But it won't cover wind, and wind is what brings water up to shore lol.

 

[Firpo]

I wish the people that publish statistics like this were transparent in how they reached their conclusion. Not sure how accurate this is (sounds right) but this website states the average home value in Oklahoma being at $227K which is quite a bit under our home’s value (just sayin’) and our insurance through a reputable carrier is around 12% under the $4442.00 they’re throwing out there. something just doesn’t sound right.

https://www.houzeo.com/blog/oklahom...Prices: The average,is $227,000 no change YoY.

 

[HFS]

I wish the people that publish statistics like this were transparent in how they reached their conclusion. Not sure how accurate this is (sounds right) but this website states the average home value in Oklahoma being at $227K which is quite a bit under our home’s value (just sayin’) and our insurance through a reputable carrier is around 12% under the $4442.00 they’re throwing out there. something just doesn’t sound right.

https://www.houzeo.com/blog/oklahoma-real-estate-market/#:~:text=Average Home Prices: The average,is $227,000 no change YoY.

I agree it would be interesting to see how they come up with those figures.
I'm certainly not defending the insurance industry but I guess it can vary based on the policyholder deductible and other factors.

 

[chuter]

I'm guessing one thing that plays into it is ever growing suburbs; more houses being built, more targets for tornados and storm damage.

 

[XYZ]

Just thinking…..

Could be indicative of our State Insurance Commissioners being asleep at the wheel.

Just a thought.

 

[magna19]

I wish the people that publish statistics like this were transparent in how they reached their conclusion. Not sure how accurate this is (sounds right) but this website states the average home value in Oklahoma being at $227K which is quite a bit under our home’s value (just sayin’) and our insurance through a reputable carrier is around 12% under the $4442.00 they’re throwing out there. something just doesn’t sound right.

https://www.houzeo.com/blog/oklahoma-real-estate-market/#:~:text=Average Home Prices: The average,is $227,000 no change YoY.

I agree it would be interesting to see how they come up with those figures.
I'm certainly not defending the insurance industry but I guess it can vary based on the policyholder deductible and other factors.

Just thinking…..

Could be indicative of our Stste Insurance Commissioners being asleep at the wheel.

Just a thought.

I call BS on 4442.00 for avg 200000 home with an excellent insurance score. Which would be 0 claims in OKlahoma. https://www.policygenius.com/homeowners-insurance/homeowners-insurance-statistics/

 

[Chief Sapulpa]

Pretty much what this one says.
I know we get a bunch, but so does the area around Mississippi.

View attachment 479487


And I still hear people commenting on how their premiums are going up.

Premiums are going up because home values are going up along with home rebuilding costs.