Oklahoma Commissioner: Program in Place for Hard-to-Insure Homes

The Oklahoma Market Assistance Program (OK-MAP) is designed to find protection for hard-to-insure homes, Insurance Commissioner John D. Doak says, and the recent tornado outbreak in that state has left many Oklahomans in need of insurance after a major loss.

“There are several reasons a home is difficult to insure,” said Doak. “It could be the location of your home, the number of claims you’ve submitted or even the presence of a wood-burning stove in the home. Mobile homes can also be difficult to insure. That was a big problem we saw after last year’s wildfires. Bottom line, if the traditional insurance market won’t cover you, OK-MAP may be able to help.”

Any Oklahoma homeowner who has been declined coverage by two insurers is eligible to apply for assistance.

After an application is submitted, it is randomly assigned to a carrier. An application may be sent to a maximum of three carriers.

If no carrier accepts the risk, it goes to the OK-MAP Executive Committee for review. If none of the carriers on the committee will accept the application, the insurance commissioner can assign it to a carrier or determine that the risk is uninsurable.

Source: Oklahoma Insurance Department

Topics Homeowners Oklahoma