Your Money Matters: How Inflation Is Impacting Homeowners' Insurance Costs

Homeowners' insurance rates are going up across the country, and customers in Oklahoma are seeing increases of as much as 30%.

The Oklahoma Insurance Department said that's because insurance companies are paying more to replace and repair damages due to inflation.

The department said that 80% of the claims that occur in Oklahoma are for roofs, which can be expensive.

Glen Mulready, Oklahoma Insurance Commissioner, stated, "Last year, 2023, you take our top 20 insurance companies that represent 85% of our market share. For every dollar that they took in, they paid out $1.34, so they're trying to catch up from a rate standpoint on what the losses have been."

The Oklahoma Insurance Department has help available online and in person to answer questions about insurance.