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Best homeowners insurance in Oklahoma for 2023

USAA, State Farm, Allstate, Farmers and Oklahoma Farm Bureau are some of the top California home insurance carriers.
Updated Sep 01, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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Compare the best homeowners insurance companies in Oklahoma

After thorough review, the five companies offering some of the best homeowners insurance in Oklahoma are USAA, Allstate, State Farm, Farmers and Oklahoma Farm Bureau. Bankrate compared average annual rates, but also took a close look at financial strength, as measured by AM Best, and overall customer satisfaction, as rated in the 2022 J.D. Power U.S. Home Insurance Study. Our editorial team also looked at other factors that might make a difference to consumers, such as the range of covering types offered and savings opportunities.

USAA
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info
AM Best
A++
J.D. Power score
884
/1,000
Average monthly premium for $250K in dwelling coverage
$198
Average annual premium for $250K in dwelling coverage
$2,377
Get a quote
Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power score
815
/1,000
Average monthly premium for $250K in dwelling coverage
$215
Average annual premium for $250K in dwelling coverage
$2,585
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power score
829
/1,000
Average monthly premium for $250K in dwelling coverage
$362
Average annual premium for $250K in dwelling coverage
$4,340
Read review
Farmers
Rating: 2.9 stars out of 5
2.9
Bankrate Score
Info
AM Best
A
J.D. Power score
792
/1,000
Average monthly premium for $250K in dwelling coverage
$231
Average annual premium for $250K in dwelling coverage
$2,769
Get a quote
Oklahoma Farm Bureau
AM Best
B++
J.D. Power score
Not rated
Average monthly premium for $250K in dwelling coverage
$273
Average annual premium for $250K in dwelling coverage
$3,281
Get a quote
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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.

*Premiums are for $250K in dwelling coverage

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

Key takeaways

  • Oklahoma has the highest average annual homeowners premium in the U.S., largely due to its high risk for tornado damage.
  • The average annual premium for homeowners insurance in Oklahoma is $3,659 for $250,000 in dwelling coverage, more than double the national average.
  • According to Bankrate's market analysis, USAA, State Farm and Allstate offer some of the best homeowners insurance in Oklahoma.

The top five home insurance companies in Oklahoma

USAA

Best for military-focused coverage

Rating: 3.7 stars out of 5
3.7 Bankrate Score
JD Power: 884/1,000 AM Best: A++

Average annual premium

$ 2,377 for $250k dwelling coverage
USAA Review Get a personalized quote

Why USAA made our list: USAA 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 may want to make USAA your first stop. The carrier is known for excellent customer service (although it doesn’t qualify for official ranking with J.D. Power), financial stability and insurance coverage that is tailored to the specific needs of military families. In addition to homeowners insurance, USAA also writes policies for renters, auto, personal property, condos and more. Additionally, USAA’s average premium is lower than the state’s average.

Who USAA may be good for: Those who need coverage that is military-focused, such as coverage for uniforms or discounts for those who are deployed or stationed on base.

Allstate

Best for discount opportunities

Rating: 3.5 stars out of 5
3.5 Bankrate Score
JD Power: 815/1,000 AM Best: A+

Average annual premium

$ 2,585 for $250k dwelling coverage
Allstate Review Get a personalized quote

Why Allstate made our list: Allstate offers generous discounts that can help lower the cost of your premium. The company also features some interesting endorsements, or add-ons, that allow you to personalize your policy, such as a green improvement reimbursement and electronic data recovery. One thing worth considering, however, is that the company scored below average in two 2022 J.D. Power studies: the U.s. Home Insurance Study and the U.S. Property Claims Satisfaction Study.

Who Allstate may be good for: Those whose top priority is saving money may want to consider Allstate. It's also a good choice for those who wish to craft a policy that meets their own unique needs by adding on additional coverages.

State Farm

Best for local agents

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 829/1,000 AM Best: A++

Average annual premium

$ 4,340 for $250k dwelling coverage
State Farm Review Get a personalized quote

Why State Farm made our list: State Farm is the largest insurer by market share in the U.S., and also boasts high financial strength and customer satisfaction scores. State Farm offers a broad range of customizable coverage options and, in addition to homeowners insurance, it offers coverage for condos, renters, cars, motorhomes, farms and more. It also has a user-friendly website, which makes it easy to get an online quote or do your business online. However, the average premium from State Farm is higher than the state average.

Who State Farm may be good for: For those who prefer to do business in person, State Farm boasts more than 100 offices across the state. It also features robust online tools and a multi-functional app, too, so those comfortable with technology can manage their accounts digitally.

Farmers

Best for unique coverage options

Rating: 2.9 stars out of 5
2.9 Bankrate Score
JD Power: 792/1,000 AM Best: A

Average annual premium

$ 2,769 for $250k dwelling coverage
Farmers Review Get a personalized quote

Why Farmers Insurance made our list: Farmers offers policies for car, home, life, business, renters and condo insurance. Farmers also offers unique coverage options that are hard to find with other carriers, including the option for eco-rebuild coverage. If your home needs to be rebuilt due to a covered peril, eco-rebuild coverage pays to use environmentally friendly building materials. However, Farmers has one of the lowest customer satisfaction scores from J.D. Power, so it might not be a great fit for homeowners looking for high service ratings.

Who Farmers Insurance might be good for: Homeowners who prioritize having options to personalize their policy to their specific needs, such as allowing for eco-friendly rebuilding, over companies having the highest customer service ratings may find Farmers to be a good choice.

