Budget More for Home Insurance

Home insurance rates are climbing due to a rising number of natural disasters. As a result, homeowners, particularly those located in some at-risk markets, will need to brace for higher costs.

In 2018, there were 850 “natural catastrophes” worldwide that totaled some $350 billion, up from 500 disasters a decade earlier, the Insurance Information Institute reports.

Oklahoma homeowners are seeing some of the largest increases in home insurance rates in the nation. Costs have surged by 78%, or $821, since 2007. On average, an Oklahoma homeowner pays more than $1,800 annually for a premium. That is up from $1,054 a decade ago, according to QuoteWizard. Oklahoma has seen 192 natural disasters since 1955.

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