On Feb. 19, 2025, OKL INS added 8 zip codes for launch of OKReady, the Strengthen Oklahoma Homes (SOH) Program, based on storm data, paid loss ratios, active policies
Early pilot periods ensure staff can process full applications, address technology issues and confirm that external partners can handle the grant demand in a new market.
OKL INS will launch additional pilots through 2025 to provide 1k grants by year-end.
Gives up to $10k per household for construction projects, contractors will be paid after receiving Insurance Institute for Business & Home Safety (IBHS) Fortified Certification.
Eligible applicants who live in the zip codes can apply when portal opens Mar. 3, 2025.
On Jun. 1, OKL INS program to fortify homes, reduce insurance rates.
OKL INS reported on Strengthen Oklahoma Homes Program, to begin early next year.
The new law is known as the Strengthen Oklahoma Homes Act, OKL INS 36-971.
Grants will be made available to owner-occupied, single-family primary residences.
Grants are open to homeowners with primary residences in any of OKL's 77 counties.
Home must be in good repair, unless it sustained damage from a catastrophic event.
Owners must have proof of an active homeowners insurance policy with wind coverage and an in-force flood insurance policy, if the home is in a special flood hazard area.
Application will be evaluated and determined whether the home can be mitigated.
Grant funds will be used to outfit home to the Insurance Institute for Business & Home Safety (IBHS) standards, specifically Fortified Home Roof, High Wind designation.
Enhancements to the home could qualify for discounts of up to 42% on insurance.
Contractor must become certified Fortified service providers to be chosen for program.
Effectiveness
Law will go into effect on Nov. 1, 2024; applications will open in early 2025.
Feb. 2025 OKL INS Program Zip Codes
On Feb. 19, 2025, OKL INS added 8 zip codes for launch of OKReady, the Strengthen Oklahoma Homes (SOH) Program, based on storm data, paid loss ratios, active policies
Early pilot periods ensure staff can process full applications, address technology issues and confirm that external partners can handle the grant demand in a new market.
OKL INS will launch additional pilots through 2025 to provide 1k grants by year-end.
Gives up to $10k per household for construction projects, contractors will be paid after receiving Insurance Institute for Business & Home Safety (IBHS) Fortified Certification.
Eligible applicants who live in the zip codes can apply when portal opens Mar. 3, 2025.
Regulators
OKL INS
Entity Types
CNSM; Ins; Inv Co; MG Orig
Reference
PR, 2/19/2025; PR, 6/1/2024; ESG Citation: OKL INS 36-971;
Functions
Compliance; Financial; Reporting
Countries
United States of America
Category
State
N/A
Products
Fund Mgt; Home Insurance; Insurance; Insurance-Property; Mortgage
