Latest news with #GlenMulready
Yahoo
01-05-2025
- Business
- Yahoo
Homeowners devastated after major insurers hike rates due to weather changes: 'A lot of people are denied coverage'
Oklahoma homeowners have been hit with higher insurance rates as the combination of more severe storms and inflation takes its toll. KOCO 5 News reported that severe storms producing tornadoes and hail have increased in the past few years, leading to more damage and surging home insurance rates. Oklahoma Insurance Commissioner Glen Mulready explained that costs for a new roof rose by 30% over 18 months due to the intense storms. He said that the top 20 home insurance companies "paid out about $105 for every $100 they took in" for hail, wind, and tornado damage by the end of 2023. While the recently passed Strengthen Oklahoma Homes Act — which provides grants to homeowners to reinforce their homes against strong windstorms — is designed to lower insurance costs, KOCO 5 News noted that some insurance companies have already requested premium increases. That means homeowners could face rate increases even if they haven't experienced storm damage. Mulready said rates are increasing by about 10% on average, which isn't a huge jump. However, Bryce Johnson, an attorney from Johnson and Biscone Law Firm, said that insurance providers may deny coverage if they are unwilling to take on the risk. "A lot of people are denied coverage, where the insurance company comes in and tries to say the loss is not related to the recent storm," Johnson said, per KOCO 5 News. "They can't drop a homeowner after the claim is made, but they can certainly drop a homeowner before they have any damage to their home. Unfortunately, insurance companies in Oklahoma have been known to do that." Mulready explained that impact-resistant shingles and tougher roofs could make a difference in terms of storm damage, but they won't protect homeowners from higher insurance rates or a lack of coverage. Soaring insurance rates make it harder for families to afford other necessities, and potential buyers may find it more challenging to buy a home. Not having insurance leaves homeowners vulnerable to storm damage and puts the burden of repairs entirely on their shoulders. Higher insurance rates lead to market instability as homeowners struggle to afford payments in high-risk areas. A major factor behind increasingly volatile insurance rates is the warming climate fueled by the burning of dirty energy sources, which leads to more extreme weather and costlier storm damage. Skyrocketing insurance rates affect homeowners nationwide, including those in weather-battered states such as Florida, Louisiana, and California. Several insurers have dropped policies in Texas and Florida, signaling a worrying trend, as these states are among the hardest hit by hurricanes and floods. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. In California, lawmakers have issued a mandate requiring insurers to increase coverage in wildfire-prone areas, and Massachusetts legislators are expanding flood insurance coverage to protect homeowners from rising sea levels. Since the insurance crisis is mainly caused by excess planet-warming pollution in the atmosphere, you can help by upgrading to energy-efficient appliances or installing solar panels, which reduce reliance on the electric grid that is powered mostly by dirty fuels. As more people switch to clean energy, the climate will become more stable, which will help make insurance affordable again. You can also check with your state to see if it offers grants to fortify your home against storms. Oklahoma, Alabama, Florida, and Louisiana are several states that provide grants for wind-resistant roofs. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
08-04-2025
- Business
- Yahoo
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.
