BIG PART OF THE PROBLEM WITH INSURANCE / From the desk of Nick Coffey
O ut here, we know storms. We watch the sky, help our neighbors, and fix what breaks. What we don’t expect is an insurance bill that knocks us flat.
I’m Nick Coffey. I’m a prosecutor, not a politician. I grew up with the same kitchen-table math you do: check comes in, bills go out, hope there’s enough for the kids’ shoes. Lately that math isn’t working. Home insurance in Oklahoma keeps shooting up, and families are getting squeezed.
We’re told it’s all because of hail and tornadoes. Sure, weather matters — in Oklahoma, we get that. But states with the same storms aren’t paying what we’re paying. If the story doesn’t add up, somebody needs to check the numbers. Right now, premiums cost consumers an average of 9.3% of household income– the highest share nationwide — and a 54.5% increase since 2020.
Here’s a big part of the problem. In Oklahoma, insurance companies can file a new rate and start charging it right away. They don’t have to prove first that it’s fair. The law also assumes our market is “competitive,” which ties the state’s hands. But almost no one ever tests whether that competition is real. In more than a hundred years, the state has challenged that assumption only once. That’s not good enough.
Some simple fixes would help. Make companies show their math before a hike. Have state experts review those hikes right away. Stop using credit scores to jack up rates. And when profits run hot, send money back to policyholders. Texans already get some of these protections. Oklahomans should too.
There’s another piece of this puzzle. The Insurance Commissioner is supposed to watch the market and keep a public record to prove it. When every company raises prices and deductibles at the same time, the Commissioner should explain — on paper — why that’s still fair. Right now, families are told, “Trust us.” but we shouldn’t have to just take anyone’s word for it.
As Attorney General, my job is simple: make sure everyone follows the law — insurance companies, state officials, everybody. No special deals. No winks and nods. If you want more of a family’s money, you must prove you need it. If you make a decision that hits folks’ wallets, you must put the facts on the record. The law says the Insurance Commissioner can’t continue “presuming” the market is competitive when the facts show otherwise.
Oklahomans work hard and play by the rules. It’s time our insurance system did the same. Let’s bring common sense back, lower the heat on premiums, and give homeowners a fair shake. That’s the job. I intend to do it.
