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Home insurance in Oklahoma has totally changed in the last 6 months.  Not only are prices going up but now companies are starting to restrict how many home policies they offer.  We are seeing limitations on prior claim activity, credit scores, roof age and geographical area.

Many consumers think that insurance companies always make money and they don’t.  Most companies in Oklahoma are currently losing 10 to 20 cents on every dollar.  As a result, there is some panic and desperation that we have not seen in the past 40 years and probably never before.  Different people have varying opinion on why the southern half of the U.S. is seeing more hail storms; however, the fact is that the number of damaging hail storms is much higher than any other time in the last 50 or more years.

State Farm lost over $12 Billion dollars last year.  Most companies would be panicked with this type of loss and would move aggressively to eliminate further losses or take large rate increases.   However, I have been told that State Farm has around $150 Billion dollars in cash and other liquid assets.  Eventually State Farm will have to fix their loss problems or take large rate increase but for now they are a strong competitor most of the time.

Most all of the other quality companies like Travelers, Progressive, Safeco, Farm Bureau, AAA and Farmers are priced similar some of the time and far apart some of the time….it is totally unpredictable so you’ll have to shop around to find a company that wants your business.  That is why shopping through an Independent Insurance Agency like Statewide Insurance Agency makes so much sense.  We represent multiple insurance companies to find the best one for you!

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January 8th, 2023

Home insurance cost in Oklahoma started rising dramatically in the early part of 2022.  I have to stress that no one company is best for all consumers and that is why an Independent Insurance Agent representing multiple companies has the best chance of saving you money without sacrificing quality coverage.  With that said, here is my current ranking of home insurance companies in Oklahoma.

#1:  United Home Insurance Company (UHIC).  UHIC is a smaller, regional company out of Arkansas that has been around for over 100 years.  They do an excellent job with claims and they are an excellent solution for homes built after 1970 and Dwelling Coverages under $600,000.  UHIC oftentimes has great car insurance rates to go with their good home rates.

#2: “Openly” aka Rock Ridge Insurance Company.  This is a relatively new company; however, they have very strong financial backing, their coverage’s are superior to almost all other companies and, oftentimes,  they have the best rate.  It would be fair to question the long term ability of Openly to price this competitively; however, all companies seem to have this struggle in Oklahoma with regard to home insurance.  Openly likes high value homes and they are sometimes an excellent solution for homes that are over 2500 s.f.  They are very particular on who they insure so they are not a solution for everyone.

#3:  Travelers Insurance

#4:  State Farm

#5:  AAA Insurance

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Oklahoma Home Insurance Cost Update:  August 4, 2020

Two very important things have happened in the last 60 days.  First, Safeco Insurance has introduced lower pricing on their home insurance and second, Progressive Insurance implemented a fairly large rate increase.  As a result, this is the way I now view the competitive position of home insurance companies in Oklahoma…

1.  Safeco Insurance:  Strong home insurance price, excellent coverages and their claim service is doing great.  The Safeco car insurance is competitive also so bundled deals are good.
2. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
3. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
4. Progressive Insurance:  They will still be the best on a few home insurance deals and their car insurance is usually the best for drivers with excellent records!
5. Travelers Insurance:  They have excellent coverages and claim service and are competitive on many home and car insurance bundles in Oklahoma.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Travelers but not State Farm or Allstate.

Update: February 23, 2020

Here is my latest update for home insurance in Oklahoma….*

1.  Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers
2. Safeco Insurance (a Liberty Mutual Company):  This is, by far, the biggest change on my update.  Bundling discounts with Safeco pretty much require you to place your home and car insurance with them; however, their package is going to be very strong for consumers with good credit and good loss history.
3. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
4. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
5. Encompass Insurance (an Allstate Insurance Company):  For many years Encompass was the “high value home” solution offered by Allstate.  Now Encompass is available for dwelling coverage as low as $150,000 and as high as $3M.  They have excellent coverages and they are becoming increasingly competitive.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Encompass but not State Farm or Allstate.

Update: February 23, 2020

Here is my latest update for home insurance in Oklahoma….*

1.  Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers
2. Safeco Insurance (a Liberty Mutual Company):  This is, by far, the biggest change on my update.  Bundling discounts with Safeco pretty much require you to place your home and car insurance with them; however, their package is going to be very strong for consumers with good credit and good loss history.
3. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
4. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
5. Encompass Insurance (an Allstate Insurance Company):  For many years Encompass was the “high value home” solution offered by Allstate.  Now Encompass is available for dwelling coverage as low as $150,000 and as high as $3M.  They have excellent coverages and they are becoming increasingly competitive.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Encompass but not State Farm or Allstate.

