1. Frequent & Severe Storms
Exposure to severe convective storms in Oklahoma and Texas—including tornadoes and larger hail—has surged costs for insurers. In 2024 alone, storm damages totaled $58 billion nationally—outpacing even major hurricanes.
Local data shows insurers routinely paid $129 per $100 in premiums for claims in 2023 (improving to $97 in 2024). Many are now raising deductibles or dropping older roofs entirely.
2. Rising Construction & Material Costs
Like auto repair, home repair expenses for things like roofing, drywall, and shingles have climbed dramatically—up 30–40% over recent years.
3. Climate Change & Coverage Pullbacks
Hail is growing more intense with extreme weather; insurers are restricting coverage in high-risk areas, leaving homeowners with fewer choices and higher prices.
Without a state-run insurer in Oklahoma and Texas, homeowners have no safety net when private companies withdraw.
🧮 What This Means for Oklahomans
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Auto Premiums: Between 2022–2023, rates rose ~14%; a total increase of ~42% since 2018.
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Homeowners Premiums: Many saw 30–50% jumps recently, with some experiences like doubling of premiums noted by local homeowners and the Insurance Commissioner.
🔍 Bottom Line
Oklahoma and Texas residents are paying more because insurance costs are rising nationwide due to inflation, increasingly expensive storms, advanced vehicle repair costs, and tighter insurer criteria. In our state, frequent hailstorms and rising building costs are a particularly heavy burden.
