Best homeowners insurance in Oklahoma of 2021

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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 $4,067 per year.

That doesn’t mean you should skimp on your coverage, though. Located in the middle of “Tornado Alley,” Oklahoma often sees severe weather in the summer months, and if the worst should happen to you, you’ll want to know you have the best Oklahoma homeowners insurance.

Shopping for insurance in Oklahoma isn’t difficult. There are a number of national and regional companies that sell policies in the state.

Here are a few things to be aware of as you look for the best policy:

  • It’s a good idea to get several quotes from possible insurers to find the best price. Bankrate can help with free online quotes, so it only takes a few minutes to find out how much your premium would be.
  • Discounts can make your coverage considerably cheaper. Be sure to ask your agent if you’re eligible for any — many, like loyalty discounts, are easy to get.
  • With amendments and optional coverages, such as flood insurance, you can customize your policy to meet your own particular needs.
  • Consider replacement value coverage over Actual Cash Value (ACV). It is sometimes more expensive, but will pay out enough on a claim to allow you to rebuild your home at current prices.

Best home insurance in companies in Oklahoma

To find the best Oklahoma homeowners insurance companies, we looked first at the companies that are writing the most policies in the state — they have the feet-on-the-ground knowledge of the situations Oklahoma homeowners face regularly. We also checked organizations that rate insurers for customer service and financial solidity, such as J.D. Power and AM Best.

We looked at each company’s website to see who made it easiest to handle your insurance business online and who offered the most information so you could better understand your policy. Then we reviewed what customers were saying to get a sense of how happy they were with their coverage.

Home Insurance Company Average Annual Premium for $250K Liability J.D. Power Score
State Farm $3,189 829/1,000
Farmers $2,263 814/1,000
Allstate $2,978 829/1,000
USAA $3,664 889/1,000
Oklahoma Farm Bureau Mutual $2,924 Unrated

State Farm

State Farm is the largest insurer writing Oklahoma homeowners insurance, with 28% of the market share. There are some good reasons for that. It ranks higher than average on J.D. Powers 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’s 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 many.

Farmers

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.

Allstate

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 from AM Best, meaning it is financially stable enough to pay out on claims – even in the case of a regional disaster.

USAA

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’ll 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.

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’s 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.

Average homeowners insurance cost in Oklahoma

The average cost of homeowners insurance in Oklahoma is $4,067, making it one of the more expensive states in the country for home insurance. The average homeowners policy in Oklahoma is more than double the cost of many other states like Maine, New Hampshire, New Jersey, Ohio and Washington. Even nearby states like Arkansas ($2,302), Texas ($2,589) and Kansas ($3,019) 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.

State Average homeowners insurance premium
Oklahoma $4,067
Arkansas $2,302
California $1,101
Hawaii $396

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.

Oklahoma common causes of loss

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.

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 wind storms.

Common causes of loss in Oklahoma include these:

  • Tornadoes
  • Minor earthquakes
  • Severe thunderstorms

Recommended coverages in Oklahoma

Standard homeowners policies include several types of insurance:

  • Dwelling, or hazard insurance: This is the part of your policy that will pay to repair damage to your home itself in the event of a named peril, such as wind, snow or fire. All home insurance policies include this coverage.
  • Personal property coverage: This coverage will pay to replace your belongings, from furniture to clothing, in the event that they are destroyed. If you own items of high value, such as jewelry or electronics, you may need a rider on your policy to cover the increased cost of replacement.
  • 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.

In addition to basic coverage, you may want to explore these additional coverages:

  • 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: This may be covered under your basic policy, especially if the backup occurs totally on your property. But your regular policy may not cover damage caused by a street-level backup.
  • 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 isn’t one best solution for everyone. To find the best Oklahoma homeowners insurance for you, you’ll want to ask for 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’ll need to give some details to your agent: your name, address and a few other personal details, as well as information on your home, such as whether the roof or heating systems have been replaced and if you’ve ever made claims on your home in the past.

Do I need flood insurance in Oklahoma?

Even if you don’t live near a large body of water, it’s worth considering. All it may take is an overflowing culvert near your home to give you reason to make a claim for damage to your basement. Regular homeowners policies don’t cover flood damage, so you’ll need to ask your agent about additional flood coverage.

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’ve paid off your mortgage, you can decide if you want to keep your policy or not.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 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 may be different.

Rates are determined based on 2020 Quadrant Information Services data.