MemberHaven Blog

Welcome to MemberHaven Blog, one of the many ways that MemberHaven provides members with updates on agency activities, and great risk management advice.

Stay up to date with the latest in Personal Insurance

Current News

Understanding Today's Insurance Market

The Oklahoma insurance market is experiencing major rate increases to premiums and deductibles.  While our MemberHaven agents cannot change the facts and have no control over the impact, we can take a moment to educate our members on the changes and how to manage them.

Why is insurance changing?

  1. Insurance is getting stricter: Companies that offer insurance for homes and cars are becoming strict about who they insure and how they do it.
  2. Fewer new policies: Some insurance companies are not offering new policies or are even leaving the business altogether because they aren't making enough money.
  3. Costs are rising: Things like fixing a car or a house are now more expensive. Plus, if someone gets hurt in a car accident, medical bills are much higher than before. Because of these increased costs, insurance companies may raise their prices.
  4. Accidents are more common: Since COVID, more car accidents are happening, making insurance companies more cautious.
  5. Reinsurance issues: Think of this as "insurance for insurance companies." These companies help share the risk, but they're nearing their limits on how much they can handle.
What does this mean for you?
  • Your insurance might get more expensive.
  • It might be harder to get new insurance or to renew your current policy.
How can you manage?
  1. Choose bigger deductibles: This means you pay more when something happens, but your yearly payment might be less.
  2. Safe driving programs: Some companies offer discounts if you prove you're a good driver.
  3. Look for discounts: Talk to your agent about any deals you might qualify for.
  4. Don't cancel your policy: If you do, it might be hard or more expensive to get it back.
  5. Combine your insurances: If you get car and home insurance from the same company, you might get a discount.
  6. Stay with one company: Switching insurance companies often isn't a good idea right now.
  7. Follow the rules: Don't get traffic tickets, as they can make your insurance more expensive.
  8. Avoid small claims: If something small happens, consider paying out of pocket instead of using your insurance.

Lastly, remember that insurance agents are trying to help you navigate these changes. Be patient and understanding with them.

Get the Best Coverage to Fit Your Life

Start Your Insurance Quote Now

Insurance Designed for You