Oklahoma Homeowners Face 8% Insurance Premium Increase Amid Extreme Weather Risks

Oklahoma homeowners face an 8% increase in home insurance premiums in 2023, with average rises of about $600 due to escalating risks from hail, wind, wildfires, and tornadoes. Insurers in Oklahoma experienced financial losses as claims payouts surpassed premium incomes, leading to higher consumer costs to manage these extreme weather-related risks.

As the third most expensive state for home insurance, Oklahoma residents are advised to explore mitigation strategies such as property fortifications and adjusting deductibles to manage premium costs. Experts recommend comparing policies across insurers to identify more affordable or comprehensive coverage options, reflecting a dynamic market response to heightened natural disaster exposures and underwriting challenges.