Oklahoma Flood Insurance Rate Increases in October
The Oklahoma Department of Insurance says flood insurance administered by the National Flood Insurance Program is set to increase rates for new and renewal policies effective Oct. 1.
Flood insurance is offered to homeowners, renters and business owners to protect against damages that are not covered by standard homeowners or renter insurance policies in the event of a flood.
The rate increases are part of the key provisions in the Flood Insurance Reform Act of 2012. The legislation extends NFIP until September 2017. In addition to raising rates, the legislation includes phasing out subsidies on properties with repetitive losses, allowing coverage availability for multifamily properties and minimum deductibles for flood claims.
The Federal Emergency Management Agency estimates the current average homeowner’s flood insurance premium to be about $500 a year.
- Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says
- Insurers: French Supermarkets’ Cyber Insurance Unlikely to Cover Food Losses
- KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event
- Adjuster Created Law Firm and Fake Claim to Defraud Insurer of $1M, Officials Charge