Rep. Mark Tedford, R-Jenks, has shed light on the reasons for the steep climb in Oklahoma's property insurance rates, acknowledging the state's harsh weather patterns and legislative strides to buffer homeowners. As severe weather plagues Oklahoma, including hailstorms, tornadoes, and wildfires, it's no surprise that property insurance premiums are feeling the pressure. Tedford told the Oklahoma House, "Claims drive premiums, and storms like the ones we saw in Sulphur, Barnsdall, Holdenville and Claremore last year, along with March's wildfires, cost billions in damages."
Oklahoma's property insurance landscape isn't just wrestling with natural disasters, but also economic challenges such as inflation, surge in construction costs, and high-value claims that are consecutive blows to the state's homeowners, making property insurance a tougher game to play; Tedford referenced these dynamics as contributing factors to the insurance rates. Despite these pressures, the state did not lead the nation in rate increases last year—falling into the 35th position—which Tedford sees as a testament to Oklahoma's proactive approach.
Prioritizing the needs of homeowners, Tedford has been an active legislative force, having penned House Bill 3089 which initiated the Strengthen Oklahoma Homes Act to aid residents in fortifying their homes against the weather's onslaught with weather-resistant materials. Additionally, his collaboration with the insurance commissioner on a series of House Bills aimed to prevent sudden policy cancellations for homeowners with either old or single claims.
Further refining his focus on the insurance conundrum this year, Tedford introduced House Bill 1084 which seeks to trim down claim costs, putting a straitjacket on insurance fraud, however he warned against creating a stranglehold with overregulation citing that overzealous policies in other states have historically spooked insurers into exiting those markets, "When states overregulate, insurers leave," he argued on Oklahoma House of Representatives, emphasizing Oklahoma's commitment to maintaining a balanced and robust insurance marketplace without leaving homeowners in a lurch.