Update: October 13, 2019

1.  Progressive Insurance:  Their home and car insurance continues to dominate the Oklahoma market for preferred home insurance customers.  They have the best coverage/price combination for about 60% of Oklahoma consumers.
2. Allstate Insurance:  Their pricing continues to be strong is some areas of the state.  Some of their discount diminish over time so ask about that.
3. State Farm Insurance:  Their car insurance pricing is usually competitive….their home insurance is usually 20% over other companies but they are reliable.
4. All Others:  I don’t have a 4th favorite right now.  There are several good companies that occasionally have good solutions for consumers, like Safeco, Travelers, United Home Insurance, AAA, Shelter and Encompass but, for one reason or another, they are not a key player right now.  There are also several companies that have great pricing but they have proven to be unreliable in the Oklahoma market.

Update: 1-12-2019

The Oklahoma homeowners insurance market continues to change in Oklahoma so I’m going to revise my ranking of companies….

1. Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers.
2. Travelers Insurance:  Conservative underwriting practices has resulted in fewer rate increases relative to their competition….stable and committed to Oklahoma.
3. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability.
4. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
5. Safeco Insurance ( a Liberty Mutual Company):  They offer excellent claim service and they are very friendly to do business with.  Some of their pricing on new policies is a challenge;  however, Safeco’s car insurance is sometimes tough to beat.  As a result, auto and home bundles can still be very competitive with Safeco Insurance.

Oklahoma home insurance rates increased roughly 50% during a 5 year period ending in 2015 as homeowners embraced continuous wind and hail storms, especially within the western one-half of the state.  

These increases have Oklahoma homeowners scrambling to find quality home insurance with stable companies without the high cost that many insurers are still trying to charge.

In our opinion, the following 4 companies offer the greatest home insurance value in Oklahoma and, in our opinion, these companies will have the best chance of saving Oklahoma consumers money as you seek quotes for your homeowners insurance needs. All  4 of these companies offer outstanding coverage, excellent claims service and they usually have a lower cost than competitors.  

      1.   Safeco Insurance ( a Liberty Mutual Company)

      2.  Travelers Insurance

      3.  State Farm Insurance

      4. Allstate Insurance

May 5, 2018 Consumer Update:  3 of the last 4 years have been very profitable for the companies offering home insurance quotes in Oklahoma.  As a result, we are starting to see some companies offer better rates in many situations.  Also, Progressive Insurance has come into Oklahoma offering an excellent home insurance policy and oftentimes the rate is outstanding.  I have confidence that Progressive will be consistent and provide and excellent home insurance value for Oklahoma customers.  As a result, here is my new, updated rankings….

1. Progressive Insurance
2. Safeco Insurance ( a Liberty Mutual Company)
3. Travelers Insurance
4. Allstate Insurance
5. State Farm Insurance

I have moved Allstate above State Farm because Allstate has a better home insurance cost right now.  However, long-term, State Farm will provide good value relative to other premium cost carriers, in my opinion.

Statewide Insurance Agency represents Progressive, Safeco Insurance and Travelers Insurance but not State Farm or Allstate.  

CLICK HERE TO REQUEST A HOME INSURANCE QUOTE FROM STATEWIDE NOW

The post The Top 4 Home Insurance Companies in Oklahoma (updated November 14, 2023) first appeared on Statewide Insurance Agency.

Summer is officially over. A quick reminder to keep your home gutters clear from debris during the Fall!

The post Goodbye Summer…Hello Fall! first appeared on Statewide Insurance Agency.

Even a small leak can become a major problem, so knowing what you’re covered for and how to prevent water damage are equally important.  The below tips should help uncover any potential water problems down the road and keep your property dry this summer.

• Check appliance hoses.
  • Standard hoses are not as durable as they used to be. 
  • Replace rubber hoses with steel-braided hoses.
  • This is a low cost fix that can save thousands in water damage. 
• Broken tiles in the shower can allow water to leak into the walls or on the floor.
  • Replace cracked tiles and re-grout when needed. 
• Run dishwasher and washing machine only when you are home. 
  • If a leak occurs, you can turn the appliance off right away. 
• When on vacation, turn off the main water supply to your house. 
• Keep storm drains near your house clear of leaves. 
• Install a gutter guard.
  • This can prevent a rooftop disaster caused by drain clogs, and also prevents flooding by water that isn’t carried away from the house. 
• Install a water pressure gauge.
  • An inexpensive gauge can prevent damage caused by water pressure that’s too high. 
  • Pressure should be between 60 and 80 PSI. 
• Have the correct insurance coverage.
  • We currently represent and offer free Home, Auto & Renters insurance quotes from over 10 different companies!
  • By doing so, we are able to find the company that is best for you.

