Compare Homeowners Insurance In Oklahoma
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.
Average Oklahoma Homeowners Insurance Rates
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.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| 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 |
| National Rank | 4 | 4 | 4 |
| Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-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.
Best Oklahoma Home Insurance 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.
- Farmers
- Allstate
- AAA
- Liberty Mutual
- Progressive
- Geico
- USAA
- Safeco
- Travelers
- 21st Century
Why contact every insurer in Oklahoma you want a homeowners quote from? You can just answer a few questions about your home and desired coverage, and get competing quotes. Save time and money with QuoteWizard.
Top 10 Oklahoma Home Insurance Company Market Share
| Rank | Company | Direct Premiums Written (in thousands) | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance Group of Cos. | $252,373 | 17.8% |
| 2 | Liberty Mutual | $118,708 | 8.4% |
| 3 | USAA Insurance Group | $88,300 | 6.2% |
| 4 | Allstate | $88,096 | 6.2% |
| 5 | CSAA Insurance Group | $52,355 | 3.7% |
| 6 | OK Farm Bureau Mutual Insurance Co. | $47,027 | 3.3% |
| 7 | Shelter Mutual Insurance Co. | $46,122 | 3.3% |
| 8 | Travelers Companies Inc. | $33,655 | 2.4% |
| 9 | American Farmers & Ranchers Mutual | $28,996 | 2.1% |
Financial Strength Ratings of Top Oklahoma Home Insurers
Source: A.M. Best (Ratings as of 8/5/2015)
- Farmers Insurance Group of Cos.: A+
- Liberty Mutual: A
- USAA Insurance Group: A++
- Allstate: A+
- CSAA Insurance Group: A+
- OK Farm Bureau Mutual Insurance Co.: A
- Shelter Mutual Insurance Co.: A
- Travelers Companies Inc.: A++
- American Farmers & Ranchers Mutual: NR
Oklahoma Property & Casualty* Insurance Company Market Share
| Rank | Company | Direct Premiums Written (in thousands) | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance Group of Cos. | $638,217 | 8.6% |
| 2 | Liberty Mutual | $442,082 | 5.9% |
| 3 | Travelers Companies Inc. | $327,959 | 4.4% |
| 4 | Compsource OK | $310,066 | 4.2% |
| 5 | Allstate | $257,267 | 3.5% |
| 6 | OK Farm Bureau Mutual Insurance Co. | $252,841 | 3.4% |
| 7 | United Service Automobile Assurance Co. | $235,232 | 3.2% |
| 8 | American International Group | $205,744 | 2.8% |
| 9 | Geico | $200,904 | 2.7% |
| *Represents both home and auto insurance | |||
Home Insurance Rate Factors
Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Oklahoma.
Average Home Listing Prices
Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Oklahoma, the average listing price is $186,033 as of July 2015, almost $100,000 lower than the national average of $284,748.
Average Burglary Rates
Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Oklahoma’s average burglary rate was 866.1 per 100,000 people. This is much higher than the national average of 610.0 per 100,000.
States with more law enforcement per capita tend to be safer. In Oklahoma, there are 36.9 law enforcement personnel per 100,000 total citizens. That's slightly higher than the national median of 32 per 100,000.
Home Insurance Hazards
Oklahoma is right in the heart of Tornado Alley. It sits between the Midwest, and the South, with Kansas to the north, and Texas to the south. This leads to some extreme weather, including tornadoes, thunderstorms, and polarizing seasons, all of which can be homeowners insurance hazards.
Hot summers: Oklahoma summers are humid and very hot. Average high temperatures are about 80 degrees starting in May. It often stays that hot until October, though the hottest month of the year is July. On the western side of the state, towards the panhandle, July high temperatures are about 95 degrees, on average. In Oklahoma City, in the middle of the state, highs in July are 94 degrees, and further east, in Tulsa, July highs are 93 degrees. Humidity peaks in June, but is especially high from May to September. Humidity levels in summer are around 80%, which combines with the heat to make it feel even hotter. Prolonged humidity like this is correlated with the thunderstorms and other extreme weather in Oklahoma. That's because the hot, humid air from the south and the cold, dry air from the north collide and create severe weather.
Thunderstorms: As previously mentioned, Oklahoma’s unique location creates extreme weather. Oklahoma has one of the highest rates of thunderstorm activity in the world. On average there are about 50 days per year of thunderstorms. Oklahoma’s thunderstorms are some of the most violent in the country, and bring heavy rains, intense winds, hail, tornadoes, and sometimes flash floods.
Thunderstorms are most common in May and June, contributing about a third of the 36.5 total inches of rain that Oklahoma receives annually, on average. In Tulsa, for example, they average 93 days of rain per year and about 41 inches of rain annually. Almost all of Oklahoma’s rain for the entire year comes in the months of May, June, and September. During these months, localized flooding is quite common, and can be devastating. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.
Tornadoes: Often accompanying severe thunderstorms, tornadoes are extremely common in Oklahoma. According to the National Oceanic and Atmospheric Administration, Oklahoma averages 47 tornadoes per year. This is one of the highest rates in the country. Only Florida and Texas receive more tornadoes. In 2012, the National Weather Service ranked Oklahoma the #4 most tornado-prone state. Tornadoes are most common during late spring: April, May and June, though May has by far the most. Oklahoma is where the highest wind speed of a tornado ever was recorded: in May 1999, radar clocked a tornado at a terrifying 318 mph! Even a weak tornado can cause serious damage to homes, trees, and other buildings. So be sure to discuss how you can protect yourself from them with your insurance agent.
Oklahoma Office of the Insurance Commissioner
- Website:
- Homepage
- Insurance Commissioner:
- John D. Doak
- Insurance Hotline:
- (800) 522 – 0071
- Office Hours:
- Monday - Friday
9:00 am to 5:00 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Oklahoma
- NAIC--Home Insurance Market Share in Oklahoma
- Average Home Insurance Rates in Oklahoma
- Average Home Listing Price in Oklahoma
- Most Tornado-Prone States
- Temperature and Precipitation Data: OK
- Climate Data in Oklahoma
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