Yahoo
21-03-2025
- Health
- Yahoo
Oklahomans using ACA health insurance plans could see higher premiums, official warns
Oklahomans using health insurance through the Affordable Care Act could see rising premiums if federal subsidies aren't extended, the state's insurance commissioner warned. (Getty images) (This image cannot be republished without a Getty subscription.) OKLAHOMA CITY — Oklahoma's top insurance official warned that health insurance premiums could see 'substantial increases' next year if federal subsidies for the Affordable Care Act aren't extended. 'A permanent extension of the $338 billion in enhanced federal health insurance subsidies is looking more unlikely,' said Glen Mulready, commissioner of the Oklahoma Insurance Department, in a statement. 'While there might be other potential solutions considered by Congress this year, Oklahoma's leaders and citizens need to be prepared for the consequences of these subsidies ending with significant changes in health insurance costs anticipated.' He said the increases in premiums for the 300,000 Oklahomans who rely on the ACA Marketplace for health insurance could begin in 2026 if federal enhanced Advanced Premium Tax Credits are not extended by Dec. 31. Oklahoma's enrollment in ACA plans increased 75% because of these subsidies with many who are enrolled pay $0 monthly for coverage while the average costs for Oklahoma enrollees is $58 per month for a benchmark silver plan, the second-lowest priced plan. 'We anticipate that the average cost of a benchmark silver plan in Oklahoma will increase by approximately 65%, jumping from $58 per month to $153 per month in 2026 if the subsidies expire as scheduled,' explained Commissioner Mulready. This change is expected nationwide. The higher premium costs could lead to consumers moving to Medicaid or becoming uninsured, according to a news release. Mulready said while he hopes Congress can find a compromise to lessen the impact, the Oklahoma Insurance Department will continue monitoring the situation. 'Oklahomans and my fellow elected leaders must understand the potential impact of the expiration of these federal subsidies,' he said in a statement. Members of Oklahoma's federal delegation, Sen. Tom Cole, R-Okla., and Rep. Stephanie Bice, R-Okla., did not return requests for comment by the time of publication. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
04-03-2025
- Business
- Yahoo
OK Insurance Commissioner comes to Claremore
Oklahoma Insurance Commissioner Glen Mulready says his department can save Oklahomans time and money. Mulready told residents during a meeting Friday at the Will Rogers Memorial Museum that one of the insurance department's primary functions is assisting Oklahoma residents with troublesome insurance claims. He said people can file a complaint with his department by visiting or by calling 800-522-0071. "It's a short form: basic contact info, basic box for narrative that authorizes us to contact that insurance company on your behalf and go to bat for you," said Mulready. "A lot of folks don't know." Mulready, whose visit was sponsored by the Claremore Area Chamber of Commerce, has served in his role since 2019. He often travels around the state to promote his department's services; he said he spoke to city leaders in Shawnee on Wednesday. The Oklahoma Insurance Department levies a 2.25% premium tax on insurance policies. Mulready said this tax brings in about $400 million per year, making the insurance department one of the state's largest revenue generators. He said 55% of this tax funds pension plans for law enforcement, firefighters and first responders; the state legislature reaps the remaining 45% and appropriates it in the regular budget process. The insurance department also coaches Oklahoma fire departments on how to improve their Insurance Services Office fire protection score. This score, which ranges from 1 (best) to 10 (worst), ranks how quickly and effectively a fire department responds to fires. Mulready said nine fire departments have an ISO rating of 1 — Claremore is class 2. "The better your fire protection class, the lower that your premiums are," Mulready said. He said the department is rolling out a pilot program Monday that will help Oklahoma residents get lower premiums on homeowner's insurance: the Strengthen Oklahoma Homes Program. The program, approved by the state legislature and signed into law by Gov. Kevin Stitt last May, authorizes the insurance department to provide homeowners up to a $10,000 grant to protect their roof from storm damage. "We get wind and hail [in Oklahoma]," Mulready said. "After six years, I've discovered I cannot affect the weather — I'm a little slow — but we can do something to help folks fortify their home." Applications for the grant opened up Monday in eight Oklahoma City and Norman-based zip codes. He said the department will expand to more zip codes in phases with the goal of providing 1,000 grants by year's end. Mulready said insurance companies will charge lower premiums to homeowners with fortified roofs, and homeowners will be less likely to have to pay out the deductible. Mulready said the Oklahoma Insurance Department can also help Oklahomans: — Navigate Medicare. He said Medicare is complicated, and people can call the insurance department for help sifting through the various options. — Verify if a deceased relative has a life insurance policy. Mulready said people can fill out a form on the department's website and will receive an answer within 90 days. He said his office has connected Oklahomans to $165 million in life insurance benefits during his tenure.