The post Water Damage Prevention Tips first appeared on Statewide Insurance Agency.

The post Oklahoma Home Buyers Insurance Checklist first appeared on Statewide Insurance Agency.

The post Trees and Insurance first appeared on Statewide Insurance Agency.

1. Auto insurance: Insurers determine car insurance quotes based on many factors, one of which is your driving record. It’s no surprise that these companies prefer to insure Edmond, OK residents who drive safely and file few claims. For this reason, multiple tickets and accidents on your record can result in higher premiums. How high? A speeding ticket can raise your auto insurance quote by up to 20 percent. A more serious offense, such as reckless driving or a DUI, can cause your rate to skyrocket by up to 300 percent.
2. Life insurance: Similarly, life insurance premiums are determined by your risk of dying. An unsafe driver has a higher risk of being involved in a serious accident, which can knock you down to a less preferred tier of life insurance, complete with a premium that can be several hundred dollars more per year.
3. Credit score: If you neglect to pay a ticket, like in our example above, your credit score can take a hit. Once the bill’s deadline comes and goes, fees are slapped onto the amount you already owe. You may start getting calls from collection agencies saying that you owe a huge amount, at which point you remember that bill that you set aside for later…ten weeks ago. By then, it’s too late. Your deflated credit can affect your ability to apply for a loan, credit card or even to rent an apartment.
4. License suspension: Serious driving infractions and unpaid tickets often result in the suspension of your license. In such cases, the Oklahoma DMV can refuse to register your car, which can lead to more tickets if you continue to drive an unregistered car or with a suspended license. It’s a cyclical mess that can be difficult to get out of.
5. Hard time: Hard time in jail, that is. Unpaid tickets can result in a misdemeanor charge and a warrant for your arrest. Not to mention, a DUI can land you in the slammer that same day.
6. Professional career: Losing your license can also result in the loss of your job, particularly if your job requires driving or comes with the perk of a company car. And then when you interview for a new job, some employers will turn you away if they see a DUI or other serious violations after conducting a background check.
7. Loss of rights: A DUI or other serious violation can be classified as a felony if the incident(s) resulted in severe damage or death. Convicted felons are stripped of a number of rights, such as the right to vote, hold public office, serve on a jury, receive federal aid for higher education, travel overseas etc.
8. Adoption: Adoption agencies have different policies, but many of them will look at your driving record. A DUI or other serious violation may result in an extensive interview during the home study or may result in outright refusal of your application. The more recent the violation, the more likely it is to affect your eligibility to adopt.

To get the lowest car insurance quotes possible for Oklahoma residents, always drive with caution and respect other drivers who share the road with you. If you do happen to receive a minor ticket, pay it immediately before you have the chance to forget about it. In fact, it’s so important to drive safely that many insurers offer auto insurance discounts to safe drivers. Ask your agent if you qualify for savings today!

The post 8 Ways Your Driving Record Could Injure Your Future first appeared on Statewide Insurance Agency.

Beat the Heat — and Your Air Conditioning Bill — This Summer

Did you know that, according to the U.S. Department of Energy (DOE), Americans spend about $11 billion each year on air conditioning? That might not be such a surprise if you’re the one who writes the check for your household energy bill every month.

Believe it or not, you can spend less on cooling costs while still keeping cool in Edmond, Oklahoma.

Here are 5 things to do before you reach to adjust the thermostat:

• Make sure your house isn’t part of the problem. If your home isn’t insulated and sealed well, warm air could be leaking in, sabotaging your efforts to cool things down. Make sure all cracks and openings are sealed, along with your ducts. The DOE says air loss through ducts can account for 30 percent of the energy a cooling system uses.

• Keep that breeze flowing. Natural ventilation is a great way to decrease the temperature in your home without using any energy. Open windows in the mornings or evenings when the air is cool and get a cross-breeze going throughout the house.

• Check that the heat isn’t on. You might be heating your house in the summer without realizing it. How? By using the oven, stove or other appliances that generate heat. Cook outside whenever you can, and use the dishwasher and clothes dryer at cooler times of the day if possible.

