Insurance 'ripple effect' from Moore tornado will affect everyone

Insurance experts say it's simple math:  Take a bunch of recent severe weather events and pile on an estimated $2 billion disaster in Moore, and everyone's insurance rates are going to be going up.

"We've had three years of consecutive hailstorms in Oklahoma City of some of the most affluent areas, so we've already been battered pretty well with hail," said Dan Ramsey with Independent Insurance Agents of Oklahoma.  "There's just not enough premium coming in to pay the claims that are going out."

He says the ripple effect will be felt far beyond Oklahoma.

"Other states are going to have to absorb some of this, if we're going to keep a market," Ramsey said.  "And then the people of Oklahoma are going to have pay higher rates too."

The only other option he said would be for a bunch of insurance companies to go out of business, and he says that would have a devastating impact on the economy.