If you’re one of the almost 66% of Oklahomans who own their own homes, you know that Oklahoma homeowners insurance is on the expensive side. The average cost of home insurance in Oklahoma for $250,000 dwelling coverage is $3,519 per year, according to Bankrate’s 2021 study of quoted annual premiums.
As part of “Tornado Alley,” Oklahoma sees severe weather, mostly in the summer months, causing homeowners to pay higher premiums year round. If you are looking for affordable homeowners insurance companies in Oklahoma, some of Bankrate’s favorite companies offer competitive rates without sacrificing coverages.
Best home insurance in companies in Oklahoma
To find the best Oklahoma homeowners insurance companies, we compared quotes and analyzed prices, available coverages, the ability to customize home insurance and discount opportunities. Third-party rankings and customer reviews were also considered, along with financial strength, which measures a company’s ability to pay out claims. The list below is some of the best insurance companies offering home coverage in Oklahoma with affordable rates compared to the average for the state.
|Home Insurance Company||Average Annual Premium for $250K Liability||J.D. Power Score|
|Oklahoma Farm Bureau Mutual||$3,236||Not Rated|
State Farm is the largest insurer writing Oklahoma homeowners insurance, with 28% of the market share. It ranks higher than average on J.D. Power’s 2020 U.S. Home Insurance Study, with 829 points out of a possible 1,000. The company offers a broad range of customizable policies and, in addition to homeowners insurance, it has coverage for condos, renters, cars, motorhomes, farms and more. It has a user-friendly website and it is easy to get an online quote or do your business online. The one area where it falls short is discounts – compared to other carriers on this list, State Farm does not offer as many.
Learn more: State Farm Insurance review
Farmers is the second largest writer of homeowners policies in Oklahoma, offering policies for car insurance, home insurance, life insurance, business insurance, renters insurance and condo insurance. Farmers is very competitive with its pricing and offers a few discounts, including multi-policy, non-smoker and professional group discounts that get your price down even lower.
Learn more: Farmers Insurance review
Allstate is a leader in the insurance industry, meaning Allstate is able to offer all the basic homeowners coverages and also some innovative optional coverages, such as a green improvement reimbursement and electronic data recovery. The company also has some nice discounts to bring its generally low prices down even further. Allstate’s customer service rankings are average. J.D. Power gives it 829, higher than the industry average, for customer satisfaction. Allstate earned an “A+” rating for financial strength from AM Best, meaning it is financially stable enough to pay out on claims – even in the case of a regional disaster.
Learn more: Allstate Insurance review
USAA is one of the largest underwriters in Oklahoma, despite having a limited customer base: it only provides insurance and banking products to those who are current or retired members of the military and their families. If you fit that demographic, you will want to make USAA your first stop. It is known for excellent customer service, financial stability and insurance coverage that is tailored to the specific needs of military families. In addition to homeowners insurance, USAA writes policies for renters, auto, personal property, condos and more.
Learn more: USAA Insurance review
Oklahoma Farm Bureau Mutual
Oklahoma Farm Bureau Mutual is known for offering excellent insurance options for home, car, condo, recreational vehicles, farm and ranch and more. As a regional insurer, it is not rated by J.D. Power, but the Better Business Bureau gives it an A+ for customer service. In addition to basic coverage, Oklahoma Farm Bureau offers amendments for residential equipment breakdown, other building insurance and an umbrella policy that provides additional protection if someone is injured on your property.
How much is homeowners insurance in Oklahoma?
The average cost of homeowners insurance in Oklahoma is $3,519 for $250k in dwelling coverage, making it the most expensive state in the country for home insurance. Located right in the center of Tornado Alley, Oklahoma has higher-than-average claims activity which drives up the cost of homeowners insurance. Even nearby states like Arkansas ($2,142), Texas ($1,863) and Kansas ($2,694) are more affordable. This makes it even more important to shop your options for Oklahoma home insurance so you know you have the best insurance company.
Home insurance considerations in Oklahoma
As with any state, Oklahoma has its own specific considerations that should be taken into account when purchasing home insurance.
Common causes of loss in Oklahoma
The most common causes of loss in Oklahoma are:
- Tornadoes: Oklahoma homeowners insurance is expensive largely because of the state’s location in Tornado Alley. Multiple tornadoes touch down throughout the state each year, with 2019 seeing a record 149 tornadoes.
- Minor earthquakes: Most earthquakes in Oklahoma are minor, with over 100 tracked in the last month. Unless you have specific coverage for earthquakes under your home insurance or a separate policy, you probably do not have coverage for earthquake damage in Oklahoma.
- Severe thunderstorms: As Oklahomans know, tornadoes and wind storms are a very real possibility in the Sooner State. Claims for damage — especially to roofs and gutters — are common, as are claims for damage from the hail that sometimes accompanies severe thunderstorms.
Home insurance coverage options in Oklahoma
In addition to standard coverages offered on home insurance policies in Oklahoma, home owners should consider additional coverage options to protect themselves and their property
- Liability insurance: This covers the costs if a guest is injured or their property damaged while at your home.
- Additional living expenses: This covers hotel, food and other costs if you must live away from your home while it is being repaired due to a covered claim.
- Flood insurance: This is not part of a basic homeowners policy. If you live in a flood zone or are worried about flooding, talk to your agent about a supplemental flood insurance policy.
- Water backup: Sewer backup coverage is optional on home insurance. It provides coverage if your sewer or sump pump stops working or if there is a backup in the line that causes water to back up into your drains.
- Other structure insurance: Your basic policy covers any structures that are attached to your home, such as a fence or attached garage. But if the building is separate from your house, such as a gazebo, shed or barn, it is probably not covered unless you have a supplemental policy.
Frequently asked questions
What is the best homeowners insurance in Oklahoma?
Since each home is different and every homeowner has their own set of circumstances, there is not one best solution for everyone. To find the best Oklahoma homeowners insurance for you, get quotes from several companies, review their coverage options and then choose the best one for your specific needs.
How do I get homeowners insurance in Oklahoma?
To get a homeowners policy in Oklahoma, you first need to get quotes to compare coverages and rates. You will need to provide personal details like your name and address. You should also know how old your home is, the approximate age of HVAC, roof and plumbing systems, plus the square footage and general condition of the home.
Do I need flood insurance in Oklahoma?
Even if you do not live near a large body of water, flood insurance may be worth considering in Oklahoma. All it may take is an overflowing culvert near your home to give you reason to make a claim for damage to your basement.
Am I required to have homeowners insurance in Oklahoma?
No, at least not by law. But if you have a mortgage on your home, your lender will probably want you to have a policy to protect their investment in your property. Once you have paid off your mortgage, you can decide if you want to keep your policy or not.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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 will differ.