Best cheap homeowners insurance in Oklahoma City
Homeowners insurance in Oklahoma City costs an average of $4,239 per year for $250,000 in dwelling coverage. If this seems high, it is. The average cost of home insurance in the United States is $1,312 per year for the same amount of coverage, according to Bankrate’s 2021 study of quoted annual premiums. Oklahoma’s home insurance rates, including the average rates for the capital city, are some of the most expensive in the nation due to the likelihood of storm damage.
But it is possible to find cheap home insurance in Oklahoma City. Bankrate’s team of insurance editors analyzed the largest home insurance companies by market share in the state. We reviewed average premiums, coverages, discounts, policy features and third-party scores to help you find the best options for your home and your budget.
Best cheap home insurance companies Oklahoma City
To find the best cheap home insurance in Oklahoma City, we looked at J.D. Power customer satisfaction scores, AM Best financial strength scores, coverage options and average premiums. Based on our research, these are some of the best cheap homeowners insurance companies in Oklahoma City:
|Home insurance company||Average annual premium for $250K dwelling coverage||J.D. Power customer satisfaction score|
*Not officially ranked by J.D. Power due to eligibility restrictions
USAA offers some of the cheapest home insurance in Oklahoma City, with an average annual premium of $2,094. USAA also has exceptional customer satisfaction scores, although the company does not qualify for official ranking with J.D. Power due to eligibility restrictions. USAA only sells coverage to current and former military members and their immediate families. If you qualify, you might be able to get solid home insurance coverage for far less than the city’s average price.
Learn more: USAA Insurance review
Allstate is the next cheapest option on our list with an average annual premium of $2,256. Allstate offers the standard array of coverage options, which includes dwelling coverage, personal property coverage, liability coverage and guest medical protection, but it truly stands out when it comes to add-on coverage options. You might consider tailoring your policy to your needs with options such as business property, electronic data recovery and green improvement reimbursement.
Learn more: Allstate Insurance review
Farmers offers affordable premiums, but what truly makes its homeowners insurance stand out are the benefits you may be able to add to your policy. The company has a declining deductible option, a claims-free discount, a claim forgiveness program and a coverage option for cosmetic damage. You might also save on your annual insurance costs with Farmers by bundling a car insurance policy with a homeowners policy.
Learn more: Farmers Insurance review
Travelers may not be the cheapest on our list, it is still quite cheap when compared to the city’s average premium. Plus, Travelers gives its customers a variety of ways to save. For example, you might lower your premium with a multi-policy discount, a loss-free discount or a green home discount. Travelers also offers numerous optional coverages, like identity fraud protection and water backup coverage, to help you customize your coverage.
Learn more: Travelers Insurance review
AAA may be more closely associated with roadside assistance than with homeowners insurance, but the company is a strong contender for the best cheap home insurance in Oklahoma City. AAA’s average premium is well below the city’s average. Although the company does not advertise coverages or discounts on its website, AAA received a higher-than-average customer satisfaction rating from J.D. Power, indicating that many of its customers are satisfied with its service.
Learn more: AAA Insurance review
Home insurance coverage options in Oklahoma City
Not every homeowner needs every type of additional coverage option available. Nevertheless, Oklahoma City homeowners may want to consider the following:
- Flood insurance: Many parts of Oklahoma are considered to be in a flood-prone area. To purchase flood insurance, your homeowners insurance provider will most likely work with the National Flood Insurance Program (NFIP) on your behalf, but it’s possible you may find a cheaper premium through a private company. Flood insurance costs a different amount for each homeowner depending on numerous data points, such as the home’s risk to flood waters and its replacement cost.
- Earthquake coverage: Oklahoma has seen an uptick in earthquakes since 2009. To protect your finances from the threat of repairing earthquake damage, you may want to add earthquake coverage to your home insurance policy. Some companies offer this as an endorsement, or you may need to purchase a separate policy.
- Identity fraud coverage: Many homeowners insurance companies offer identity theft protection as an endorsement. This coverage is designed to pay for the costs associated with restoring your lost identity.
Home insurance discounts in Oklahoma City
Homeowners insurance is generally expensive in Oklahoma City. However, if you take advantage of company discounts, you may be able to lower your premium. Some common discounts in Oklahoma City include:
- Multi-policy: Purchase two types of coverage — like your auto and home insurance — through the same insurance company, and you could save on both policies.
- Burglar alarm: Many companies will give you a discount for having an alarm system, as it could lessen your risk of being burglarized.
- Fire prevention: Proof of fire alarms, fire extinguishers, or a sprinkler system could get you a discount on your home insurance premium.
- Paid-in-full: If you pay your entire premium with one payment, some companies will give you a discount. However, if your home is paid in full from your mortgage escrow account, this discount does not typically apply.
While most insurance companies offer discounts, not all companies offer the same discounts. Talking with an agent is often the best way to identify ways to save.
Frequently asked questions
What is the best home insurance company?
Because each homeowner has different needs when it comes to homeowners insurance, there is no single best home insurance company for everyone. But whether you are looking for a strong customer service score, a low premium or a wide variety of coverage options, there is likely a company that can meet your needs. Getting quotes from several companies could help you find the best options for you.
How much does home insurance in Oklahoma City cost?
The average cost of home insurance in Oklahoma City is $4,239 for $250,000 in dwelling coverage. However, the price you pay will vary based on your individual rating factors, like your claim history, the age of your home and how much coverage you need. You may pay more or less than the average.
How much home insurance do I need in Oklahoma City?
The amount of home insurance that you need depends on your own unique circumstances and level of risk tolerance. You will likely want to purchase enough dwelling coverage to rebuild your home if it is destroyed. Most insurance professionals also recommend purchasing at least $100,000 in liability coverage. Working with a licensed agent could help you determine how much coverage to purchase.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homes in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2021 Quadrant Information Services data.