Introduction:
The insurance industry in Oklahoma and Texas faces unique challenges and opportunities, shaped by the economic, environmental, and regulatory landscapes of each state. From severe weather events to legislative changes, these factors significantly influence the way insurance products are priced, sold, and serviced. This blog post delves into the latest news affecting these states' insurance markets, offering a thorough analysis of current trends and what they mean for policyholders. Navigating Through Changes: Oklahoma's Insurance Landscape1. Impact of Recent Weather Events on Insurance Policies In Oklahoma, the frequency of tornadoes and severe weather conditions has a profound impact on insurance policies and premiums. Following a series of damaging storms in recent years, there's been a noticeable uptick in both the cost of premiums and the stringency of claims handling. Insurance companies are increasingly investing in advanced predictive technologies to better assess risks and adjust their policies accordingly. 2. Regulatory Reforms and Consumer Protection Initiatives Recent legislative sessions have seen significant developments aimed at enhancing consumer protection and ensuring fair practices in the insurance industry. For instance, new regulations around transparency in policy terms and claim settlement practices have been introduced, aiming to make insurance more user-friendly and less cumbersome for Oklahomans. Texas: A Dynamic Market with Emerging Opportunities1. The Rise of Tech-Driven Insurance Solutions Texas has emerged as a hotspot for insurance technology innovations, with several startups and established companies introducing solutions that range from mobile apps for claims handling to AI-driven risk assessment tools. These advancements are not only making insurance more accessible but are also helping insurers reduce costs and improve customer satisfaction. 2. Legislative Changes Impacting the Insurance Sector The Texas legislature has been active in passing laws that directly impact the insurance sector. One notable development is the amendment of laws related to windstorm insurance, particularly in coastal areas that are prone to hurricanes. These changes aim to balance affordability for consumers with the financial stability of insurance providers. What This Means for PolicyholdersFor residents of Oklahoma and Texas, these changes mean they must stay vigilant and informed about their insurance choices. Understanding the local insurance landscape can help policyholders make better decisions and potentially save money. Moreover, with the rise of tech-driven solutions, customers have more tools at their disposal to manage their policies and claims more efficiently. ConclusionThe insurance markets in Oklahoma and Texas are characterized by rapid changes and significant opportunities. For policyholders, staying updated on these developments is crucial in navigating the complexities of insurance. As the market continues to evolve, both challenges and opportunities will likely surface, requiring consumers, businesses, and regulators to adapt and innovate. For more detailed insights into specific insurance news items or to learn how these trends might directly affect you, staying connected with local news and consulting with insurance experts is advisable. Remember, an informed choice is always a safer choice in the ever-changing world of insurance. Further Reading and Resources
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Introduction: Residents of Oklahoma and Texas are no strangers to severe weather, particularly during storm season. With the 2024 storm season on the horizon, it's crucial to look ahead and prepare for the expected weather patterns that could impact these areas significantly. This blog post offers a comprehensive outlook on the upcoming storm season, detailing meteorological expectations and providing essential tips on how to safeguard your property and ensure your insurance policies are robust enough to provide the necessary coverage.
Understanding the 2024 Storm Forecast for Oklahoma and Texas: Meteorological Predictions: The 2024 storm outlook for Oklahoma and Texas indicates an active season, with an above-average number of severe weather events predicted. Experts from the National Weather Service and various meteorological agencies point to a combination of La Niña conditions and warmer Gulf waters as key factors contributing to increased storm activity. This includes potential for more frequent and more intense thunderstorms, hail events, and an elevated risk of tornadoes, particularly in the Tornado Alley region which prominently includes parts of both states. Factors Influencing This Year's Storm Season:
Preparation and Insurance Considerations:
Conclusion: Preparing for the 2024 storm season in Oklahoma and Texas is critical due to the predicted increase in severe weather events. By understanding the meteorological outlook, securing your property, and ensuring your insurance is up to date, you can mitigate the risks and protect your family and investments. Remember, the time to prepare is now, before the skies darken and the first warnings sound. FAQs About Storm Preparation and Insurance:
Introduction:
In the current economic climate, it's not uncommon to see a significant uptick in home and auto insurance rates, which can strain personal finances. This blog post aims to dissect the reasons behind these rising costs and equip you with strategies to counteract them, potentially leading to better rates and more manageable insurance expenses. Why Are Home and Auto Insurance Rates Increasing?
