Report projects 8% increase in Oklahoma home insurance
OKLAHOMA CITY (KFOR) — A new report shows Oklahoma is the third most expensive state for home insurance. This year, the report projects that Oklahomans will see an 8% increase, which is also the national average.
'Prices have gone up pretty substantially over the past couple of years, and that we project them to continue on that trend in 2025,' said Chase Gardner, the data insights manager with Insurify.
Oklahoma homeowners can apply for grants to strengthen roofs against storms
In 2024, the report also showed Oklahoma ranking third for home insurance.
Here's how the numbers break down this year.
The state's average annual premium in 2024 was $7,762. This year, there's a projected annual premium of $8,369.
So why do insurance rates continue to rise?
'Last year, we had a record number of tornadoes ever, 152 tornadoes we had last year. So we're seeing, you know, sort of record levels of weather,' said Glen Mulready, the Oklahoma Insurance Commissioner.
Insurance Commissioner Glen Mulready said inflation also plays a big part.
'As the cost of a two by four goes up, you know, the cost of insurance is a direct reflection of that, you know, the replacement cost of shingles and those type of things,' said Commissioner Mulready.
Lawmakers are working to combat the hikes. They introduced legislation to help Oklahomans that recently went into effect.
Oklahoma ranks 3rd in home insurance costs, early 2024 data projects increases
'The Strengthen Homes Act is a great way to at least begin addressing the problem,' said Representative Forrest Bennett (D-Oklahoma City).
The act provides grants to fortify your home, which could help lower prices over time.
'Most every insurance company is going to give you a really nice discount for having that type of a roof. And then number two, you don't run the risk of having a claim the next time a storm comes through,' said Commissioner Mulready.
Representative Forrest Bennett said the act is a good start, but believes there's room to expand it in the future.
'I think that it would behoove all of us at the state level to do what we can to find that money, find those innovative ways to help consumers protect their own stuff. And hopefully see rates go down,' said Representative Bennett.
To learn more about the Strengthen Homes Act or apply for a grant, click here.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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