A investigative report by The New York Times in May found a correlation between climate change and growing unprofitability of the homeowners insurance industry. It found that in the past decade Oklahoma experienced eight billion-dollar disasters.

Last year, homeowners insurance companies lost money in 18 states, including Oklahoma, up from eight states 10 years ago, the Times found. Nationally, insurance companies are raising premiums, narrowing coverage, dropping customers and pulling out of some states.

As reported by Tulsa World reporter Steve Metzer, the average annual cost of insurance on a $300,000 dwelling in Oklahoma is $4,700, compared to the national average of $2,230.

Affordability of home insurance affects the rest of the economy. About 80% of recent homebuyers made the purchase with a bank mortgage, which requires insurance. If insurance becomes unavailable or too costly, it drives down homeownership.

That could lead to depressed real estate values and ultimately less in property tax revenue, which pays for millions of dollars worth of public services from public safety to education. Less homeownership also lessens the stability of communities.

Oklahoma Insurance Commissioner Glen Mulready says the state has plenty of competition for consumers to shop around, and he pushed back on the idea of companies raising rates to pad profits.

He noted that Oklahoma doesn’t have a high-risk pool, as some other states have — an idea worth pursuing. When the state had a similar fund for high-risk medical patients in the era prior to the Affordable Care Act, it didn’t go well. Models in other states could be a guide.

Much like with health insurance, Oklahomans need a better way to navigate homeowners insurance options and need transparency from the industry. Lawmakers ought to more closely examine how to bring down these costs.

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