Best home insurance companies in Oklahoma
To find the best Oklahoma homeowners insurance companies, we first analyzed average premiums from Quadrant Information Services. We also reviewed each company’s available coverage types, discounts and policy features. Third-party rankings and customer reviews were also considered, along with financial strength, which measures a company’s ability to pay out claims. We compiled this information into our Bankrate Score, which rates how highly each company scored in each category. The Scores are on a scale of 0.0 to 5.0, with higher scores meaning higher rankings in each rating section.
The following table highlights some of the best home insurance companies in Oklahoma, based on our analysis:
|Home insurance company||Bankrate Score||Average annual premium for $250k dwelling coverage||J.D. Power customer satisfaction score|
|Oklahoma Farm Bureau Mutual||Not rated||$3,236||Not rated|
*Not officially ranked by J.D. Power due to eligibility restrictions
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, 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. USAA isn’t the cheapest company on our list, but its average premium is lower than the state’s average.
Learn more: USAA Insurance review
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 the highest on our list.
Learn more: State Farm Insurance review
Allstate may be a good option for homeowners who want to tailor their policy to their specific needs, as the carrier offers unique endorsements like green improvement reimbursement and electronic data recovery. The company also has some nice discounts that may bring its generally low prices down even further. The company has relatively average customer satisfaction, though, and falls behind some of its competitors in financial strength.
Learn more: Allstate Insurance review
Farmers offers policies for car insurance, home insurance, life insurance, business insurance, renters insurance and condo insurance. The carrier is very competitive with its pricing — in fact, its average premium is the lowest on our list. However, Farmers has the lowest customer satisfaction score from J.D. Power, so it might not be a great fit for homeowners looking for high service ratings.
Learn more: Farmers Insurance review
Oklahoma Farm Bureau Mutual
Oklahoma Farm Bureau Mutual is known for offering excellent insurance options for home, car, condo, recreational vehicles, farm and ranch and more. However, as a regional insurer, it is not rated by J.D. Power. As such, you may want to do research with current customers to get a sense of the carrier’s service level. 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.
Learn more: Farm Bureau Insurance review
How much is homeowners insurance in Oklahoma?
The average cost of homeowners insurance in Oklahoma is $3,519 per year for $250,000 in dwelling coverage, making it 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 ($2,142 per year), Texas ($1,863 per year) and Kansas ($2,694 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 considerations in Oklahoma
As with any state, Oklahoma has its own specific considerations that should be taken into account when purchasing home insurance.
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 2020, the most recent year with available data, 31 twisters occurred in the state. Two people were killed.
- Hail: 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
What is the best homeowners insurance in Oklahoma?
Each home is different and every homeowner has their own set of circumstances. As such, there is not one best home insurance company for everyone. To find the best Oklahoma homeowners insurance for you, you may want to get quotes from several companies, review their coverage options and then choose the best one for your specific needs.
How do I get homeowners insurance in Oklahoma?
You’ll start by getting quotes. You can often do this online or by calling a company, or you can visit a local agency. You’ll need to provide some information about yourself, like your name and date of birth (and possibly your Social Security number), as well as information about your home, like your address, the year your home was built, how old the roof is, and information about any custom or unique features. Once you’ve chosen a quote that you’d like to purchase, a company representative will walk you through the next steps.
Do I need flood insurance in Oklahoma?
You might. If you are in a flood zone and have a mortgage, you’ll likely be required to have a flood insurance policy by your lender. Even if you own your home in full, you might still want to consider flood insurance, depending on where you live in the state. Talking with a licensed agent could help you determine your flood risk.
Am I required to have homeowners insurance in Oklahoma?
No, you are not required to have homeowners insurance in Oklahoma — at least not by law. However, if you have a mortgage on your home, your lender will probably require you to have a policy to protect their investment in your property. Once you have paid off your mortgage, it is up to you if you keep home insurance, although most insurance agents and financial planners advise that you maintain a policy.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all 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.
Bankrate Scores 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 drivers 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 car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moodys had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers 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.