The Journal Record: Legislation Could Affect Insurance Policies - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

NEWS

The Journal Record: Legislation Could Affect Insurance Policies For Oklahomans

Posted: Updated:
Many homes across Oklahoma received flood damage during recent storms. Many homes across Oklahoma received flood damage during recent storms.
OKLAHOMA CITY -

There is a law being proposed at the State Capitol that could impact insurance policies for Oklahomans, specifically when it comes to flooding.

Heavy rain flooded the intersection of 149th and Meridian in Oklahoma City, last week. Even a dam just south of the intersection could've broken and forced water into homes nearby. The people who live there know they're in a high risk area for flooding, and for them to own property here, most mortgage lenders require a separate insurance policy, because most insurance doesn't cover flood damage.

The National Flood Insurance Program is the underwriter of that kind of separate insurance. But Senate Bill 809 has some wording in it that could affect people's access to that program.

According to our partners at The Journal Record, that's risky, because most property owners with flood insurance won't be able to find replacement policies. The Oklahoma Insurance Department told the Journal Record scrapping the National Flood Insurance Program is a good thing, because it is deep in debt and unsustainable.

So what's the other option? Commissioner John Doak said the free market on insurance will keep prices competitive for homeowners who turn to private insurance companies.

Special Features

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

Politics

Breaking political news & the latest headlines from the state capitol & D.C.

Radars

See where weather is happening using our live interactive radars.

Technology

Spend your money wisely with reviews of new tech gadgets & the latest news in technology.

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive
Powered by Frankly
News 9
7401 N. Kelley Ave.
Oklahoma City, OK 73111
News9.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KWTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.