Around 1,300 homeowners in Oklahoma will soon need to secure new insurance, as Farmers Insurance announced it will not be renewing certain policies in the Sooner State, based on wildfire risk.The policies are scheduled to expire in November. 'Farmers is making a move not just in Oklahoma, but nationally to try to reduce their risk specific to wildfire,' Oklahoma Insurance Commissioner Glen Mulready said in a statement to local station KXII.
'If the company is paying out more than it makes in a given region, it makes sense for them to review their options, this may result in pulling out of a particular territory.'Farmers was Oklahoma's second-largest homeowner insurer, but less than 2 percent of the company's home insurance business is set to be affected.