Best cheap homeowners insurance in Oklahoma City
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Homeowners insurance in Oklahoma City costs an average of $4,148 per year for $250k in dwelling coverage. Average rates for home insurance in Oklahoma City are some of the most expensive in the nation, but it may still be possible to find relatively cheap home insurance in this capital city. Companies like USAA, Allstate, and AAA all offer coverage for less than the average Oklahoma City premium. Bankrate’s team of insurance editors analyzed the largest home insurance companies by market share in the state. We then reviewed each company’s average premiums, coverage types, discounts, policy features and third-party customer satisfaction scores and financial strength ratings to help you find the best options for your home and your budget.
Best cheap home insurance companies Oklahoma City
USAA, Allstate and AAA may offer some of the best cheap home insurance in Oklahoma City, according to Bankrate’s analysis of average rate data from Quadrant Information Services. To find the best cheap home insurance in Oklahoma City, we looked at the latest J.D. Power customer satisfaction scores, AM Best financial strength ratings, coverage options and average premiums.
To help you better compare the options, Bankrate used these factors to assign a Bankrate Score to each company based on a 5.0 scale. The higher the Bankrate Score, the better the company performed across these categories during our analysis. Based on our research, some of the best cheap homeowners insurance companies in Oklahoma City include:
| Home insurance company | Bankrate Score | Average annual premium for $250K dwelling coverage in Oklahoma City | J.D. Power score |
|---|---|---|---|
| USAA | 3.7 | $2,224 | 884/1,000* |
| Allstate | 3.5 | $2,537 | 815/1,000 |
| AAA | 2.9 | $3,562 | 817/1,000 794/1,000** |
| Farmers | 2.9 | $3,745 | 792/1,000 |
| Travelers | 3.3 | $3,860 | 794/1,000 |
*Not officially ranked by J.D. Power due to eligibility restrictions
**J.D. Power scores for AAA vary based on the policy underwriter
USAA
USAA offers some of the cheapest average home insurance premiums in Oklahoma City, but coverage is restricted to active military members, veterans and qualifying family members. USAA is one of our 2023 Bankrate Award winners for best home insurance company overall. The company’s high customer satisfaction scores, diverse discounts and digital tools helped it earn this award. If you qualify for USAA coverage, you may be able to purchase adequate home insurance coverage for far less than the city’s average price.
Learn more: USAA Insurance review
Allstate
Allstate is our second 2023 Bankrate Award winner for best home insurance company overall. In addition to offering the second-cheapest average rates on our list for Oklahoma City residents, Allstate stands out when it comes to add-on coverage options. The company offers endorsements for water backup coverage, sports equipment coverage, electronic data recovery and more. However, endorsements may not be available in all states. In addition to low rates, policyholders may save even more with potential discounts for installing protective devices, remaining claims-free and purchasing a new home.
Learn more: Allstate Insurance review
AAA
AAA may be more well-known for roadside assistance than homeowners insurance, but the company is a strong contender for the best cheap homeowners insurance in Oklahoma City. AAA’s average premium is well below the city’s average, but the company does not advertise coverage types or discounts on its website, likely because these options vary by region. For more information, you could contact your local AAA club directly. Customer satisfaction scores from J.D. Power also vary for AAA based on which company is underwriting the policies in your region.
Learn more: AAA Insurance review
Farmers
Farmers may be a good option for Oklahoma City homeowners looking to build a customized home insurance policy through endorsements. Policy customization is available through the Farmers Flex Personal Home program, which allows for extended replacement cost coverage and emergency mortgage assistance, among other options. Farmers’ pre-packaged coverage options may appeal to homeowners looking for simplified insurance options, but the carrier’s J.D. Power scores are far below average.
Learn more: Farmers Insurance review
Travelers
Travelers may not offer the cheapest average rates on our list, but it is still quite cheap when compared to the city’s average premium. Homeowners may be interested in Travelers if they’re looking for various endorsement options like jewelry coverage, water backup and identity fraud coverage. Additionally, Travelers may appeal to environmentally-conscious homeowners, as the carrier offers coverage for green homes and a discount for LEED-certified homes.
Learn more: Travelers Insurance review
Home insurance coverage options in Oklahoma City
As mentioned above, average home insurance premiums for $250,000 in dwelling coverage run well above the national average—both in Oklahoma and, even more so in Oklahoma City. While the U.S. average annual premium is $1,428 for the same amount of dwelling coverage, the Oklahoma state average is $3,659. Comparatively, rates in Oklahoma City run even higher, at $4,148 on average, a whopping 190 percent higher than the national average.
While standard home insurance policies cover several named perils, you may be surprised to find out that standard HO-3 policies do not cover flooding or earthquakes. If you’re looking to build a heartier home insurance policy, you may want to consider additional policies or endorsements. Some common additional coverage options include:
- Flood insurance: Flood insurance is excluded from standard home insurance policies, but you may be able to purchase it from your home insurance company as a standalone policy or as an endorsement. Flood insurance is commonly purchased through the National Flood Insurance Program (NFIP), but it can be found from private insurers as well.
- Earthquake coverage: Oklahoma saw an uptick in earthquakes between 2009 and 2019. 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
With Oklahoma City’s average home insurance rates being so high compared to the national average, local homeowners may want to utilize discounts to bring down their rate. Finding eligible discounts may save you money on your premiums. Some common discounts in Oklahoma City include:
- Multi-policy discount: Purchase two types of coverage — like your auto and home insurance — through the same insurance company, and you might save on both policies.
- New roof discount: If you have a new roof, you may be eligible for a coverage discount. Specific roof age and building material requirements may vary by company.
- Safety device discount: Safety devices, including burglar alarms and indoor sprinkler systems, may earn you a discount.
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
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The best home insurance company for you will likely depend on your specific needs and what factors are most important to you. For example, some homeowners may prioritize cheap rates, while others may want top-rated customer service. Before shopping, you may want to write down where your priorities lie when choosing a homeowners insurance company. During your search, it may be helpful to get quotes from several different providers. Not only will you see which one offers the lowest rate for you, but you can also compare coverage options and other important factors during that process.
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The average cost of homeowners insurance in Oklahoma City is $4,148 per year for $250,000 in dwelling coverage. This means that the average homeowner in Oklahoma City is paying well above the national average homeowners insurance rate of $1,428 per year. This higher-than-average rate is likely due to numerous factors, like the risk of extreme weather in Oklahoma. However, it’s important to understand that your exact rates could be more or less than the average, as factors such as your ZIP code, the age of the home, the amount of coverage you want and other factors could all impact the cost of your policy.
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The amount of home insurance coverage that you will 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.
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Many home insurance providers offer free online quote services for prospective policyholders. These web tools are generally available and highlighted on the insurance company’s main webpage. To get a quote, follow the instructions on the page, which will likely include filling out some personal information and selecting coverage types and amounts. Some carriers do not offer online quoting, so you will have to obtain a quote in person or over the phone.
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Extreme weather events are common in Oklahoma, often throughout the year—from ice storms to severe convective storms with hail and wind damage to tornadoes and the occasional earthquake. All of which can and do damage property. For this reason, more claims are filed and the risk of future claims is heightened, which drives insurance rates up.
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Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for 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.
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Our 2023 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.
Like our previous Bankrate Scores, 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. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- 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 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.
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