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Best cheap home insurance in Oklahoma City in 2024

Updated Jun 17, 2024
USAA, Allstate and Oklahoma Farm Bureau are some of the best home insurance choices in Oklahoma City.
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The best home insurance companies in Oklahoma City

Bankrate knows that paying for home insurance can be heavy on your budget — especially in Oklahoma City. Average rate data from Quadrant Information Services shows that homeowners in Oklahoma City pay 456 each month for a home insurance policy with a $300K dwelling limit. While price is important for many homeowners, Bankrate’s insurance editorial team knows it’s not the only thing to consider. To choose the best home insurance in Oklahoma City for coverage and affordability, we looked at third-party financial strength ratings, discount availability, customer service scores, endorsement options and other metrics. Based on our research, homeowners may want to start by getting quotes from USAA, Allstate and Oklahoma Farm Bureau.

Best overall

Bankrate Score

Rating: 4.7 stars out of 5
4.7

Avg. annual premium

$3,563

$300K dwelling coverage

JD Power

881/1,000

Why USAA made our list: USAA home insurance is not available to everyone; only military members, veterans and their qualifying family members can get a policy. Expectedly, USAA offers unique military-specific coverages like no-deductible coverage for military uniforms, gear and equipment. USAA’s standard home insurance package comes with replacement cost coverage and up to $5,000 of identity theft protection, which both usually cost extra from other insurance providers.

Why USAA may be the best overall: USAA tied for the Best Home Insurance Company Overall Bankrate Award for the third year running. While its eligibility restrictions preclude it from official J.D. Power ranking, USAA lead the scores in the 2024 Property Claims Satisfaction Study and the 2023 Home Insurance Study. On top of its high customer satisfaction scores, USAA policies are also fairly customizable; the company gives policyholders the choice to add water backup, personal injury protection, earthquake and extended dwelling coverage.

Scores and Ratings
Bankrate Score 4.7
J.D. Power 881/1,000
AM Best score A++
Read full review
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Best for custom policies

Bankrate Score

Rating: 4.2 stars out of 5
4.2

Avg. annual premium

$3,172

$300K dwelling coverage

JD Power

809/1,000

Why Allstate made our list: Allstate tied with USAA for the Best Home Insurance Company overall Bankrate Award —  the second year in a row it’s tied for the title. Allstate gives policyholders the best of both worlds in terms of policy management, with highly-rated digital tools and a network of in-person agents spread throughout the city.

Why Allstate may be best for custom policies: On its website, Allstate advertises nine different home insurance endorsements for added protection. Allstate could be a good option for Oklahoma City homeowners looking for custom policies, particularly when it comes to personal belongings. Not only can you schedule valuable personal property, but you can also add higher coverage limits for sports equipment, musical instruments and business property.

Scores and Ratings
Bankrate Score 4.2
J.D. Power 809/1,000
AM Best score A+
Read full review
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Best regional insurance company

Bankrate Score

Rating: 0 stars out of 5
0

Avg. annual premium

$3,540

$300K dwelling coverage

JD Power

--

Not rated

Why Oklahoma Farm Bureau made our list: We do not have a specific Bankrate Score for Oklahoma Farm Bureau, but the larger Farm Bureau company earned a 4.1 out of a possible 5.0 for its robust customer support and broad discount availability. Oklahoma Farm Bureau policyholders can save by remaining claims free, having a U.L. rated class 3 or 4 roof, bundling with auto and owning a home that is less than 10 years old.

Why Oklahoma Farm Bureau may be the best regional insurance company: Choosing a regional home insurance company may be a better choice for some homeowners versus a national provider. A regional insurance agent may be able to offer more specialized insights into the unique insurance needs of your area.

Scores and Ratings
Bankrate Score Not rated
AM Best score B++
Read full review
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Bankrate logo

Bankrate's trusted insurance industry expertise

Read our full methodology

To help you make a more empowered home insurance buying decision, we update our average rate data every single month.

