Mansell, Engel & Cole

Oklahomans outsized targets for insurance premium spikes

Oklahoma and steady jumps in homeowners’ insurance premiums. They go together like bread and butter.

Anyone asking Oklahoma residential property owners whether they have noticed a rise in their dwelling-linked insurance payments over the past decade might likely be queried as to whether that is intended as a serious question.

Here’s why: According to the National Association of Insurance Commissioners, Oklahomans have been saddled with the highest percentage jump in premiums of any state residents in the country over a recent 10-year period.

The conclusion tied with that fact is sobering. Reportedly, the average rate hike over that measuring period has been a whopping 78%.

With that kind of money regularly coming out of wallets, it is small wonder that policyholders want to see their insurers acting promptly and ethically when presented with a legitimate property claim for damages.

It’s no deep secret why Oklahoma is a formidable locale from a homeowners’ insurance payment perspective. State Insurance Commissioner Glen Mulready says that, “When it comes to any property insurance issues, the state of Oklahoma has a lot of perils.”

Those roll quickly off the tongue. Tornadoes. Floods. Hail storms. Lightning strikes. Even earthquakes.

Collectively, those maladies steadily and materially jack up insurance costs. There is not much that a homeowner can do about that.

As noted, though, policyholders can insist on fair treatment when making a claim. We stress that on our pro-policyholders’ insurance law website at the Oklahoma City law firm of Mansell, Engel & Cole. We underscore therein that homeowners should never “find themselves trapped in a stalemate with their insurance companies over denied claims, delayed claims and other types of bad faith.”

Homeowners locked in a dispute with an insurer can turn for help to an experienced and aggressive legal team with a proven history of advocacy in claim matters.

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