{"id":79,"date":"2010-05-25T23:08:39","date_gmt":"2010-05-26T03:08:39","guid":{"rendered":"http:\/\/insuranceclaimsgroup.com\/blog\/?p=79"},"modified":"2010-05-25T23:36:11","modified_gmt":"2010-05-26T03:36:11","slug":"oklahoma-hail-damage-claim-disputes-on-the-rise","status":"publish","type":"post","link":"https:\/\/insuranceclaimsgroup.com\/blog\/oklahoma-hail-damage-claim-disputes-on-the-rise\/","title":{"rendered":"Oklahoma Hail Damage Claim Disputes On The Rise"},"content":{"rendered":"

Insurance companies are tightening their belts when it comes to paying for hail damage claims. Oklahomans, who already pay among the highest insurance rates for homeowners insurance, have a couple of reasons to take comfort despite recent\u00a0hail storms that caused millions of dollars in hail damage<\/a>.<\/p>\n

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HOW OKLAHOMA COMPARES:\u00a0 Average premiums for homeowners insurance, 2007 by State <\/em><\/div>\n

Average premium<\/em><\/p>\n

\u2192 Florida \u2026 $1,534\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2192 Texas \u2026 $1,448<\/p>\n

\u2192 Louisiana \u2026 $1,400\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2192 Washington, D.C. \u2026 $1,089<\/p>\n

\u2192 Oklahoma \u2026 $1,054\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2192 U.S. average \u2026 $822<\/p>\n

Source: National Association of Insurance Commissioners<\/em><\/p>\n<\/div>\n<\/div>\n

A state law prohibits insurance companies from canceling or failing to renew a homeowners policy or raising the premium because the property owner filed a first claim against the policy.<\/p>\n

<\/a>\"OK<\/a>“That first claim you have an opportunity to file without any impact on the policy,\u201d said Marc Young, state assistant insurance commissioner. “That\u2019s why it\u2019s important that you view that policy as an insurance policy for umbrella protection, and not simply as a maintenance policy.\u201d<\/p>\n

Insurance companies providing coverage in Oklahoma are prepared for major storm damage claims, Young said.<\/p>\n

“In Oklahoma, we also have a very competitive market, particularly on the property and casualty side,\u201d he said. That provides Oklahomans with an opportunity to shop around if an insurance provider does raise rates.<\/p>\n

The Sunday hailstorm potentially could produce greater insured losses than last week\u2019s tornadoes because much of the hail damage was in heavily urban areas, Young said.<\/p>\n

Jerry Johns, president of Southwest Insurance Information Service, estimated last week\u2019s tornadoes will amount to “tens of millions of dollars\u201d in insured losses.<\/p>\n

Insurance companies typically set rates by evaluating losses over a period of several years. Oklahoma\u2019s turbulent weather is the major reason its residents already pay among the highest homeowners rates in the nation.<\/p>\n

“We might see modest increases. It\u2019s dependent upon the company and their exposure in these recent events,\u201d Young said. “They do price for these events over a three- to five-year period of time so I don\u2019t anticipate any disruption at all to the Oklahoma insurance market.\u201d<\/p>\n

Oklahomans in 2007 paid the fifth-highest rates for homeowners and renters insurance, according to a survey by the National Association of Insurance Commissioners. The average premium for homeowners insurance paid in Oklahoma was $1,054; nationally, the average premium was $822.<\/p>\n

Johns said while each individual company will determine, based on its losses over time, whether to raise rates, Oklahomans will continue to pay more than most.<\/p>\n

“Oklahoma is subject to just about every weather-related disaster known to man,\u201d Johns said, “including earthquakes.<\/p>\n

“It\u2019s a state that has and probably will continue to be ravaged by severe weather.\u201d<\/p>\n

If you have suffered hail damage<\/a> from hail stroms<\/a>, tornado damage<\/a>or any other weather damage insurance claims<\/a>\u00a0in Oklahoma, (OK) and need help with your insurance claim or to dispute your insurance company’s estimate, feel free to contact us<\/a>\u00a0to have all your claim questions answered at NO COST!<\/p>\n\r\n \r\n
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