46

years of industry experience

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

The cheapest home insurance companies in Oklahoma City  

Home insurance in Oklahoma City costs 146 percent more than the national average cost of home insurance, which can make finding cheap home insurance more of a challenge. Bankrate’s insurance editorial team has done the work for you and found the five cheapest home insurance companies in Oklahoma City for multiple dwelling limits.

Caret Down
Company Average monthly premium* Average annual premium*
$264
$3,172
Armed Forces
$268
$3,216
Oklahoma Farm Bureau
$295
$3,540
$297
$3,563
*Average rates for policies with $300K in dwelling coverage
Company Average monthly premium* Average annual premium*
$284
$3,172
Armed Forces
$299
$3,216
Oklahoma Farm Bureau
$337
$3,540
$330
$3,563
Company Average monthly premium* Average annual premium*
$318
$3,813
Armed Forces
$352
$4,224
$395
$4,741
Oklahoma Farm Bureau
$415
$4,986
Company Average monthly premium* Average annual premium*
$444
$5,332
Armed Forces
$487
$5,838
$584
$7,009
Oklahoma Farm Bureau
$614
$7,370

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Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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How much is home insurance in Oklahoma City, Oklahoma?

Average home insurance rates in Oklahoma City are on the lower end of the statewide average, but are still expensive compared to the national average. In the state of Oklahoma, the average annual cost of home insurance is $4,700 for a policy with a $300K dwelling limit, which is 111 percent more than the national average cost $2,230. These higher costs are largely due to the city’s very high tornado risk; each year, an average of five tornados blow through the city. Additionally, First Street reports that Oklahoma City has a moderate wildfire risk.

Knowing the average cost of home insurance in Oklahoma City can help you know what’s considered a normal price for your policy. But remember that home insurance costs will also depend on personal rating factors unique to you like your credit-based insurance score, your home’s construction year and the deductible you choose.

Oklahoma City rates by credit tier

Homeowners with good or excellent credit history are considered lower risk to home insurance companies and usually receive the cheapest rates. Building credit can take some time, but improving your credit may help you secure a more affordable rate. In the table below, you can see just how credit affects average rates from the top five cheap home insurance companies in Oklahoma City.

Company Poor Credit Average Credit Good Credit Excellent Credit
$4,877
$3,388
$3,172
$2,806
Armed Forces
$4,423
$3,352
$3,216
$3,062
Oklahoma Farm Bureau
$5,049
$3,540
$3,540
$3,287
$4,823
$3,624
$3,563
$3,346
American Farmers & Ranchers Mutual
$7,947
$4,335
$4,142
$3,757

Oklahoma City rates by home age 

When an older home needs serious repairs due to a covered loss, it can cost more to get it up to modern building codes. If you own an older home, you may face higher insurance premiums. Bankrate’s insurance editorial team compared insurance rates by home age for the five cheapest home insurance companies in the table below.

Company 1959 1982 1992 2010 2020
$2,817
$2,910
$2,995
$3,534
$2,629
Armed Forces
$4,791
$4,639
$4,591
$4,306
$2,476
Oklahoma Farm Bureau
$3,540
$3,540
$3,540
$3,540
$3,540
$5,297
$5,357
$5,277
$4,811
$2,936
American Farmers & Ranchers Mutual
$4,602
$4,692
$4,692
$4,647
$3,638

Oklahoma City rates by deductible amount 

One way to combat the high Oklahoma City home insurance costs is to raise your home insurance deductible. In most cases, the higher your deductible, the lower your premium. While high deductible home insurance can help you save money in the short term, it could cost you more if you need to file a claim. Most insurance experts recommend keeping your deductible to an amount of money you can afford to pay at a moment’s notice. You can compare home insurance rates by deductible level for companies that write the cheapest home insurance in Oklahoma City below.

Company $1,500 Deductible $2,000 Deductible $5,000 Deductible
$2,940
$2,740
$1,980
Armed Forces
$3,216
$2,706
$2,160
Oklahoma Farm Bureau
$3,477
$3,477
$3,330
$3,206
$3,206
$2,577
American Farmers & Ranchers Mutual
$4,142
$3,522
$3,058

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze June 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $60,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech  and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points

Written by
Natalie Todoroff
Writer, Insurance
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
Edited by Editor, Insurance