USAA

Oklahoma Leads Nation in Insurance Costs, leaving Residents to Bear the Burden

OKLAHOMA CITY – Oklahoma has earned the dubious distinction of leading the nation in insurance costs, a situation one former state representative calls unsustainable and demanding immediate attention. The state’s No. 1 ranking isn’t a source of pride, but a signal of a broken system where Oklahomans are increasingly shouldering the financial risk while insurance companies reap the profits.

Former Representative Mark McBride, a Republican who served in the House from 2012-2024, highlighted the crisis, noting the need for residents to actively shop for better rates. “I’ve had to spend time shopping around myself, and I encourage everyone to do the same. Don’t just take the first quote.Compare. Push back. Sometimes you can find a better deal with a regional company or through an independent agent – it takes work, but it can save you thousands,” McBride wrote in an opinion piece.

The escalating costs impact homeowners, builders, and investors across the state, fueled by factors like increased severe weather events. While natural disasters like tornadoes are unavoidable, McBride argues that fairness can be demanded through greater transparency in rate setting, stronger regulatory oversight, and a comprehensive discussion on maintaining affordable and accessible insurance coverage.

“We can’t stop tornadoes, but we can demand fairness,” McBride stated. “That means more transparency in how these rates are set, stronger oversight from regulators, and a real conversation about how to keep homes insurable without bankrupting the people who live in them.”

McBride frames the current situation as one where insurance is meant to protect families, not penalize them. He emphasizes that addressing the issue is the duty of oklahomans, not reliant on mythical figures like Pecos Bill. “And while we can’t rope the wind or harness a tornado, we can sure address this mess.”

Approximately 300,000 Oklahomans are facing surging health insurance costs alongside rising property insurance premiums, compounding the financial strain on residents.The situation underscores a growing concern about the affordability of living in Oklahoma and the need for systemic changes within the insurance industry.