Insurance Commissioner John D. Doak has issued a bulletin to all Oklahoma-licensed property and casualty insurers and insurance producers, advising them to keep customers on their current policies for at least 60 days after the completion of repairs. The move should give the policyholders enough time to make repairs and obtain coverage from another insurer.
“As a result of the devastating tornado outbreak, thousands of Oklahomans have filed property claims,” said Doak. “Because of that, insurers are now reassessing risks and issuing nonrenewal notices. Due to the backlog of work that contractors and repair shops are currently experiencing, many repairs won’t be completed before the policy expires. That results in open and pending claims that prevent the policyholder from obtaining replacement coverage. We want to prevent that.”
Affected homeowners should also remember that homeowners’ policies may not reflect a surcharge for weather-related claims. Additionally, state law states that insurers shall not cancel, refuse to renew or increase the premium of a homeowner’s policy which has been in effect more than 45 days, solely because the insured has filed a first claim against the policy. Both provisions are part of the Insurance Consumer Bill of Rights passed by the Oklahoma Legislature earlier this year.
Source: Oklahoma Department of Insurance
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