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According to the latest Press release issued by the Oklahoma Insurance Commissioner on 6/26/13 so far there have been 75,000 claims filed from the May tornadoes that ravaged Moore, El Reno and the Oklahoma City area with payouts totaling $687,945,276 so far.

As clean up continues more claims are expected, and as the totals rise closer and closer to the billion dollar mark, we can expect that this will have a grave impact on our insurance rates throughout the state of Oklahoma over the next 12 to 24 months. Although companies do have the financial strength to sustain these large payouts, property insurers in Oklahoma continue to struggle to remain profitable with so many catastrophe claims occurring over the last 5-7 years.

As rates rise, remember reviewing your coverage and maintaining higher deductibles can help you manage the cost. If you have not had an insurance review in a few years, it is probably time to take a look and make sure you are doing all you can to help manage your insurance cost. Contact us and we will be happy to review your coverage and help all we can to keep your costs down. 
Posted 8:13 AM

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