15
September 2024
September 2024 ยป
S P O N S O R E D C O N T E N T
homeowners and businesses while my
reforms to fix the state's overall insurance
market take effect."
7
On the prevention front, it's encour-
aging to see the heightened focus and
investment in wildfire mitigation. CalFire's
annual budgets have grown, with a strong
emphasis on resource management and
fire prevention. Additionally, the federal
government is dedicating more attention
and resources to wildfire mitigation, sup-
pression, and management.
Oklahoma
A
lthough it may not be widely
recognized, homeowner insurance
in Oklahoma is relatively expensive com-
pared to other states. The average premi-
um for $300,000 of dwelling coverage in
Oklahoma is $4,846, which is $2,576 more
than the national average. The risk of
tornadoes, hailstorms, seismic activity in
certain areas, and flooding in the eastern
part of the state are contributors to the
state's high rates.
8
To help lower homeowner insurance
rates and improve disaster resilience, the
Strengthen Oklahoma Homes Program
was signed into law in May 2024.
9
The
program will allow residents to apply to a
grant program providing severe hail-re-
sistant roofs, impact-resistant shingles
and rain-resistant attic vents. Oklahoma
Insurance Commissioner Glen Mulready
said in a statement that if home en-
hancements are made through the grant
program, homeowners could qualify for
insurance discounts up to 42%.
10
Looking Ahead
W
hile it will take time for the ben-
efits of state initiatives to be fully
realized, incremental progress is being
made. One recent positive development
is the approval of nine Florida insurance
carriers to offer take out policies from
Citizens. It is anticipated that more than
400,000 customers will again have access
to the private insurance market as a re-
sult.
11
This is positive news for customers
and carriers alike.
Sources 1-11: See https://lp.constantcontactpages.com/cu/dMMHyL4 for links to source material.
