If you reside in Oklahoma, then you know how expensive insurance can be, especially in recent times. And, industry experts forecast that insurance premiums on property will continue to rise.
In 2017, an estimated $135 billion was paid out by insurance companies for damages suffered from earthquakes, as well as hurricanes and wildfires, across North America.
Surely, the insurance companies have to recover from these losses. So, it’s logical to expect an increase in insurance rates, an effect that is even worse in disaster-prone areas like Oklahoma.
These rates will continue to shoot upwards, and here’s why:
The periods from March through June are usually marked by highly active, severe weather in Oklahoma City. Oklahoma lies in the heart of Tornado Alley, making the area prone to severe and frequent hailstorms, tornadoes, and derechos (severely damaging windstorms) occasionally.
In Oklahoma City, in particular, tornadoes are a frequent occurrence with some even showing up between September and October.
The metro area happens to be among the major cities prone to tornado occurrences, a phenomenon that was even worse in 2019 when the state recorded more than 140 tornadoes.
