OKL INS Strengthen Homes Program

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.
  • Follows OKL LEG May 2024 enacted bill on insurable properties program, see #204597.
  • Program Facts
  • 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.

Regulators OKL INS
Entity Types CNSM; Ins; MG Orig
Reference PR, 6/1/2024; ESG Citation: OKL INS 36-971;
Functions Compliance; Financial; Reporting
Countries United States of America
Category
State
Products Home Insurance; Insurance; Insurance-Property; Mortgage
Regions Am
Rule Type Final
Rule Date 6/1/2024
Effective Date 11/1/2024
Rule Id 217246
Linked to Rule :204597
Reg. Last Update 6/1/2024
Report Section US Insurance

Last substantive update on 06/30/2024