HB3384

Oklahoma HB3384 limits annual homeowner's policy renewal premium increases to a maximum of ten percent.

Oklahoma HB3384 amends Section 3639.1 of the Oklahoma Statutes to limit annual homeowner's policy renewal premium increases to a maximum of ten percent. The bill requires insurers to provide written renewal notices at least thirty days before a policy's expiration date, including details on new premiums, deductibles, and coverage limits. If the insured cancels the policy, the insurer must reimburse any premiums paid beyond the cancellation date.