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: 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.
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
Best Homeowners Insurance Companies in Oklahoma
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:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Top Oklahoma Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance | A+ | 17.8% |
| 2 | Liberty Mutual | A | 8.4% |
| 3 | USAA Insurance | A++ | 6.2% |
| 4 | Allstate | A+ | 6.2% |
| 5 | CSAA Insurance | A+ | 3.7% |
| 6 | OK Farm Bureau | A | 3.3% |
| 7 | Shelter Mutual Insurance | A | 3.3% |
| 8 | Travelers Companies | A++ | 2.4% |
| 9 | American Farmers & Ranchers Mutual | NR | 2.1% |
Oklahoma Home Insurance Rate Factors
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.
Your Personal Rate Factors
Your House
The type of home you own affects your homeowners insurance rates. These are the main factors that influence your costs:
- Your home’s age. Old homes have higher insurance rates. An old house has a higher chance of needing major repairs. Major repairs can lead expensive insurance claims. Most OK residents own relatively old homes, with 3 percent of homes built between 1970 to 1979.
- The age and quality of your roof. Many insurance claims start with a leaky roof. So, keeping a well maintained and new roof is an easy way to qualify for lower rates. A strong roof can be the difference between major repairs and small damages after a disaster. In OK, for example, keep rain gutters clear to prevent flooding in case of severe rainfall. And make sure your shingles can handle the high winds that accompany tornados and hurricanes.
- Your home’s replacement cost. Your replacement cost is the amount it costs to rebuild your home from the ground up after a disaster. Replacement cost matches your home’s dwelling/structure coverage, and a higher replacement cost means higher premiums. It doesn’t matter how much you bought your home for; replacement cost depends on a house’s style and size, not market value. For example, a home worth $300,000 Edmond could have a lower replacement cost than a house worth $200,000 in Tulsa.
Claims History
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.
Pets
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.
Credit Score
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.
Oklahoma Rate Factors
Weather
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:
- Earthquakes
- Tornadoes
- Floods
- Wildfires
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.
- Water down outdoor work areas in advance of a wildfire if possible.
- Buy flood insurance.
- Add weather stripping and insulation to your home.
- Check your foundation for cracks.
Property Crime
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:
- HO-1: This covers normal damages and is the most basic insurance policy.
- HO-2: A broad homeowners policy that covers everything in HO-1. Also, it covers falling objects and damages to AC units, pipes, and other home systems.
- HO-3: This policy type covers all damages unless specifically excluded. It is the most popular homeowners policy type and also covers unattached structures.
- HO-5: This comes with more coverage and less property claim limitations. It is a comprehensive policy like HO-3 and is considered a premium policy.
- HO-6: This is the best policy type if you own a condo. It provides liability and covers possessions for condo owners.
- HO-7: Are you a mobile homeowner? If so, this policy is for you. HO-7 offers similar coverage as HO-3, but for mobile homeowners.
- HO-8: If you own an old home, you may need a policy to cover its specific needs. This policy is designed for old homes.
Oklahoma Insurance Department
- 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
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