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


The Journal Record: Legislation Could Affect Insurance Policies For Oklahomans

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Many homes across Oklahoma received flood damage during recent storms. Many homes across Oklahoma received flood damage during recent storms.

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.

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