Oklahoma Farm Bureau

Best for coverage focused on farms and ranches

JD Power: Not rated AM Best: B++

Average annual premium

$ 3,281 for $250k dwelling coverage
Oklahoma Farm Bureau Review Get a personalized quote

Why Oklahoma Farm Bureau made our list: Oklahoma Farm Bureau Mutual is known for offering excellent insurance options for home, car, condo and recreational vehicles. For those working in the agricultural sector, Farmers also offers farm and ranch insurance. 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. However, as a regional insurer, it is not rated by J.D. Power. As such, you may want to research what current customers say about their experience to get a sense of the carrier’s service level.

Who Oklahoma Farm Bureau might be good for: If you are a farmer or rancher, it's worth getting a quote from Oklahoma Farm Bureau, since the company has extensive knowledge and understanding of these property types’ needs. Homeowners looking for a smaller regional company to work with may also want to ask for a quote.

How Bankrate chose the best home insurance companies in Oklahoma

To find the best homeowners insurance companies 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.

Clock Wait
46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is homeowners insurance in Oklahoma?

The average cost of homeowners insurance in Oklahoma is $3,659 per year for $250,000 in dwelling coverage. This rate is much higher than the national average of $1,428 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 what was historically known as Tornado Alley — an area in the U.S. where tornadoes frequently occur — Oklahoma may have higher-than-average claims activity, which typically drives up the cost of homeowners insurance. Even nearby states like Arkansas ($2,123 per year), Texas ($1,967 per year) and Kansas ($3,083 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.

Average annual premium by dwelling coverage level in Oklahoma

$150K
$1,658
$250K
$2,377
$350K
$3,027
$450K
$3,644
$750K
$5,453
$150K
$2,067
$250K
$2,585
$350K
$3,099
$450K
$3,692
$750K
$5,566
$150K
$3,073
$250K
$4,340
$350K
$5,297
$450K
$6,552
$750K
$10,218
$150K
$1,953
$250K
$2,769
$350K
$3,507
$450K
$4,130
$750K
$5,893
Oklahoma Farm Bureau
$150K
$2,052
$250K
$3,281
$350K
$4,555
$450K
$5,801
$750K
$9,368
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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.

Your location is one of the factors that insurers use to determine your premium rate. Bankrate took a close look at a range of Oklahoma cities to determine what the average rates are in each of them. Homeowners in the following cities below pay some of the least expensive homeowners insurance rates in the state, at around 10 percent less than the state average.

  • Crowder: $3,292 — 10 percent below the state average
  • Depew: $3,293 — 10 percent below the state average
  • Fairfax: $3,294 — 10 percent below the state average
  • Caney: $3,297 — 9.9 percent below the state average
  • Cartwright: $3,298 — 9.9 percent below the state average

Larger cities often have higher average home insurance rates due to crime rate and density of homes. This is certainly true in Oklahoma, where Oklahoma City, the largest city in the state, is one of the most expensive places to insure a home. Locations that are more prone to experience natural disasters such as tornadoes will likely also see increased rates.

  • Oklahoma City: $4,138 — 13 percent above the state average
  • Newalla: $4,123 — 12.7 percent above the state average
  • Jones: $4,097 — 12 percent above the state average
  • Wheatland: $4,091 — 11.8 percent above the state average
  • Bethany: $4,090 — 11.8 percent above the state average

How to find the best cheap home insurance in Oklahoma

Although home insurance isn't required by law in Oklahoma the way car insurance is, you may still need a policy if your mortgage lender requires it. Even if you own your home, however, most experts would recommend that you purchase adequate coverage to protect your investment in the event of a disaster. 

Finding the best home insurance in Oklahoma at a reasonable cost isn't difficult. Here are some steps you can take while shopping to help secure a policy at a rate that fits you:

  1. Consider your needs. What is most important to you when purchasing insurance? Low price? Excellent customer service? The ability to customize your policy? Understanding what you're looking for before you shop can help you to choose the company that is best suited for your needs.
  2. Determine what it will cost if you need to rebuild. Your house has a replacement cost, and it is not likely to be the same as the price you paid for it. Knowing how much coverage you need is vital when you begin gathering quotes. An insurance agent can help you figure out this number if you're uncertain.
  3. Think about liability. Your policy will include coverage for legal and medical costs if someone is hurt while on your property. If your home has a pool, trampoline or other structure that might cause injuries, you may want to increase your liability coverage.
  4. Review the insurers who are writing the best Oklahoma home insurance policies. Bankrate’s team of insurance experts gathered several providers who can write robust policies — many at competitive prices — and that offer other benefits such as award-winning customer service and superior financial strength. You may even find additional insurers while conducting your own research.
  5. Get quotes. Either online, by phone or in person, ask for quotes from several of the companies you've researched. Compare the prices and see who offers you the best rates. Make sure you are asking for the same level of coverage from each company so that you can do an apples-to-apples comparison.
  6. Take advantage of all the discounts that are applicable to you. Each insurance company offers various discounts. Some of the discounts may apply to you, while others may not. The best way to maximize your savings is by speaking with your agent and reviewing the discounts listed on the carrier’s website. Common discounts include bundling multiple policies like auto and home insurance, and adding safety features to your home.
  7. Take steps to improve your credit score. Your insurer is likely to quote you a higher price if you have a low credit score. Anything you can do to improve it, such as paying off outstanding debts, may earn you a better rate.

Once you have gathered quotes and chosen an insurer, you will need to fill out an application form and set up your payment method. Some insurers will offer a discount if you agree to have your payments automatically deducted from your account each month. If you have a mortgage, however, your payments may come out of your escrow account.

Common home insurance discounts in Oklahoma

The high rate of homeowners insurance in Oklahoma makes discounts even more desirable. Many insurers offer discounts to home owners that are not difficult to qualify for. Here are some of the most common ones in Oklahoma.

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
Former Writer & Editor, Insurance
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 Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute