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Homeowners insurance in Oklahoma City costs an average of $4,230 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 $1,383 per year for the same amount of coverage, according to Bankrate’s 2022 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
USAA, Allstate and Farmers offer some of the cheapest homeowners insurance rates 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 scores, 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||J.D. Power 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 $2,130 for $250,000 in dwelling coverage. USAA also has exceptional customer satisfaction scores, although the company does not qualify for official ranking with J.D. Power due to eligibility restrictions. However, USAA only sells coverage to its members, and membership is limited to active military members, veterans and qualifying family members. If you qualify for membership, though, 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 offers some of the cheapest average homeowners insurance rates in Oklahoma City, with an average annual premium of $2,303. 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
With an average annual rate of $3,334 per year, Farmers offers affordable premiums to residents of Oklahoma City, but what truly makes its homeowners insurance stand out are the policy options available. 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. With 50 Farmers agents within and nearby the city, Oklahomans should have little to no trouble finding an agent near them.
Learn more: Farmers 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. At an average of $3,748 per year for $250,000 in dwelling coverage, AAA’s average premium is well below the city’s average. However, the company does not advertise coverages or discounts on its website, which could be a dealbreaker for homeowners who are looking for discount opportunities to save money on their homeowners insurance policies.
Learn more: AAA Insurance review
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. Having been in business for more than 160 years and with an AM Best financial strength rating of A++ (Superior), policyholders may have heightened confidence that Travelers is a financially stable company with the ability to pay out claims. 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 coverage types, like identity fraud protection and water backup coverage, to help you customize your coverage.
Learn more: Travelers 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
Compared to homeowners insurance rates in the rest of the country, Oklahoma City is generally expensive. 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.
- Renovation discount: If you have recently updated the major systems in your home, such as plumbing or electrical, you may qualify for a home renovation discount from certain companies. Many homeowners insurance companies offer additional savings to homeowners who have made specific improvements to their homes.
- Eco-friendly discount: If you use green or certified eco-friendly materials to build or update your home, you may qualify for additional savings from certain insurance companies.
Of the discounts mentioned, multi-policy, burglar alarm and renovation discounts are usually the most impactful. Your insurance company has an incentive to reward you for protecting your home from damage due to covered perils like burglary and fire. It makes sense, too — the less likely your home is to experience a covered loss, the less likely your homeowners insurance will have to pay out for claims.
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
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homes in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 2022 Quadrant Information Services data.
Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.