2011 was a painful year for insurance companies across the globe. It is reported as one of the most expensive years in the history of public insurance. Very major industry was impacted, both directly and indirectly, from the near economic collapse. The ramifications are still being felt today, and insurance companies have had to raise their prices to remain solvent. The rate increases in 2011 are bleeding into 2015 and beyond, and it is affecting the bottom line of home maintenance.
This is no more clear than in the housing industry. Home insurance costs have been increasing, and not necessarily in a slow manner. Storms seem to be increasing in frequency. Hurricane Irene cost insurers close to $5.5 billion. The tornado season that chaotically ran amuck through the middle of the United States brought out record-breaking claims. Oklahoma City was just one of the many urban areas affected by these sweeping storms. When claims increase, rates most appropriately increase.
Home Insurance in Oklahoma City OK is not inherently expensive. It is reflective of the quantity of claims coming into the company. In this environment, the increased number of claims increases the likelihood of a disaster. It subsequently makes insurance more valuable. The storms are a major arbiter of saving money. Homeowners are getting storm windows in their home to combat against tornadoes. Others are creating safe havens on the property, such as a special basement attachment or bathroom extension with non-ply walls. The best way to drive rates down to is to fight against these storms which are increasing insurance rates. The Home Insurance in Oklahoma City OK is competitive. Always try to present a competitor’s rate, and get multiple quotes. Insurers know that the industry in Oklahoma is in a state of flux, and beating competitor rates is likely.
With that said, there are a few things homeowners are doing to decrease their values. Homeowners shopping around for new rates can browse around this website. Speak with a team member to receive competitive rates, and always ask for certain perks. Team members are advised to add rate savings to potential new clients. Be transparent with home upgrades to see those rates sink.