FISHER SAYS OKLAHOMANS ARE SAFE

In response to Farmers’ notification that it won’t be renewing homeowners polices for its Texas customers, Oklahoma Insurance Commissioner Carroll Fisher issued an announcement clarifying that consumers in his state are protected from problems faced by homeowners in Texas. Fisher said officials with Farmers Insurance Group met with Oklahoma Insurance Department staff to assure them the company has no intentions of making a similar move in the state. According to Fisher, Farmers is in a much better financial position in Oklahoma than it was in Texas. Additionally, he has worked to attract insurance companies to do business in Oklahoma, which maybe part of the reason Texans pay substantially higher rates than Oklahomans, Fisher said. He noted that Texas has a number of problems in the homeowners insurance market not faced by Oklahomans. The state’s rate making systems are different, Oklahoma has triple the number of homeowners insurers and has so far not been plagued by the mold crisis.

Topics Texas Homeowners Oklahoma