Latest news with #OID
Yahoo
21-05-2025
- Business
- Yahoo
Oklahoma Watch uncovers why homeowners' insurance rates are so high, commissioner responds
OKLAHOMA CITY (KFOR) — Sky-high insurance rates affect nearly every homeowner in Oklahoma. We've all heard the excuse that it's because of the hail, but Oklahoma Watch decided to look beyond that and discovered it may not be the case. 'It turns out that both Texas and Kansas have historically more hail than we do. Yet their insurance rates are lower than ours,' said JC Hallman, reporter for Oklahoma Watch. A report from the National Weather Service from 2020 to 2024 shows Oklahoma had an average of 16.6 days of 2 inch hail. While Texas had more than double at 37.8 days. Kansas had 21.4 days and Nebraska had 22.6 days. Those numbers are what made Hallman start asking what's really driving up Oklahoma's insurance costs. 'It's a quirk in Oklahoma law,' said Hallman. The Oklahoma Insurance Department (OID) will regulate rates if they go too low, but won't step in if they go up, assuming the free market will bring costs down. State Auditor releases initial report on Department of Mental Health 'Oklahomans wind up paying a lot more than they maybe need to and it allows the insurance companies to cover up losses in other states by charging Oklahomans more money,' said Hallman. The OID is led by Glen Mulready. 'Glen Mulready actually has the power based on the law as it is that he could step in and simply decide that we do not have a competitive market and once he says we have a non competitive market, then he could just lower rates,' said Hallman. News 4 asked Mulready if he has considered taking action. 'It all comes down to, do we have a competitive marketplace? And yes, we're getting complaints because premiums are up and people don't like that and I get that, but we have a very competitive marketplace,' said Hallman. Oklahoma Watch reported that there was one instance a commissioner stepped in to lower rates with earthquake insurance. 'Now there were two companies writing earthquake coverage, so it was determined that is not a competitive market,' said Mulready. Records show that the insurance industry was Mulready's top donor in thirteen out of fifteen years. Business owners concerned about NW OKC road construction 'There's zero connection with that because there's nothing that can be done. We don't approve rates, I could see that if we approve rates and somehow I was doing a favor for a certain insurance company, but that doesn't take place because it can't take place,' said Mulready. Mulready also told News 4 he never said it was just hail driving up the cost of insurance. 'Rates are up because of claims and inflation. You know, if a roof costs more to replace today than it did yesterday, your insurance premiums are going to reflect that because that's a direct connection to actual costs,' said Mulready. News 4 asked if he's working with lawmakers to do something about the high prices. 'We are looking for solutions, there's no silver bullet,' said Mulready. Last year the legislature passed the Strengthen Oklahoma Homes Act, which just launched in March. Homeowners can apply for grants to use to fortify their homes, which can lead to lower premiums. While Mulready believes Oklahoma has a competitive market, Hallman encourages you to share your concerns with the OID and push for change. To read JC Hallman's full story, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-03-2025
- Climate
- Yahoo
Oklahoma homeowners can apply for grants to strengthen roofs against storms
OKLAHOMA CITY (KFOR) — Oklahoma is no stranger to severe weather; tornadoes, hail and wind can bring costly damage. The Oklahoma Insurance Department recently launched a pilot program offering eligible homeowner up to $10,000 to fortify their homes. 'The program is really created to assist consumers and homeowners with mitigating and fortifying their roofs, so that they will be stronger and be able to withstand some of the severe weather that we see here in Oklahoma,' said Ashley Scott, director of Strengthen Oklahoma Homes Program, OID. The first phase of the Strengthen Oklahoma Homes Program covers eight zip codes: 73049 – Jones 73051 – Lexington/Slaughterville 73065 – Newcastle 73069 – Norman 73111 – East OKC 73127 – West OKC 73129 – Southeast OKC 73135 – Southeast OKC/I-240 Homeowners in these areas can apply for the grants. 'We've been able to kind of focus on areas where we've seen tons of storm damage, but also higher premiums,' said Scott. Once selected, homeowners will work with approved evaluators and contractors to complete the upgrades. Storm shelter registry available for Oklahoma City residents 'When it's finished, they'll receive a certificate to help lower insurance premiums. We really thought with the type of storms that we've been seeing more and more of and with the insurance market being so hard right now, this is a great opportunity for us to try and step in and do something we can do about it,' said Scott. For the first phase, the OID is looking to award 100 grants. 'We plan on doing a second pilot project shortly after with about 250 applications. A third pilot project with another roughly 250 applications and then finish out the year with 400 more,' said Scott. With each phase, more zip codes will be added to the list. The program is capped at $10 million and all funding comes directly from the insurance industry. The OID says the program started because of a bill that was signed into law last year. To check your eligibility to apply for the grant, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
