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Oklahoma Enacts Catastrophic Windstorm Event Discount Law

OK HB 1720 has been enacted. This new law requires insurance companies to provide a premium discount, rate reduction, or an adjustment to property owners who retrofit or build or locate new insurable property in the state to resist loss due to a catastrophic windstorm event, such as a tornado. The law becomes effective on November 1, 2017 but will only apply to new policies written, or existing policies renewed, on or after April 1, 2018.  “Insurable property” includes single-family residential property including modular homes satisfying the codes, standards or techniques as provided in the new law. Manufactured homes or mobile homes are excluded, except as expressly provided in the new law.

Link to bill