Cheapest Homeowners Insurance In Oklahoma – Homeownership has long been a staple of the American dream. But for many Americans, it’s a milestone that’s increasingly difficult to achieve. According to the Case-Shiller National Home Price Index, home prices have nearly doubled in the past decade.
The housing market went into a buying frenzy when mortgage rates fell to record lows in 2020 and 2021. Homebuyers rushed to close at rates of 2% to 3%, often paying more than asking or buying sight unseen.
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Nearly 75% of people who bought real estate in 2020 and 2021 regretted their purchase, and 30% said they spent too much money, according to Anytime Estimate’s 2022 survey of U.S. homebuyers.
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The rising cost of home insurance is another obstacle, especially for homebuyers who have pushed their budgets to the limit to secure a low mortgage rate.
The data science team analyzed home insurance costs by state for an average of $300,000 worth of home insurance in the United States and compared local wage growth to the rate of price increases to determine the cheapest and most expensive states for home insurance. Comparing housing availability by state, the model appears to be among the most expensive.
As climate change progresses, the frequency and severity of destructive weather events will increase, making many areas risky and unprofitable for insurance companies. The weather disaster is causing an insurance crisis in California and Florida, with many insurers not contacting customers or leaving the state altogether.
In states with less extreme weather, insurance premiums may not rise, but “no part of the country is safe from a weather disaster,” the First Street Foundation’s Climate Abandonment Area report warns.
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*The accessibility score is based on a scale of 0 to 100, with 100 being the most accessible and 0 being the least accessible.
Several major home insurers have stopped renewing some policies or withdrawn from Florida altogether, and rates are set to rise 14% by 2023, making Florida the most expensive state in which to get home insurance.
Progressive also failed to renew approximately 100,000 high-risk home policies. With few private options for homeowners insurance, more than 1.4 million homeowners have turned to the nonprofit Citizens Property Insurance Company, Florida’s Ultimate Insurance Center.
Insurance fraud is also causing rates to rise in the state. Bankers Insurance Group has stopped writing home insurance policies in Florida due to fraud.
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Last year, the Florida government passed several laws aimed at combating complex lawsuits and stabilizing the insurance industry.
Average annual home insurance premiums in Oklahoma rose 24% in 2023 and ranked second in the nation. When asked about the reason for the increase in home insurance costs, Oklahoma Insurance Commissioner Glen Mulready told Oklahoma’s News 4 that “the most important word is going to be time.” Mulready also mentioned the increase in the cost of building materials due to inflation.
In February 2023, tornadoes and storms produced winds of 55 to 80 miles per hour and hail the size of golf balls.
Last June, severe storms caused an estimated $3.8 billion in damage in the central and southern regions. In the US, most of the damage from June’s storms occurred in Oklahoma, the agency (NOAA) said.
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According to the US Census Bureau, the median home value in Oklahoma is nearly 50% below the national average. However, rising insurance rates mean that homeownership in Oklahoma is not as expensive as property values suggest.
Homeowners in Mississippi could see their insurance rates increase by an average of 23% in 2023. That increase is likely due to what the National Weather Service called “unprecedented, historically destructive weather” in the Deep South in June 2023.
According to the Council on Social and Economic Research (C2ER), Mississippi has the second lowest cost of living in the United States. However, according to the US Census Bureau, the median household income in Mississippi is $52,985, and nearly 20% of the population lives in poverty. Home insurance rates in Mississippi will increase by 433% relative to state revenues by 2023.
Home insurance rates in Texas will rise 18% through 2023 – 452% more than wage growth. The state experienced 16 extreme weather events in 2023, each causing more than $1 billion in damage in the United States. In total, these weather events cost $56.9 billion, according to NOAA.
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Texas regulators have approved several major home insurance rate increases in the first half of 2023, according to an analysis by S&P Global.
Home insurance in Texas now costs almost $4,000 per year. Texas is prone to hurricanes and flooding, resulting in expensive insurance claims. Residents may continue to see price increases as climate change increases the severity of extreme weather events.
Kansas home insurance rates to increase 19% in 2023 due to severe weather In July, FEMA declared a major disaster for 20 Kansas counties hit by storms, winds, tornadoes and flooding. Last October, high winds and baseball-sized hail destroyed 70% of homes in Lewis, Kansas, local KSN reported.
Kansas is also prone to wildfires, especially during extended droughts. Gov. Laura Kelly declared states of emergency in April, June and September as authorities battled wildfires across the state.
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According to the US Census Bureau, the average home value in Kansas is 40% below the national median. However, because home insurance rates in the state are 83% higher than the national average, buying a home in Kansas may not be the bargain it first seems.
Homeowners insurance rates in Georgia are expected to rise 17% by 2023. Median household income is expected to rise by just 2.6%, according to wage growth estimates from the Bureau of Labor Statistics (BLS) and data from the US Census Bureau.
Hurricane Idalia hit the state, but it wasn’t the only bad weather last year. In total, Georgia has experienced 12 natural disasters that will cause at least $1 billion in damage by 2023, for a total of $38 billion, according to NOAA.
In June, Farmers Insurance tried not to renew policies on Georgia homes with roofs more than 15 years old. After Georgia Insurance and Safety Commissioner John King said the effort was “in violation of Georgia law,” Farmers canceled the plan.
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Homeowners insurance in Nebraska is almost twice as expensive as the national average. The average annual rate will increase by 14% in 2023.
Like many states in the Great Plains, Nebraska experiences extreme weather events in every season. Snow, ice storms and blizzards are common in winter. During the warm months, the state is prone to hail, flash flooding, wind and tornado. In October 2023, high winds toppled power lines and trees in eastern Nebraska, and a storm from the Central Rockies delivered quarter-sized hail.
According to NOAA’s National Center for Environmental Information (NCEI), temperatures in Nebraska are now roughly comparable to the Dust Bowl of the 1930s and have risen more than 1.6 degrees Celsius since the 20th century.
Unlike the other states included in this study, home insurance rates in Massachusetts are lower than the national average. However, costs have risen 582% higher than state revenues – the largest difference between insurance rate increases and wage growth in 2023.
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Massachusetts experienced flooding in the summer of 2023, the second wettest area after Boston. Separate flood insurance, rather than standard home insurance, usually covers flooding. Massachusetts faces other challenges, including severe storms, rising heat and fire danger.
The plan aims to protect Massachusetts properties from climate change by improving building codes and considering buyout programs for high-risk areas.
New York is home to the most expensive metro area in the United States (New York City), according to the Council on Social and Economic Research’s (C2ER) Cost of Living Index.
The overall cost of living isn’t the only factor driving up prices. Severe flooding hit the lower Hudson Valley in July 2023, and heavy rains shut down parts of the New York City subway system, flooded streets and highways, and delayed flights in September 2023.
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In addition, New York continues to experience damage, with several heavy snowstorms causing property damage. After the 2022 Christmas storm, Buffalo residents are asking their city to pay for at least $248,000 in property damage caused by the storm, the Buffalo News reported. The occurrence of such weather conditions increases the risk of claims and therefore the home insurance rates.
Premiums in Colorado have risen sharply in recent years as insurers struggle to make profits, according to an insurance study by the Colorado Department of Home Insurance.
Wildfires have increased damage rates, and villages in high-risk areas could face reduced management options if the trend continues.
Colorado has experienced years of cold, variable temperatures and heavy rainfall in 2023. The state experienced its fourth wettest May on record. The following month, 3 to 4 inches of hail hit the eastern plains.
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Mr. Dr. Russ Schumacher, a Colorado climate expert, told ABC Denver 7. “Wet years are wet, dry years are dry. Maybe the average doesn’t change much, but eventually you get more change and worse,” Schumacher said.
Homeowners in New Hampshire pay more than 30% less for home insurance than the state average. A number of factors can influence the low government costs. According to FBI crime statistics, New Hampshire’s robbery rate is 72.8 percent below the national average.
Insurers often take credit history into account when setting rates, which can contribute to greater financial stability
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