Homeowners Insurance In Oklahoma City

No change expected in oil and gas drilling incentives

“I don't see any (changes) at all in the oil and gas (credits),” Rep. David Dank said after Wednesday's hearing looking at incentives for the oil and gas industry.

The House of Representatives voted 85-12 and the Senate voted 40-0 to renew the credits earlier this year.

Dank, R- Oklahoma City , said other states with oil and gas reserves are offering similar incentives, and that Oklahoma could risk reducing oil and gas activity by reducing or eliminating benefits.

“With these incentives, we have created a climate by which they are not only going to drill 22,000-foot horizontal wells out there that could cost up to $14 million and could be a dry hole, but that also it creates a climate by which they're going to stay in Oklahoma and keep their employees here and keep their offices here,” he said. “I can't say enough good things about the oil and gas industry. It's our bedrock industry. If it were not for that industry, our economy would resemble that of a Third World nation.”

But Dank said he's hoping lawmakers next session will make adjustments to the home office tax credit for insurance companies by placing limits on it and making sure companies that receive it cannot get other state tax credits or incentives.

“Certainly we should not renege on any existing agreements, but we need to take a look at creating an endgame provision to establish a time limit on these tax credits,” said Dank, R-Oklahoma City.

Dank said he's concerned the program providing insurance premium tax credits for insurance companies that maintain home or regional offices in Oklahoma allows an insurance company to benefit from other state tax credits at the same time.

“We need to examine any loopholes to stop double-dipping in the future,” said Dank, chairman of the Task Force for the Study of State Tax Credits and Economic Incentives.

The Best Homeowners Insurance Rates | Cheapest Home Insurance

, Read on for some time-tested tips on how to get your coverage as affordably as possible…

Increase Your Deductible

Just like auto insurance, home insurance policies have deductibles, and the same rule of thumb applies–carry the highest deductible you can afford.  The higher your deductible, the more premium credit you can expect to receive from your insurance company.

Your savings could reach 25% by increasing the deductible from $100 to $1000.

Improve Your Home Security

Most insurance companies offer discounts for smoke detectors, burglar alarms, dead bolts, fire extinguishers, and Neighborhood Watch Areas. Homes with a fire and burglar alarm system hooked up to a third-party monitoring company receive higher discounts than homes with local bell alarms.

Consolidate Policies

Insuring two or more vehicles with the same insurance company can save you 10 – 15% on your premiums. If you cover your homeowners insurance and auto insurance together, you can reduce your premiums by another 10 – 15%.

Construction Type

Before buying a home, consider its construction type, such as frame or concrete block and steel (CBS).  A wood frame house typically costs more to insure than one built mostly of concrete.

Verify Distance to Fire Stations and Windstorm Areas

If you live in the country, you’ll probably pay higher rates for your insurance than if you lived in town. Why? It’s because of the longer distance to your local fire station. If you live more than 5 miles from the nearest fire station, and more than 1,000 feet from a fire hydrant, you will most likely pay a higher premium.

Before purchasing your home, you may want to get a quote for both and flood insurance. Insurance companies may not offer you windstorm or flood coverage, depending upon the area in which you live.

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