April 15, 2024
As insurance rates rise, here's how Oklahomans can save money


With insurance rates skyrocketing, KOCO looked into ways to help Oklahomans save. Oklahoma has some of the highest insurance rates in the country, according to the state. Home policies jumped, even doubling for some in the state. “Our insurance premiums have almost doubled in the last two years,” Emily Dunlap, an Oklahoma homeowner, said. “It has been a huge hardship for our family.” >> Download the KOCO 5 AppSo what can Oklahomans do? The most important thing is to shop around. While that can sound overwhelming and time-consuming, there are more than 100 home insurance companies licensed to do business in Oklahoma, which is a lot to compare. There are countless websites that say they will compare insurance rates for buyers. Some are better than others, and quotes can vary on each comparison website. People can also contact an independent insurance agent who will do the work for them, but they may not work with every insurance company. Bundling home and car insurance policies could drop payments by as much as 15% just for using the same company for both. Oklahomans could also consider raising their deductible, which is the amount they pay out-of-pocket on a claim. The Oklahoma Insurance Department recommended at least a $500 deductible on home policies, but they said raising it to $1,000 could save quite a bit. But wind and hail claims could cost more. It’s important to ask questions. Ask agents, “What discounts do you offer?”Those discounts could be offered for things like installing a monitored alarm system or a high-end sprinkler system. Every insurance company is different, but all sorts of things can save Oklahomans money on their premiums. These include outside lighting on homes, deadbolt locks, updated heating, electric and plumbing, an impact-resistant roof, the age of the home and how close it is to a fire hydrant. Get the latest news stories of interest by clicking here.Living in rural areas away from a fire department can also impact insurance rates. But there is something people can do. The Insurance Department said Oklahomans can ask to speak with an Insurance Services Office member, as well as the closest fire department, about what they can do to improve the fire suppression rating for the area, which will help lower premiums. An insurance credit score is a little different than a typical credit score, but experts said improving it can save Oklahomans up to 40%. Those looking to see if an insurance company is reputable can do so on the National Association of Insurance Commissioners’ Consumer Information Source. Oklahomans can type in the company to check its complaint history in the state. The State Insurance Department said Oklahomans can also review their policy limits and the value of their possessions. They should be sure they are covered, but they shouldn’t spend money on coverage they don’t need. Ultimately, if homeowners in Oklahoma want to save cash, they have to do a little legwork. Top Headlines AT&T customers in Oklahoma without cell service due to nationwide outage OU in process of making changes in wake of executive order issued by Stitt Oklahomans convicted of helping in a murder could soon serve more jail time China plans to send San Diego Zoo more pandas this year, reigniting its panda diplomacy

With insurance rates skyrocketing, KOCO looked into ways to help Oklahomans save.

Oklahoma has some of the highest insurance rates in the country, according to the state. Home policies jumped, even doubling for some in the state.

“Our insurance premiums have almost doubled in the last two years,” Emily Dunlap, an Oklahoma homeowner, said. “It has been a huge hardship for our family.”

>> Download the KOCO 5 App

So what can Oklahomans do? The most important thing is to shop around. While that can sound overwhelming and time-consuming, there are more than 100 home insurance companies licensed to do business in Oklahoma, which is a lot to compare.

There are countless websites that say they will compare insurance rates for buyers. Some are better than others, and quotes can vary on each comparison website.

People can also contact an independent insurance agent who will do the work for them, but they may not work with every insurance company.

Bundling home and car insurance policies could drop payments by as much as 15% just for using the same company for both. Oklahomans could also consider raising their deductible, which is the amount they pay out-of-pocket on a claim.

The Oklahoma Insurance Department recommended at least a $500 deductible on home policies, but they said raising it to $1,000 could save quite a bit.

But wind and hail claims could cost more.

It’s important to ask questions. Ask agents, “What discounts do you offer?”

Those discounts could be offered for things like installing a monitored alarm system or a high-end sprinkler system.

Every insurance company is different, but all sorts of things can save Oklahomans money on their premiums. These include outside lighting on homes, deadbolt locks, updated heating, electric and plumbing, an impact-resistant roof, the age of the home and how close it is to a fire hydrant.

Get the latest news stories of interest by clicking here.

Living in rural areas away from a fire department can also impact insurance rates. But there is something people can do.

The Insurance Department said Oklahomans can ask to speak with an Insurance Services Office member, as well as the closest fire department, about what they can do to improve the fire suppression rating for the area, which will help lower premiums.

An insurance credit score is a little different than a typical credit score, but experts said improving it can save Oklahomans up to 40%.

Those looking to see if an insurance company is reputable can do so on the National Association of Insurance Commissioners’ Consumer Information Source. Oklahomans can type in the company to check its complaint history in the state.

The State Insurance Department said Oklahomans can also review their policy limits and the value of their possessions. They should be sure they are covered, but they shouldn’t spend money on coverage they don’t need.

Ultimately, if homeowners in Oklahoma want to save cash, they have to do a little legwork.


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