ADAMS, SNEED TO STUDY RISING HOMEOWNERS INSURANCE COSTS

The following information was released by the Oklahoma House of Representatives:

Reps. Stacy Jo Adams, R-Duncan, and Chris Sneed, R-Fort Gibson, will lead an interim study examining the factors contributing to rising homeowners' insurance costs in Oklahoma.

The lawmakers will bring together insurance professionals, contractors, builders, real estate professionals, adjusters, consumer advocates and homeowners to better understand why Oklahoma consistently ranks among the states with the highest homeowner's insurance premiums.

"This issue hits close to home for me in more than one way," Adams said. "As a customer-facing insurance agent and a state representative, I hear the frustration across the desk and across the district. I see customers opening their renewal notices and wondering why their homeowner's insurance premiums have increased again. I also hear from constituents who simply want to know why it costs so much to protect the homes they've worked so hard to build. I want answers too."

The study will examine property values, construction materials, labor expenses and severe weather losses. Adams and Sneed also plan to consider the cost of replacing roofs through insurance claims compared with similar work during new construction.

"Our plan for this study is to dig into the costs that may not be as obvious," Sneed said. "We know property values have increased significantly, building materials and labor cost more and we know storms seem to love Oklahoma. There has to be additional factors driving these prices, and we intend to cover all our bases."

Additional topics will include litigation and legal expenses, reinsurance, building codes, fraud and regulatory requirements.

"We are approaching this study without a predetermined conclusion," Adams said. "Some factors may be outside Oklahoma's control, while others may present opportunities for reform. Our goal is to follow the data, separate fact from assumption and identify practical solutions that could make a difference for Oklahoma families."

The interim study period begins Monday, Aug. 3, and ends Friday, Oct. 30. Interim studies allow lawmakers to examine policy issues in greater detail outside the regular legislative session. The date and meeting details for the study will be announced at a later date.