It seems that the current trend in homeowners insurance in Oklahoma has been leaning towards increases in premium. Home insurers nationwide increased their premium by an average of 5.1%, per Perr & Knight’s RateWatch report, just last year. This is a moderate increase when compared to some states. Unfortunately for Oklahoman’s, the average rate increase was 12.1%. This is more in line with some of the premium increases that we have been seeing in recent months.
There are many reasons why insurance premiums increase from year to year. One major factor for Oklahoma is the recent severe weather. According to Nichelle Dawkins, director of strategic data for Perr & Knight, the double digit increases in the Midwestern states is attributable to last year’s wild tornado season.
One good note is in regards to automobile insurance premiums for last year. They only increased nationwide by an average of 2.5%. Oklahoma did not make the top 5 list of highest average increases for automobile.
So what is a homeowner supposed to do with rate increases that are beyond their control? Call your local independent insurance agent for assistance.
Not only can we check several different carriers to find you the best coverage at the best price, we can bundle your home and auto together for a bigger discount. Use the advantage of lower auto premiums to offset the increase in homeowner’s premium.
Most importantly, we want to assist you in finding the right coverage at the right price. We will not sell you anything you don’t need or want. We are here to provide you with options that will protect your assets and build your wealth.
Protect yourself and save some money!! Call 405-310-3581 for more information on homeowners and auto insurance in Norman and the surrounding areas.