A recent article from CBS News examined the homeowner's insurance rates from various cities and states around the nation. Their information comes from Insurance.com, which took a look at various locations against some important criteria that affect the costs of insurance rates.
Curious how Oklahoma added up against these criteria? The studies compared various factors that insurance companies may consider when it comes to determining rates for an area--and Oklahoma scored unfortunately high in cost.
Criteria for rating insurance company costs per city
- Zip code, and subsequent weather patterns per location
- Amount of money needed to cover the yearly cost
- Compared 75 different coverage levels
- Size of the house or dwelling
- Liability coverage
How does Oklahoma add up?
The article cites Forest Park, Oklahoma as being on insurer's radars, likely because the city is within the area known as "tornado alley." Over time, residents have seen the insurance premiums in the state more than double, which lands Oklahoma with one of the highest average homeowner insurances rates in the country.
The location where you purchase a home can play a significant part in your insurance costs and the subsequent damages your home may accrue. If your home does suffer damages from natural disasters, make sure you receive the correct insurance benefits, and your claim is not denied.
Denial of claims, especially from natural causes, may force you into a homeowner's insurance dispute with your insruance company, and even with the contractors utilized afterward to repair your home. Don't get caught in the storm of denied insurance claims, especially when you are paying high costs for your homeowner's insurance rates.