“Oklahomans are finding it harder and harder to afford homeowner insurance as reports show Oklahoma has some of the highest rates in the country,” said Fugate. “This study reviewed contributing factors, including climate change and statutory prohibitions that prevent the Insurance Commissioner from reviewing proposed rates. While some believe these rates may be justified, without review it’s impossible to know.”
The study also discussed the challenges of choosing insurance based on anything beyond price and advertising. Rep. Fugate noted that consumers lack access to key data—such as how often claims are denied, fulfilled, or end up in court due to bad faith.
The study included a presentation from Oklahoma Insurance Commissioner Glen Mulready to help guide the search for actionable reforms.
“Commissioner Mulready gave a presentation about Oklahoma homeowner insurance, what services our insurance department provides, what programs exist to lower premiums, and what customer assistance and advocacy they provide,” said Stinson. “By examining the underlying factors that drive homeowner insurance cost increases, we can take steps toward making any beneficial changes.”
The study also included presentations from national experts. Fugate noted, “It is safe to say the insurance industry believes in climate change.” It also included testimony from the real estate industry and the independent insurance sales industry. Both highlighted concerns about the challenges presented by skyrocketing insurance rates.
The full study can be streamed on the Oklahoma House of Representatives Website.
The second half of the study is scheduled to be heard in the Oklahoma Senate at 2:30 p.m. on Tuesday, October 7.
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