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Best homeowners insurance in Oklahoma of 2022

Updated Oct 03, 2022
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With the highest average annual premium in the U.S., the homeowners insurance market in Oklahoma is challenging. On average, Oklahomans pay $3,519 annually for $250,000 in dwelling coverage. This figure is an eye-popping 160 percent higher than the national average of $1,383 for the same amount of dwelling coverage, according to Bankrate’s analysis of average rate data from Quadrant Information Services.

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Key takeaways
  • Oklahoma has the highest average annual homeowners premium in the U.S., largely due to its position in Tornado Alley.
  • The average annual premium for homeowners insurance in Oklahoma is $3,593 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.

How Bankrate chose the best home insurance companies in Oklahoma

To find the best Oklahoma homeowners insurance companies, 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:

Home insurance company Bankrate Score Average annual premium for $250k in dwelling coverage J.D. Power score (Central region) AM Best rating
USAA* 4.8 $2,215 879/1,000 A++ (Superior)
State Farm 4.7 $4,019 843/1,000 A++ (Superior)
Allstate 3.9 $2,315 816/1,000 A+ (Superior)
Farmers 3.8 $2,360 828/1,000 A (Excellent)
Oklahoma Farm Bureau Mutual Not rated $3,265 Not rated B++ (Good)

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

Please note that average annual rates are based on $250,000 in dwelling coverage.

USAA

Best for: Military-focused coverage

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 on our list, but its average premium is lower than the state’s average. Since USAA membership is only available to military members, veterans and qualifying family members, however, not everyone will qualify for access to the company’s insurance products.

Learn more: USAA Insurance review

State Farm

Best for: Access to a network of local agents

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. For those who prefer to do business in person, State Farm boasts more than 100 offices across the state. However, the average premium from State Farm is the highest on our list.

Learn more: State Farm Insurance review

Allstate

Best for: Numerous discount opportunities

Allstate is the cheapest homeowners insurance company on our list, and it offers generous discounts that could drive this rate down even further. Allstate may also be a good option for homeowners who want to tailor their policy to their specific needs, as the carrier offers endorsements like green improvement reimbursement and electronic data recovery. One thing worth considering, however, is that the company scored below average in the J.D. Power 2022 claims satisfaction study.

Learn more: Allstate Insurance review

Farmers

Best for: Unique coverage options

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 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

Best for: Coverage options focused on farms and ranches

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 do research with current customers to get a sense of the carrier’s service level.

Learn more: Farm Bureau Insurance 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