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Homeowners insurance premiums in Oklahoma are rising for many reasons

Homeowners insurance premiums in Oklahoma are rising for many reasons

Homeowners insurance premiums in Oklahoma are rising for many reasons
News from Live Insurance News:

Homeowners insurance policyholders in Oklahoma are now facing premiums that have risen by ten percent, and many are wondering what is behind this significant increase.

In this case, the traditional explanations that would justify a rate hike don’t seem to apply.

As materials and labor remaining about the same due to the current economy, and inflation is low – according to the government – many are struggling to see what could possibly be behind a homeowners insurance rate increase the size of the one that was just experienced.

According to the homeowners insurance section of the official state industry website, there have been changes.

The Oklahoma Insurance Department’s site has stated that if the “declaration page” from 2011 is compared with the “renewal declaration” this year, the justifications for the increases are presented.

To begin, the policyholders with “replacement cost” homeowners insurance coverage will be seeing increases in their premiums because the cost of rebuilding of the homes themselves are on the rise. This means that it must keep up with the inflation of labor, materials and construction c…………… continues on Live Insurance News

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