Best cheap homeowners insurance in Tulsa
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It’s important to find reliable homeowners insurance that doesn’t break the bank to protect your finances from natural disasters and other events that can damage your home. That’s why finding cheap home insurance in Tulsa, Oklahoma might be a priority for many of its residents. Tulsa County has roughly 650,000 residents and over half of the homes are owner-occupied. The average cost for homeowners insurance in Tulsa is $3,123 per year for $250k in dwelling coverage according to data pulled from Quadrant Information Services, which makes finding potentially cheaper options a necessity for a great number of homeowners.
However, volatile weather conditions are always a threat, and Oklahoma continues to experience damage-producing tornadoes, which can make finding these options more challenging. We researched and found several high-quality, affordable providers for Tulsa residents by focusing on home insurance carriers with solid reputations that offer coverage that might fit the needs of many homeowners, even in the face of extreme weather.
Best cheap home insurance companies in Tulsa
For the cheapest home insurance, Tulsa has a range of options. Below are our picks for the top Tulsa home insurance providers. We included the average annual premiums for a policy with $250k in dwelling coverage, but keep in mind these numbers are based on general profiles and will vary by individual. We also took note of J.D. Power customer satisfaction scores so you can make an informed decision that balances price and quality service. These factors were considered to create the Bankrate Score, which is based on a 5 point scale, to give you a better indication of the best cheap home insurance companies in Tulsa.
|Home insurance company||Bankrate Score||Average annual premium for $250k dwelling coverage||J.D. Power customer satisfaction score|
|American Farmers and Ranchers Mutual||Not rated||$2,199||N/A|
*USAA not eligible for official ranking by J.D. Power due to eligibility restrictions.
Farmers is a solid insurer with three different tiers of policies that fit the needs of most homeowners. You can choose between standard, enhanced or premier policies. Standard offers minimal coverage at a reduced price, while premier includes high coverage limits and many features. Reduced rates are also available if you take advantage of discounts, like purchasing a home less than 14 years old, installing protective devices or even completing green certifications from Energy Star, LEED or the EPA.
Learn more: Farmers Insurance Review
Allstate is another big name in the industry, and their home insurance policies include a comprehensive set of coverages that could work for many Tulsa homeowners. The provider has a few interesting features available, such as Claim Rateguard®, which will keep your premium the same even if you file a claim. Other features include money back for staying claims-free and a deductible that decreases every year you don’t file a claim.
Learn more: Allstate Insurance Review
USAA offers homeowners insurance to current and former members of the military and their qualifying immediate family members. For those who meet the eligibility requirements, homeowners policies through USAA offer specialized coverage options. Policyholders may be able to add special coverages such as home sharing and earthquake protection for more robust coverage. You can also earn discounts for protective devices, being claims-free and bundling policies.
Learn more: USAA Insurance Review
American Farmers & Ranchers Mutual
American Farmers & Ranchers Mutual is headquartered in Oklahoma, so they know the state well. This provider offers valuable potential discounts to home insurance policyholders, such as up to 20% off for certain roofs, up to 30% off for newer homes and plumbing/electrical systems and up to 15% off for safety systems installed in the home. American Farmers & Ranchers Mutual also offers auto, life and farm and ranch insurance, which could net you a multi-policy discount.
State Farm is a well-known insurer that offers home insurance policies through local agencies in Oklahoma. This provider could be a good option for homeowners who want a policy from an established brand and also want to work with local agents who are potentially more knowledgeable about the area. State Farm has a few discounts available for homeowners, including bundling home and auto policies, installing safety devices and using specific roofing material for the home.
Learn more: State Farm Insurance Review
Home insurance coverage options in Tulsa
Depending on your mortgage terms, home insurance may or may not be required, but you may want to consider it to protect what may potentially be your biggest investment. Here are a few of the coverage options that might be smart to consider having in place for Tulsa homeowners. Keep in mind these coverage options are just examples; it’s a good idea to speak with a licensed insurance agent to determine what’s right for you.
- Main dwelling and other structures: Tulsa has experienced more tornadoes than usual recently, so coverage for your primary dwelling and other structures like garages or fencing is critical. Tornados are commonly classified by home insurance as wind and hail damage and are typically covered in standard policies.
- Personal property: Personal belongings inside your home can easily get damaged or destroyed in the event of a natural disaster. Coverage for pricey valuables is not typically covered in a standard policy, but the additional scheduled personal property coverage might be a worthy consideration if you keep expensive personal items in your home.
- Personal Liability: If someone is injured on your property, then you could be held liable. Liability coverage should protect you from legal expenses if you have to go to court. It is often included, up to certain coverage limits, in a standard homeowners policy. Sometimes this coverage will also pay for injuries to others caused by your pets on your property, but not all liability policies cover this and those that do will have some exclusions. Check with your provider to see if you need to purchase additional animal liability coverage.
- Additional living expenses: If a damaging event such as a tornado makes your house uninhabitable, this coverage can pay for expenses (up to policy limits) incurred from having to relocate. Some examples of covered expenses could include temporary lodging and restaurant bills.
Home insurance discounts in Tulsa
Home insurance premiums can be one of the more expensive line items in a monthly budget. To offset the cost, consider taking a close look at the discounts offered by your home insurer. These are a few of the more common discounts offered by home insurance providers.
- Multi-policy: Many home insurers also sell other kinds of insurance, like auto and life. If you use one provider for multiple kinds of insurance, chances are you’ll be able to save on your premiums.
- Alarms and safety devices: Smoke alarms and security systems increase the safety of your home, and many home insurers are willing to cut you a break on monthly premiums if you install them. Check to see what the eligibility requirements are for your provider.
- Claims-free: If you go a year or more without filing a claim, then your home insurance provider might lower your premiums as a way of giving back. Some providers even offer cashback on premiums for homeowners who don’t file claims for extended periods.
Due to the increase in bad weather in Oklahoma, you may not have a choice about whether you file a claim, but looking into all the available discounts your preferred provider offers could help offset any unforeseen costs due to weather damage.
Frequently asked questions
What is the best home insurance company?
Tulsa residents have quite a few choices for homeowners insurance, but the best home insurance company varies by individual. If you want high coverage limits and coverage for every occasion, then the best provider may be different from the one you would choose if you’re just looking for barebones coverage at an affordable price. It’s usually a good idea to shop around and compare quotes and coverage from different providers to find the one that’s right for you.
How much home insurance do I need in Tulsa?
The amount of home insurance coverage needed is different for everyone. If you have a mortgage, your lender will likely require you to carry a certain amount of home insurance. And you probably want to consider purchasing enough home insurance in Tulsa to rebuild your home if it were completely destroyed. A licensed insurance agent can walk you through the process of determining the best amount and level of coverage to ensure you are properly covered.
What risks are not covered by homeowners insurance?
Although a thorough homeowners insurance policy can provide substantial financial protection for many situations, there are a few perils that are typically excluded from a basic policy. This includes damage from flooding and earthquakes, for example. If you feel you need to add protection for these or other risks not covered in your standard policy, you can speak to your insurance agent about adding endorsements or additional policies.
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 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 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 homeowners with a clean claim history and good credit. This profile, assessed across more than 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.