• Create your own personal cool zone. Cooling the whole house might not be necessary if you’re only using a few rooms. Set up fans (ceiling fans will allow you to set your thermostat a few degrees higher), drink plenty of cool liquids and eat cold foods, which can help lower your body temperature. You might even consider wearing a damp shirt to stay comfortable or putting an ice pack on your forehead, the back of your neck or your wrists.

• Don’t forget the basics. When it’s sunny outside, keep your curtains closed. Minimize your use of lights, as they generate heat. And, when the outside air is warmer than the air in your house, close the windows to keep the cool air in. 

We can’t promise these tips will keep you just as cool as when you kick back and turn on the AC full-blast. But saving money every month? That’s pretty cool, too.

ALL SOURCES OF INFORMATION:

• Safeco Insurance:

The post Summer Energy Savings first appeared on Statewide Insurance Agency.

Here are a few tips and tricks for saving money
on your Homeowner’s Insurance Policy. 

Do Your Research

A smart consumer will request several quotes and shop around for the best deal on their homeowner’s insurance policy. Talking with independent agents is always a good method for getting a good understanding of what constitutes the best deal taking coverage and cost into consideration. But you should also look for any discounts you can: many memberships come with insurance discounts, even wholesale club memberships like Costco and Sam’s Club.

Update Your Home

If you own or are purchasing an older home especially, talk with an agent about what modern upgrades will affect your premiums. You can make some changes that make your home safer and also save you money every month!

Brush Up on the Lingo

Sometimes, consumers choose a slightly cheaper option without knowing the real cost of the compromise in coverage. For example, consider the way your policy handles a payout. Actual Cash Value will save you a little money on your premium, but should something happen, you may find this payout inadequate. 

This is because Actual Cash Value payouts are based entirely on the current worth of the home and contents insured. In contrast, Replacement Cost will payout based on the current cost to rebuild or purchase the home and contents. This can mean a stark contrast in what your payout looks like and greatly affect your ability to recover from a disaster. 

Consider A Higher Deductible

As with any type of insurance, you can expect to lower your premium by raising your deductible. You have to consider whether this option is the best fit for you, because raising your deductible will put more financial responsibility on you than sticking with a lower deductible. Speak with an agent about how much you feel comfortable with raising your deductible up to and see how it affects your annual premium.

Add an Umbrella Policy

Although adding an additional policy made seem counter-intuitive when it comes to saving money, an umbrella policy can add extra protections that save you significant money in the future. Should you face any liability litigation, that exceeds your homeowner’s policy, you are personally and financially responsible for those costs. If you don’t have the funds available, you could be looking at wage garnishments or worse. An Umbrella policy is quite inexpensive to add and the protections it provides are more than worth it.

The post Tips and Tricks for Saving $$$ on Your Homeowner’s Insurance Policy first appeared on Statewide Insurance Agency.

Having a home safe means that not only are important documents and valuables protected from fire and theft, but that you also know exactly where they are when you need them. But, is a home safe or a safe-deposit box – or both – right for you? Let’s take a look at the advantages, disadvantages and uses of each.

Home Safes

• Advantages: They help protect against fire and theft and give you the ability to quickly and easily find important documents and other items.
• Disadvantages: If the safe can be easily pried open or carried off, your valuables aren’t actually all that safe.
• What to keep inside: Documents and other things you access regularly or might need to find quickly, such as insurance policies, medical information, investment and bank documents, wills, safe-deposit box keys, passports, fine jewelry, etc.

Safe-Deposit Boxes

• Advantages: A secure location within the bank vault makes theft very unlikely, unless someone gains access to your key. Banks likely have a lower risk of fire and other incidents than your home, as well.
• Disadvantages: You have to leave home to access important documents or valuables, and can do so only during bank hours. There’s typically a monthly or annual cost, rather than the one-time purchase of a home safe. You’ll also likely need to have an account with the bank in order to rent a safe-deposit box.
• What to keep inside: Original documents (car titles, property deeds, etc.), valuables that you don’t often display or access, your home inventory, etc.

Whichever you choose, it’s sure to beat that shoe box you’re using now to store important documents. However, neither is a substitute for having your valuables properly insured. Give us a call today to talk about your personal property coverage!

ALL SOURCES OF INFORMATION:

• Safeco Insurance

The post How Safe Are Your Valuables? first appeared on Statewide Insurance Agency.