Navigating the landscape of rising home and auto insurance rates requires a proactive approach to understanding the factors at play and utilizing strategies to mitigate these costs. By staying informed and actively managing your insurance policies, you can find ways to maintain affordable coverage without compromising on your needs. FAQs About Home and Auto Insurance Rates:
Driving without full attention on the road has become increasingly problematic on US roadways. Policyholders can proactively increase safety and reduce insurance costs as the government, insurers, and technology companies confront this growing threat. The first step is understanding the issue. What is distracted driving?Any activity that pulls a driver's focus away from operating the vehicle is considered distracted driving. Many people may know that this behavior includes texting and rubbernecking (e.g., staring at accidents or scenery). However, talking on the phone or to other passengers, eating, drinking, reaching for something in the car, or engaging with navigation or entertainment systems can derail concentration, too. A complete list of potential diversions may not be possible, but it can be helpful to remember three main categories:
Has distracted driving increased?Data from telematics service provider Cambridge Mobile Telematics (CMT) suggests that distracted driving in the United States rose more than 20 percent from February 2020 to February 2022. This dramatic upward shift emerged as traffic levels rebounded following the initial months of the pandemic. Again, the involvement of distraction in crashes, fatal or not, may be underreported. However, CMT estimates that "every 10 percent increase in distracted driving kills over 420 people and costs the American economy $4 billion every year." Does distracted driving increase insurance costs?Driving without full attention on the road is a safety hazard that can also affect your insurance rates. The risk of traffic violations and collisions increases when a driver loses focus. Although laws vary by state, inattentive behavior, such as texting while driving, may lead to points on your license. Such incidents can cause your auto insurance premium to rise, even if no one is physically hurt. Does cell phone use increase driver distraction?The GHSA study found that cell phone use–dialing, texting, and browsing–were among the most prevalent and highest-risk behaviors. In 2020, cell phone use caused 11 percent of fatal crashes, resulting in 354 deaths in the US, according to the NHTSA. Who is most at risk for distracted driving?It may be no surprise that younger drivers are the most likely demographic to find themselves involved in dangerous accidents because they took their attention off the road. According to GHSA data, drivers aged 15 to 20 years ranked as the highest risk for distraction at the time of a fatal crash. Therefore, parents of teen drivers should consider:
What is telematics and can it help curb distracted driving and save on insurance costs?Insurers value information about driving behavior as a predictor of risk. Telematics is a technology that insurers can use to understand your risk profile and tailor auto insurance rates based on your driving habits. Policies involving telematics are also sometimes called usage-based insurance (UBI) because these capture and evaluate how you use your car. While traditional auto insurance rates rely on historical studies of factors such as a driving record and credit-based insurance score, telematics programs are designed to consider driver habits and other aspects of vehicle operation. The information collected by telematics varies by insurer but can include rapid acceleration, hard braking, hard cornering, airbag deployment, time of day, and more. The data is analyzed to provide a sharper risk assessment and can lead to insurance savings for the monitored driver. Does telematics help with driving safety?A survey from the Insurance Research Council found that 45 percent of drivers said they made significant safety-related changes in how they drove after participating in a telematics program. Another 35 percent said they made small changes in their driving behavior. Policyholders' comfort with allowing their driving behavior to be monitored in exchange for potentially lower insurance costs appeared to improve during the onset of the pandemic. In May 2019, Arity, a mobility data and analytics firm, surveyed 875 licensed drivers over the age of 18 to find out how comfortable they would be in having their insurance costs adjusted based on telematics variables. Between 30 and 40 percent said they would be either "very" or "extremely comfortable" sharing this data. In May 2020, Arity reran the survey with over 1,000 licensed drivers, and the results indicated a year-over-year increase of more than 12 percent. Learn more:Background on: Pay-as-you drive auto insurance (telematics) https://www.travelers.com/travelers-institute/distracted-driving Distracted driving (iihs.org) Distracted Driving Awareness Month - National Safety Council (nsc.org) April Is Distracted Driving Awareness Month | NHTSA Triple-I Issues Brief: Distracted Driving: State of the Risk Source: https://www.iii.org/ “No winter lasts forever; no spring skips its turn.”
That’s a quote from author Hal Borland — but another favorite saying might be even more appropriate for this time of year: “Be prepared.” After all, warmer weather brings plenty of risk to go with its beauty. If you aren’t ready, you could find yourself with more spring cleaning than you bargained for after heavy rains, hailstorms, and other hazards. Here are five things you can do to get yourself and your property all set for the season. 1. Give your home’s exterior a check-up. This includes your roof, gutters, downspouts, and even your paint. Look for shingles that have come loose, or spots where any have blown away. You’ll want to get those fixed as soon as possible, before moisture starts getting in. Gutters and downspouts should be clear of debris, and if winter weather has worn your home’s paint down in spots, touch it up because exposed wood can lead to rot. Don’t forget your windows, either. Give them a good cleaning, and while you’re at it, make sure the screens are intact and the seals are still solid. 2. Prepare for extreme weather. The maintenance tips above will help with that, but it’s important for you and your family to be as ready as your home. Make sure you have an emergency survival kit and a disaster plan so everyone knows what to do when something unexpected happens. Learn about what to do both before and after heavy rains, hail, flooding, and tornadoes whether you think you’re at risk or not. 3. Get your outdoor appliances and tools ready. Now is the time to get your air conditioner serviced, so it’s operating perfectly when the weather heats up and you really need it. It’s a good idea to clean out the grill, too. Take care to check for cracked or leaky lines if you cook with gas. A little love now will go a long way in the coming months for yard tools like lawnmowers and hedge trimmers. 4. Don’t forget your home’s interior — including the attic. Yes, spring is the time when everybody vows to clean out the junk and get organized. If that’s on your list, good for you. At the very least, you should check on a few things inside, even if you aren’t tackling a deep clean. Look in the attic for any issues, such as moisture or signs of wildlife who got in to escape the winter cold. Clean up any droppings and seal up any openings. Around the rest of the house, see if you’ve got air leaks, which can drive up your energy bills. And don’t forget to change your smoke-detector batteries when the clocks spring forward! 5. Make this the year you do a home inventory. You’re taking steps to protect your home, which also helps to protect all of the stuff inside it. But what if something happened and you lost everything? Would you remember everything you had? Spring is the perfect time to do a home inventory — while that doesn’t protect your stuff, it does make replacing your possessions a whole lot easier after a disaster. If you’re handling spring-cleaning duties, take some time to jot down some notes and take pictures of your stuff (or better yet, use an app). If you’re not quite in spring-cleaning mode, try starting an inventory anyway; you just might be inspired to get organized! Purchasing the homeowners insurance that is right for you and your home can be confusing, especially for first-time buyers. By learning the basics on how to get the most for your money, you can save on your homeowners insurance and feel confident you have adequate coverage. Wichita Insurance, a leading provider of homeowners and auto insurance in Texoma, offer these tips to lead you in the right direction when you purchase your homeowners insurance.
