The Impact of Weather on Home Insurance and Taxes in Oklahoma
Oklahomans are no stranger to severe weather. From tornadoes to ice storms, derechos and wildfires, there are plenty of natural ways the wild weather can affect your home. This unpredictable, extreme weather will surely impact your wallet at some point. Specifically home insurance premiums and fluctuating property taxes. Understanding these effects is crucial as a homeowner in Oklahoma.
Weather and Home Insurance Premiums
One of the most significant ways weather affects homeowners financially in Oklahoma is through their insurance premiums. Many factors play part in this with one of the most common being hail damage to roofs. Insurance companies account for these risks when determining premium rates. In need of a new roof? Check out our list of vendors we trust to get the job done right!
According to the National Weather Service, Oklahoma averages over 50 tornadoes annually, more than any other state in the U.S. In 2024 alone, Oklahoma saw 152 tornadoes, breaking the recent record of 149 set in 2019. These storms and other severe weather cost billions. From 1980-2024, there were 115 billion-dollar disasters that impacted Oklahoma. Therefore, insurance companies heighten rates to account for the high risk of claims.
Weather and Property Taxes
Weather events can also indirectly influence property taxes in Oklahoma. After significant weather-related damage, local governments may assess the value of properties in affected areas. For example, if a tornado damages a neighborhood, the county assessor may lower the property values to reflect the extent of the damage. Lower property values often result in reduced property taxes for homeowners, offering some financial relief in the aftermath of a weather disaster.
However, this reduction in property tax revenue may be temporary. If an area experiences widespread damage, local governments may seek ways to recover lost tax revenue. This could result in increased property taxes in the long term to make up for the shortfall. Additionally, the cost of repairing public infrastructure—such as roads, schools, and emergency services—damaged by severe weather events may prompt local governments to raise taxes to fund reconstruction efforts.
Preparing for Weather-Related Financial Impacts
Given Oklahoma’s susceptibility to extreme weather events, homeowners should take proactive steps to protect their properties and minimize the impact of both insurance costs and property taxes. Regularly maintaining a home’s structure and ensuring it is equipped with storm-resistant features can help reduce the potential for damage during severe weather, thereby keeping insurance premiums lower.
Additionally, homeowners should be mindful of their local tax assessments after a major storm. If substantial damage occurs, it’s a good idea to contact the county assessor’s office to determine whether property values have been adjusted and whether tax reductions are possible.
