Oklahoma Homeowners Face Nation’s Highest Insurance Burden
- mike33692
- Oct 1
- 1 min read
Oklahoma Homeowners Hit Hard by Rising Insurance Costs
A new study shows homeowners in Oklahoma’s metro areas face the second highest share of income spent on property insurance among the nation’s largest cities. This rate is well above the national average and continues to rise as storms and natural disasters push premiums higher.
State Representative Pushes for Interim Study
State Representative Andy Fugate (D-Del City) launched an interim study to examine the crisis.
“Everyone in Oklahoma knows home insurance is getting harder to afford. We have to face this head-on,” Fugate told the panel.
Insurance Commissioner Glen Mulready testified that current rates are actually too low for companies to turn a profit, a situation he says threatens long-term stability in the market. The Senate will begin its own study on the issue next week.
Why Oklahoma Ranks So High
Experts point to severe weather risk, including tornadoes, hailstorms, and flooding, as primary drivers of high premiums. Additionally, rebuilding costs have surged with inflation, straining insurers and homeowners alike.
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