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Oklahoma business briefs

Oklahoma business briefs
Oklahoman Published: August 14, 2014
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Oklahoma briefs

Oklahoma City tops Zillow list

Zillow, the real estate website, has named the Oklahoma City area as the top place where mom-and-pop landlords stand to make the most money on their rental property on a month-to-month basis. Rental property owners in the Oklahoma City metro area can expect to profit $536 per month on the median home when comparing anticipated rental income versus their assumed monthly mortgage payment. The Tulsa area ranked third in the list, with an expected profit of $396 per month on a median home when compared to an expected mortgage payment. The Zillow Rentals analysis looked at the top 50 U.S metros to determine which areas provide the best short-term return on investment for landlords.

Credit affects insurance costs

Oklahoma homeowners with poor credit pay 113 percent more for homeowner’s insurance than Oklahoma homeowners with excellent credit, according to a report from InsuranceQuotes.com. That’s the 30th-highest difference in the country. The national average is a 91 percent increase for those with poor credit. Oklahoma homeowners with fair credit pay 37 percent more for homeowner's insurance than Oklahoma homeowners with excellent credit — the 31st-highest difference in the country. In West Virginia, homeowners with poor credit pay 208 percent for insurance than homeowners with excellent credit — the highest differential in the nation, the study showed. Three states — California, Massachusetts and Maryland — prohibit insurers from using credit to calculate homeowners’ insurance premiums. According to the National Association of Insurance Commissioners, about 85 percent of home insurers use credit-based insurance scores in states where it’s allowed.

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