Surging home insurance costs could force families to leave these 10 states (OK is one)

[chuter]

Our ins has gone up significantly in the last 3 years or so.

https://www.foxbusiness.com/economy...ts-could-force-families-leave-these-10-states

Oklahoma​

Home insurance in Oklahoma costs about $4,782 on average, 170% higher than what the typical American pays. Premiums rose 24% in the state last year; Oklahoma Insurance Commissioner Glen Mulready has blamed the increase on weather and the rising cost of building materials due to inflation.

The sky begins to clear following a thunderstorm in Tulsa, Oklahoma, on May 27, 2021. (Brandon Bell/Getty Images / Getty Images)
"The median home value in Oklahoma is nearly 50% lower than the national average, according to U.S. Census Bureau data," Insurify wrote in the report. "However, with insurance rates surging, homeownership in Oklahoma isn’t as attainable as property values suggest."

 

[PBramble]

Yet when building materials go down, the price of insurance doesn't adjust? I'm not buying it. Maybe the insurance companies should have to pay for an appraisal before they raise rates.

 

[Firpo]

Mine went up 35% last year. Just got the renewal notice and they’ve raised it another 37%. Not that it will do me any good but I’m having a visit with my agent next week.

 

[bushmaster06]

Just what kind of weather have we had over the last several years to justify the cost increase? Severe weather has been pretty tame overall for quite a while.

 

[BobbyV]

Even through USAA ours is ridiculous. I need to start comparing coverages I guess.

 

[1shott]

at least 80% of residential roofs in Oklahoma are total losses and the home owners are not aware of it.

Insurance companies can now use satellite imaging to estimate damages to a homes exterior. Survey the entire state, adjust premiums accordingly, its being done.

December 2022 I had my roof replaced, full replacement coverage policy, adjuster was great, roofer I lined up has worked with state farm in the past, has a string reputation.

Insurance paid out, roof is on, following year my rate actually decreased by several hundred.

 

[1shott]

Just what kind of weather have we had over the last several years to justify the cost increase? Severe weather has been pretty tame overall for quite a while.

These Oklahoma hot summers can destroy a roof as fast as a hail storm, most houses do not have adequate attic ventilation

 

[Perplexed]

These Oklahoma hot summers can destroy a roof as fast as a hail storm, most houses do not have adequate attic ventilation

Indeed. My roofer last fall told me the same while they were installing new box vents on my roof; the heat causes the granules to loosen up and fall off the shingles.

 

[GC7]

We're gonna get priced out of living in OK because of people moving here who were priced out of their states.

 

[okcBob]

My home ins is due next month. New cost is up 28%. Shopping other companies