Oklahoma Gov. Kevin Stitt signed the Strengthen Oklahoma Homes Act, creating home-hardening grants awarded to residents who install impact-resistant roofing or make enhancements to lessen the risk of damage from tornadoes, windstorms and hail.
The measure, H.B. 3089, authorizes the Oklahoma Insurance Department to distribute grants to residents making improvements that meet Insurance Institute for Business and Home Safety standards to owner-occupied, single-family primary homes.
According to a bill summary, the grants program would start next year and continue through November 2027 and be funded with federal grants and alternative financial sources, with the OID believing it will have monies to support up to $10 million of grants.
Rounds of severe convective storms have impacted multiple states including Oklahoma this spring, leaving destructive damage from tornadoes, wind and hail. In one of the earlier systems, Aon said insurers may have incurred billions of dollars in losses April 25-April 30, while Gallagher Re said insured losses are expected to reach more than $1 billion from storms April 25-28 alone.
Insurance Commissioner Glen Mulready said recent destruction “across our state is a grave reminder why this legislation will be so important to help Oklahomans rebuild and protect their homes from severe weather.”
Elected officials understand a department goal of helping policyholders reduce homeowners costs and “fortify their homes against mother nature,” Mulready said in a statement.
Since then more storms have inflicted damage, including a system that spun off tornadoes Memorial Day weekend. An EF-3 tornado struck the town of Claremore in Oklahoma.
The five largest writers of homeowners multiperil coverage in Oklahoma in 2022, based on direct premiums written, were: State Farm Group, with a 28.56% market share; Farmers Insurance Group, 15.71%; Allstate Insurance Group, 9.47%; Liberty Mutual Insurance Cos., 9.17%; and USAA Group, 8.23%, according to BestLink.