Shop around. In addition to considering friends, family, the phone book or the Internet as possible sources to find homeowners insurance, consult with an independent insurance agent. Look for a wide range of prices from several companies. Remember, you get what you pay for, so look for not only a fair price but excellent service as well. Check a company’s financial rating with A.M. Best or Standard & Poor’s. Raise your deductible. Companies generally have deductibles (what you pay before your insurance policy kicks in) starting at $250. By choosing a higher deductible ($500, $750, $1,000 or higher), you’ll have lower annual premium payments. Consider how much insuring a new home will be. The age of your home may qualify you for savings because plumbing, heating and electrical systems of newer homes have lower risks than outdated systems. Construction of the home (brick versus wooden frame) can affect your cost as well, depending on your home’s location. Also, if you live near your local fire department, your homeowners rates might be lower than if you are many miles away. Insure your home, not your land. Since homeowners policies don’t provide protection for your land, it would be a waste of money to include its value as part of your dwelling coverage, which should only reflect the price it would cost to repair or replace your home’s structure. Insure your car and home with the same company. You can save money if you have more than one type of policy with the same insurance company. The more good business you give the company, the more valuable you are as a customer. Improve home security and safety. If your home has certain types of fire alarms, burglar alarms, locks, or smoke detectors, you’ve reduced your risk and may qualify for a credit. Look for senior discounts. If you are at least 55 years old and retired, your insurance company may offer you a discount. Retirees often spend more time at home and are more likely to spot trouble and prevent a loss. Look for group coverage. Many insurance companies offer discounts to groups such as alumni or business associations. Check with your association director or employer to see if they offer a plan. Stay with one insurer. If you keep your coverage under one insurer for several years, you may be offered a discount from the company. The longer you are a customer, the more money you will likely end up saving. Compare the limits in your policy to the value of your possessions at least once a year. If you make any major purchases or additions, you want to ensure they will be covered, but you do not want to spend more than is necessary. How to Stay Safe After a Winter Car Accident
The days are short. The air is cold. And, roads are often slick with rain, snow or ice. It’s winter driving season in Texoma. And, while most people know what to do to try to avoid an accident, many don’t know what to do after one. It’s vital knowledge to have, because the aftermath of a crash can be just as dangerous as the crash itself — especially when it’s cold and snowy. Here are five things to do (or not do) if you’re in an accident this winter to help keep yourself and others safe:
It’s not always easy, but keeping a cool head after an accident will do more than help everyone get through a stressful situation — it will help keep everyone safer, too. And, remember, if something does happen on the road this winter, your Wichita Insurance agent is here to help with your auto accident claim. If you’re unsure whether you’re carrying the right coverage, call now before it’s too late! 4 Things to Know About Taxes and Identity Theft
In 2014, almost 18 million people in the U.S. were victims of identity theft. Two-thirds of them said they suffered a direct financial loss because of it, according to the Bureau of Justice Statistics (BJS). During tax season, your personal information is particularly vulnerable. After all, your Social Security number (SSN) is on W-2 forms, your tax return and other financial documents being sent through the mail, transported to accountants and otherwise used to complete your annual IRS ritual. So it’s a good time of the year to be especially vigilant. To help, here are four things you should know about identity theft — from what thieves can do to how you can help protect yourself — from the Internal Revenue Service (IRS) and Federal Trade Commission:
Protecting your identity is, of course, something to be mindful of all year round – not just during tax season. For more tips, visit IdentityTheft.gov. And, to discuss adding identity protection coverage to your home insurance policy, contact us at Wichita Insurance today. |
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