Best cheap homeowners insurance in Tulsa

In Tulsa, Oklahoma, the average cost of home insurance is $3,316 per year for $250K in dwelling coverage, according to data sourced from Quadrant Information services. Although that figure is well below the statewide average of $3,659 per year in Oklahoma, the average homeowners insurance policy in Tulsa costs $1,888 more per year than the national average, which may cause homeowners to search for a cheap policy.

Finding a cheap home insurance in Tulsa, Oklahoma can be difficult. Nestled right in the heart of tornado alley, Tusla homes can experience elevated levels of wind damage, which may cause home insurance premiums to skyrocket. To find cheap home insurance policies, Bankrate’s editorial team leveraged financial strength data, coverage offerings and third-party customer satisfaction metrics. Our findings suggest that Allstate, Farmers and USAA are among the best cheap home insurance for Tulsa homeowners.

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. Average rate data from Quadrant Data Services highlights Allstate, American Farmers and Ranchers Mutual and Farmers as the top three cheapest of the group.

*USAA is not eligible for official ranking by J.D. Power due to eligibility restrictions.

Allstate

Allstate is a 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. However, they score below the average on J.D. Power’s overall customer satisfaction and on their 2023 U.S. property claims satisfaction scale. 

Learn more: Allstate insurance review

Farmers

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. But, if and when a tornado hits and you find yourself needing to file a claim, it’s possible that it could be a frustrating experience—especially if you elect to use their online claims system. J.D. Power’s 2022 Digital Experience Study ranked Farmers’ online claims system third to last for overall customer satisfaction.

Learn more: Farmers insurance review

USAA

USAA offers homeowners insurance in Tulsa 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. Their limited customer service hours may be inconvenient to some homeowners, as their claims center only takes calls from Monday to Friday.

Learn more: USAA Insurance Review

AAA

You may already be familiar with AAA for their car insurance and roadside assistance offerings, but they can also offer financial protection for your home. AAA home insurance could be a great option for Tulsa homeowners who are already enrolled in their auto program, as AAA may offer policyholders additional benefits if you bundle your policies. On the other hand, without a AAA membership, you may find their home insurance policy to be a little too standard. AAA also sits lower on Bankrate’s list of the best cheap home insurance in Tulsa last because of their low customer satisfaction ratings from J.D. Power.

Learn more: AAA insurance review

Travelers

At about $245 per month, Travelers is the most expensive on our list of the best cheap home insurance providers in Tulsa. But, for homeowners looking for a more bespoke policy, Travelers could be the right choice. With Travelers, it is possible to add several different endorsements such as water backup, valuables and even identity fraud.

Aside from being the priciest provider on our list, Travelers has the lowest J.D. Power score for overall customer satisfaction.

Learn more: Travelers 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 may be a good idea to speak with a licensed insurance agent to help 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

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    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.
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    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.
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    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.

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    Methodology

    Bankrate utilizes Quadrant Information Services to analyze 2023 rates for 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.

    Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

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    Bankrate Scores

    Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

    Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

    • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
    • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
    • Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts