On average, your neighbors pay $156 a month.See Your Rates
The Sooner State is the highest-ranked state in per capita income growth and has been rated one of the most business-friendly states in the US. Oklahoma remains the only state with a musical named for it. However, the state's unique position between the Midwest and the South makes for some unique homeowners insurance hazards.
How much is home insurance in Oklahoma? Oklahoma has some of the highest homeowners insurance premiums in the country. The average cost of homeowners insurance in the state of Oklahoma was $1,879. Their far higher than the national average of $1,173. Only three states have higher average home insurance rates.
|Oklahoma Annual Average||$1,654||$1,772||$1,879|
|Oklahoma Price Per Month||$138||$148||$156|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average Oklahoma home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Oklahoma homeowners insurance rates increased from $1,386 in 2011 to $1,879 in 2015, a jump of $493 dollars, or 35.57 percent.
Choosing a homeowners insurance company in Oklahoma should be easier. Actually, it’s already easy. The key to finding the best rates is to get a home insurance quotes comparison in Oklahoma from multiple companies.
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Oklahoma. Out of the 18,811 Oklahoma homeowners that used QuoteWizard to request insurance quotes last year, 902 had no home insurance.
The above list shows the most popular home insurers in Oklahoma according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Rating||Market Share|
|6||OK Farm Bureau||A||3.3%|
|7||Shelter Mutual Insurance||A||3.3%|
|9||American Farmers & Ranchers Mutual||NR||2.1%|
Insurance companies consider several factors when determining your homeowners insurance rates. Some of these factors, like home maintenance, are within your control. Others, like weather, raise rates for all OK residents.
The type of home you own affects your homeowners insurance rates. These are the main factors that influence your costs:
Filing a claim makes your insurance rates go up. Claims stay on your record for five to seven years. If you file several claims within that time period, your insurance rates will rise substantially. You might even have trouble finding coverage. That’s why homeowners avoid filing any unnecessary claims.
Homeowners with exotic pets or specific dog breeds pay more for insurance. Those pets and breeds can represent a higher risk. So, insurers charge more if you own certain pets, if you can find a company to insure your home in the first place. According to the AVMA, 43.2 percent of OK residents own dogs.
Your credit score plays a role in your insurance rates. Homeowners insurance companies will look at your credit score to price your policy. In short, people with a bad credit scores pay more for homeowners insurance. Bad news: OK has the ninth worst average credit score in the country.
The higher the risk of severe weather in your area, the higher home insurance rates are. And unfortunately, Oklahoma is the third most natural disaster-prone state in the country. This ranking stems from the state’s location in “tornado alley” and a recent increase in earthquake. That’s a big part of why Oklahoma has the fourth highest average insurance rates in the country, according to the III.
Weather risks also depend on where in the state you live. If you live in Eastern Oklahoma, prepare your home for tornadoes.
No matter where in OK you live, there’s a chance you’ll encounter one of these natural disasters:
Your state has had a recent increase in earthquakes, and homeowners insurance doesn’t cover earthquake damage. Make sure you buy a separate policy.
According to the Oklahoma Department of Emergency Management, there are steps you can take to protect your home from natural disasters.
Property crime puts your home and possessions at risk and raises your insurance prices. Areas with a high property crime rates pay more for homeowners insurance. OK has the 12th highest property crime rate in America. In 2017, Oklahoma’s average property crime rate was 2,876.4 per 100,000 people.
Property crime rates vary depending on where in OK you live. For example, Tulsa has an average of 59.52 property crimes annually per 1,000 people. Whereas Lawton has an average of 39.91 property crimes annually per 1,000 people.
You can’t lower property crime rates in your city. You can, however, improve your home’s security and reduce your chances of falling victim to property crime.
Types of Home Insurance Policies
As a homeowner, you have several policy options when shopping for insurance. These are the insurance types you can choose from in OK:
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