High Homeowners Insurance Rates Face Scrutiny at Capitol
- mike33692
- 1 day ago
- 1 min read
High homeowners insurance rates are emerging as a top concern for Oklahoma lawmakers ahead of the upcoming legislative session, as pressure mounts to address rising premiums impacting families across the state.
At the State Capitol, Oklahoma City Senator Mark Mann, a longtime insurance agent, raised concerns about recent proposals from Insurance Commissioner Glen Mulready, saying meaningful reform may take more than a single session but must begin now.
High Homeowners Insurance Rates Prompt Legislative Review
During discussions at the Capitol, lawmakers examined how high homeowners insurance rates are being driven by storm losses, reinsurance costs, and market pressures affecting insurers statewide. Senator Mann emphasized that Oklahoma homeowners are seeing increases that outpace wages and inflation, putting added strain on household budgets.
Mann said any solution must balance protecting consumers while ensuring insurers remain financially stable — a challenge that will require careful legislative action.
Insurance Commissioner and Lawmakers Signal Long-Term Fixes
Insurance Commissioner Glen Mulready has floated proposals aimed at stabilizing the market, including adjustments tied to risk modeling and regulatory oversight. Senator Mann acknowledged those efforts but cautioned that insurance rates cannot be fixed overnight.
He said lawmakers must work closely with the Oklahoma Insurance Department and industry experts to restore confidence in the system and prevent further premium spikes.
Legislators are expected to continue discussions when the 2026 legislative session begins February 2, with homeowners insurance reform likely to be a recurring topic.
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