Oklahoma Lawmakers Release Bipartisan Study on Nation's Highest Homeowner Insurance Rates

Oklahoma lawmakers have launched a bipartisan, two-part interim study to investigate the rapidly rising homeowner insurance rates in the state, which currently average over $6,100 annually, more than double the national average. The study, led by Representatives Andy Fugate and Preston Stinson along with Senate Democratic Leader Julia Kirt, includes presentations from Oklahoma Insurance Commissioner Glen Mulready and national experts who highlight factors such as climate change, statutory limitations on rate review, and severe weather events like tornadoes and wildfires. Mulready emphasized that these high rates are part of a national trend and noted the competitive market of 100 insurance companies in Oklahoma, many of which are not making profits due to costly claims. Lawmakers also discussed consumer challenges in assessing insurance beyond price, pointing to a lack of transparency regarding claims handling and denials. The study aims to identify actionable reforms to make homeowner insurance more affordable and reliable without reducing coverage, with the second part scheduled for October 7. These efforts may lead to legislative proposals in the upcoming session to address Oklahoma’s alarming insurance crisis.