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Best homeowners insurance in Oklahoma for 2022

Updated Dec 02, 2022
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How Bankrate chose the best home insurance companies in Oklahoma

To find the best homeowners insurance in Oklahoma, we analyzed average premium data from Quadrant Information Services. We also reviewed each company’s available coverage types, discounts and policy features. Third-party customer service rankings from J.D. Power were also considered, along with financial strength ratings from AM Best, which measures a company’s historical ability to pay out claims.

We used this information to issue each company a Bankrate Score, with a maximum score of 5.0. Our goal with the Bankrate Score holistic rating model is to help you feel confident and well-informed when comparing Oklahoma homeowners insurance companies.

Best home insurance companies in Oklahoma

While the average annual cost of Oklahoma home insurance is $3,593, you may pay more or less depending on your individual rating factors and factors related to your home. Based on our extensive research, USAA, State Farm and Allstate are among the best Oklahoma homeowners insurance companies.

If you are shopping for new insurance, the following companies could be a great place to start:

USAA
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
844
/1,000
Average monthly premium
$185
Average annual premium
$2,215
State Farm
Rating: 4.7 stars out of 5
4.7
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
835
/1,000
Average monthly premium
$335
Average annual premium
$4,019
Allstate
Rating: 3.9 stars out of 5
3.9
Bankrate Score
Info Hover for more
AM Best
A+
J.D. Power
815
/1,000
Average monthly premium
$193
Average annual premium
$2,315
Farmers
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Info Hover for more
AM Best
A-
J.D. Power
792
/1,000
Average monthly premium
$197
Average annual premium
$2,360
Oklahoma Farm Bureau
AM Best
B++
J.D. Power
Not rated
Average monthly premium
$272
Average annual premium
$3,265
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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.

*Premiums are for $250K in dwelling coverage

**Not officially ranked by J.D. Power due to eligibility restrictions

Best home insurance company for military-focused coverage

J.D. Power:
844 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 2,215
USAA Insurance review

Explore Bankrate's review

Best home insurance company for local agents

J.D. Power:
835 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 4,019
State Farm Insurance review

Explore Bankrate's review

Best home insurance company for discount opportunities

J.D. Power:
815 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 2,315
Allstate Insurance review

Explore Bankrate's review

Best home insurance company for unique coverage options

J.D. Power:
792 /1,000
AM Best:
A -
Avg. annual premium for 250k dwelling
$ 2,360
Farmers Insurance review

Explore Bankrate's review

Best home insurance company for coverage focused on farms and ranches

Oklahoma Farm Bureau

J.D. Power:
Not rated
AM Best:
B ++
Avg. annual premium for 250k dwelling
$ 3,265
Oklahoma Farm Bureau Insurance review

Explore Bankrate's review

How much is homeowners insurance in Oklahoma?

The average cost of homeowners insurance in Oklahoma is $3,593 per year for $250,000 in dwelling coverage. This rate is much higher than the national average of $1,383 per year for the same amount of coverage. In fact, Oklahoma is the most expensive state in the country for home insurance, according to our research. Located right in the center of Tornado Alley, Oklahoma may have higher-than-average claims activity, which typically drives up the cost of homeowners insurance. Even nearby states like Arkansas ($2,104 per year), Texas ($1,860 per year) and Kansas ($2,800 per year) 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 for your needs.

Home insurance in Oklahoma

As with any state, Oklahoma has its own specific considerations that should be taken into account when purchasing home insurance, namely extreme weather and earthquakes.

Common causes of loss in Oklahoma

The most common causes of loss in Oklahoma include:
  • 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. During 2021, 39 twisters occurred in the state.
  • Hail: Regarding hail, Oklahoma was the fifth most active state in the U.S. in 2021, with a total of 159 hail events. Hail is a common issue with strong summer storms and often accompanies tornadic activity. Hail can damage your home’s exterior features, like the roof and siding, which can lead to interior water damage.
  • Earthquakes: Earthquakes began to increase in frequency in Oklahoma in 2009, largely due to the oil and gas drilling processes. While earthquakes in the Sooner State may be less intense than in other parts of the country, they can still cause damage to your home and property.

Home insurance coverage options in Oklahoma

In addition to standard coverage types offered on home insurance policies in Oklahoma, home owners may want to consider additional coverage options to protect themselves and their property:

  • Flood insurance: Flood damage is not covered by standard home insurance policies. You’ll need to buy a flood insurance policy for coverage. Policies are available from the National Flood Insurance Program (NFIP) as well as from some private insurance companies.
  • Earthquake coverage: With instances of earthquakes increasing in Oklahoma, you may want to consider adding an earthquake endorsement to your policy. Most companies offer this endorsement, which you can add on to your homeowners policy for added protection. If you live in a particularly high-risk area, you may need a separate policy.
  • Water backup: Sewer backup coverage is optional on home insurance, but often comes highly recommended by agents. The endorsement provides coverage if you experience a backup of water or sewage in a drain line that causes water damage. This type of damage is common in basements or crawl spaces, but can happen from any sewer or drain line.

Frequently asked questions

Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute