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Study: Oklahoma homeowners insurance, climbs at higher rates than other states

by Mckenna Eubank

Oklahoma City, Okla — If you're a homeowner in Oklahoma you've probably noticed your insurance premium climbing for the last decade.

A new study by the National Association of Insurance Commissioners (N.A.I.C.) puts the sooner state at the top of the list with a nearly eighty percent increase in rates since 2007.

Experts said keeping close communication with your insurance agent is one huge factor in making sure you are paying only for what you need.

Knowing what to ask and what to opt out of is sometimes the hardest part.

Premiums have gone up $821.00 in the state, according to the N.A.I.C. who releases an annual report on insurance trends.

Experts said the increase is because Oklahoma seems to be prime location for natural disasters.

"Insurance is a risk pool,” Mark Madeja, a spokesperson for AAA Insurance Company said, “We all share the cost, and unfortunately we are in tornado alley. So, we are some of the highest but if it makes you feel any better, so is Arkansas, so is Kansas, so is Texas."

There are ways Oklahomans can lower those rates. According to the experts, homeowners should make sure the insurance they have is no more and no less than the insurance they need.

Madeja said your credit score plays a role in your rate. So, having your agent review it could help.

"Good credit means prompt and responsive behavior, most of the time you can have your insurance company re-run your credit score. it should not go up but it can go down if that score has improved," according to Madeja.

He also suggests bundling your policies, as most companies offer discounts for people who have more than one policy like homeowners and auto with them.

You can also ask about other discounts that might be available.

"Alarm system discounts. If you put a stronger hail resistant roof on, you'll get a discount. There are some things that consumers can do," Madeja said.