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Understanding the Changing Dynamics:

The escalating cost of claims over the past two years has forced carriers’ hands, pushing them to either raise premiums or withdraw from certain markets. In some states, carriers have been met with rate increase application denials, compelling them to halt new business entirely.

Impact on Policyholders:

Home and auto insurance policyholders are experiencing the direct impact of these changes. Premiums are surging, and for those who haven’t seen increases yet, it’s a matter of time. The adjustments are driven by operational necessity rather than personal factors, such as previous claims history.

Factors Driving Cost Escalation:

Several factors contribute to the cost escalation:

• Home rebuild costs have surged due to rising material and labor expenses, compounded by supply chain disruptions.
• Auto repair costs are escalating due to pricier auto parts and advanced technology features integrated into vehicles.
• Soaring medical care costs have elevated bodily injury claims stemming from auto accidents.
• Escalating litigation expenses and settlements are becoming commonplace.
• The post-COVID landscape has seen a spike in both the frequency and severity of auto accidents and fatalities.
• Reinsurance, the cushion against catastrophic loss, is nearing capacity in several markets, contributing to unsustainable rate increases.

Looking Ahead:

The industry anticipates ongoing pricing adjustments at least until 2024. The impacts won’t be eternal, but they’re here for now.

Navigating the Challenges:

In this challenging insurance landscape, homeowners and drivers can take proactive steps to navigate the situation:

• Opt for higher deductibles to potentially save on policy costs.
• Explore safe driving telematic programs for discounts.
• Review available discounts with your agent to maximize savings.
• Ensure continuous coverage to avoid more stringent reinstatement requirements.
• Consider bundling auto and home insurance for added benefits and stability.
• Maintain tenure with a carrier for long-term benefits.
• Adhere to traffic laws to avoid tickets and associated rate hikes.
• Strategically use your insurance coverage for catastrophic losses, absorbing small claims when feasible.

Remember, your insurance agent is here to guide you through these changes. They are committed to supporting you despite facing the same challenges.

The changing landscape of home and auto insurance underscores the importance of proactive steps and understanding the factors contributing to rising costs. By aligning your approach with the shifting dynamics and relying on expert guidance, you can navigate these changes while optimizing your coverage and cost-saving opportunities. Call us today at Statewide Insurance Agency to learn more and evaluate your current policy.

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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.  

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Saving Money on Auto Insurance – Auto insurance is a necessity, but it doesn’t have to cost a fortune. This video includes 5 simple steps to saving money on Auto Insurance. We’ve also included more tips for cutting insurance costs below.

Shop Around – The easiest way to save on high risk auto insurance is shopping around. Obtain as many auto insurance coverage quotes as possible. Since there are a myriad of alternatives accessible in the insurance marketplace today, you have the luxury of comparing different rates and opting for the most affordable option.

Take Control Of Your Rates – Being in control of your rates can also help lower the cost of car insurance. Tickets as well as accidents which are no longer paid for should be taken off the coverage at the right time. Each time changes are made to your status, obtain a few quotes and compare the different rates. Perhaps, you will be able to find a plan that allows you to save.

Buy A Cheap Car – The more expensive a car is, the more you will pay in insurance premiums.

Cover Less Miles In A Year – Try to keep your mileage to the minimum. Drivers who cover less than 10,000 miles in a year are more likely to qualify for reduced insurance rates. The more time you spend on the road, the more likely you are to be involved in an accident.

Park Your Car In A Safe Area – Burglary and accidental damages are just some of the factors that can increase your insurance premiums. Cars parked inside a garage or on a driveway are less likely to be broken into or damaged which results in a 4% to 6% decline in insurance costs.

Exercise Caution While Driving – Careless driving will result in additional points in your license. As a result, you will be expected to pay more in insurance premiums. Whereas points attributed to speeding tends to remain on a driver’s license for at least 4 years, insurance companies will confirm if there have been convictions in the past 5 years prior to deleting them from your record.

Install Security Systems In Your Car – Installing security systems, for example, car alarms and anti-lock brakes in your car can also help in lowering your risks.

Avoid Making Changes to Your Car – Do not make changes to your car before informing your insurance provider. Modifications refer to anything that will alter the original specifications, for example, fitting allow rims.

Call Statewide Insurance Agency today for more information on saving money on your Oklahoma car insurance quotes, or visit us online to receive a no-obligation quote.

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

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