Edmond Insurance Agent Expresses Concerns Over Oklahoma Insurance Department-Backed Bill

The Oklahoma Insurance Department said a new bill would help homes hold up better under spring weather, but one Oklahoma City metro insurance agent said they have some concerns.

Friday, March 22nd 2024, 6:03 am



The Oklahoma Insurance Department is backing a bill that to help homeowners retrofit their homes with impact-resistant shingles.

The department said the this would help homes hold up better under spring weather in Oklahoma, and supporters of the bill say homeowners could save up to 42% on their insurance premiums.

However, one Oklahoma City metro insurance agent said they have some concerns.

Jeffery Stokes, the owner of Goosehead insurance in Edmond, said this is good money going after bad money, and that while the Strengthen Oklahoma Homes Act claims there are large discounts, most insurance carriers do not offer that.

According to House Bill 3089, the grant program would set aside taxpayer funds to help owners pay for the upcharge to get impact-resistant shingles and longer-lasting roofs.

The cost of an impact-resistant roof can be as much as $5,000 more according to Stokes.

Stokes said the consumer would get a more durable roof, but says their insurance may not cover it past a certain number of years.

JEFFEREY STOKES , OWNER GOOSEHEAD INSURANCE

“The replacement of the roof is going off of the insurance company onto the homeowner," Stokes said. "Because at the end of the day, what’s happening is the roof is gonna be on there for 12 to 15 years. Well, if I can only replace it at 10 and then it goes to a depreciated value, you as a homeowner are going to be increasing your cost out of pocket”

Stokes said the Oklahoma Insurance Department told him the savings would come in lowered premiums, and the fact that homeowners would not have to replace their roofs as often.

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