Compare Homeowners Insurance In Oklahoma
Homeowners insurance in Oklahoma costs an average $2,058 a year, or $843 above the national average of $1,215. In order to help you find your best homeowners insurance policy, we analyzed Oklahoma's homeowners insurance market to compare insurance company premiums, policy offerings and customer satisfaction levels. Here's what we found:
- Cheapest homeowners insurance premium: Farmers
- Second-lowest rates: American Farmers & Ranchers Mutual
- Most popular: State Farm
- Best for veterans: USAA
How much does homeowners insurance cost in Oklahoma?
The average homeowners insurance premium in Oklahoma is $171 a month, but we saw average rates as low as $93. We found that Oklahoma has the highest average homeowners insurance rates in the country. A significant reason for this is Oklahoma's location in Tornado Alley, a swath of the Midwest that has higher-than-average tornado occurrences. There were 42 tornadoes in Oklahoma in 2018, and 85 tornadoes in 2017.
This table breaks down Oklahoma homeowners insurance rates from 2015 to today in comparison to nationwide rates. Oklahoma rates dipped slightly between 2015 and 2016, but have increased considerably since then.
| Today | 2017 | 2016 | 2015 | |
|---|---|---|---|---|
| Oklahoma annual average | $2,058 | $1,885 | $1,875 | $1,879 |
| Oklahoma price per month | $171 | $157 | $156 | $157 |
| U.S. annual average | $1,215 | $1,211 | $1,192 | $1,173 |
| U.S. cost per month | $101 | $101 | $99 | $98 |
| Note: Average rates for today are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. Data from 2015-2017 sourced from NAIC. | ||||
Oklahoma's average home insurance rate of $2,058 is incredibly high in relation to the national average of $1,215. Even the lower company rates are pretty high because of this. Farmers has the lowest average rates at $1,110, while Liberty is over three times that amount.
We recommend that you compare home insurance quotes before you buy a policy. Here is how rates from the biggest insurance companies in Oklahoma size up:
Best homeowners insurance companies in Oklahoma
Farmers, American Farmers & Ranchers Mutual, Oklahoma Farm Bureau Mutual and USAA rise to the top as our choices for the best homeowners insurance companies in Oklahoma. Here's why.
Farmers: lowest premium
The average annual homeowners insurance premium in Oklahoma is $2,058 a year. Farmers' homeowners insurance premium comes in at $1,110, or 53% below the state average.
In J.D. Power's 2018 U.S. home insurance study, Farmers ranked ninth for overall customer satisfaction and got three out of five stars for claims service and settlement. This combination of low premiums and good service makes Farmers a popular choice in Oklahoma.
A Farmers homeowners insurance policy offers some notable benefits for the money. For instance, if you've been claim-free with Farmers or your last homeowners insurer for three years or more, you may earn a discount on your premium. Also, each year your Farmers homeowners insurance policy is active can earn you $50 towards your deductible on a claim.
American Farmers & Ranchers Mutual: runner-up for cheapest rates
American Farmers & Ranchers Mutual's average homeowners insurance premium in Oklahoma is $1,512. Besides having some of the lowest rates in Oklahoma, American Farmers & Ranchers Mutual also offers a wide variety of discounts to policyholders:
- Depending on how old your house and select systems in it are, you can save up to 30% on your premium.
- Installing home protection devices such as fire alarms, sprinkler systems or burglar alarms may get you up to 15% in rate discounts.
- If you have not had a paid loss claim within a specified period of time, you can save upwards of 20% on your premium.
State Farm: most popular
State Farm holds 28% of the Oklahoma homeowners insurance market share, with CSAA holding the second-highest market share of the companies we analyzed, at 4.64%.
J.D. Power gave State Farm four out of five stars for customer satisfaction in its 2019 U.S. home insurance survey. Also, the insurer has a low NAIC Complaint Index score of 0.20. The index measures the number of complaints an insurer receives relative to its size. An index value of 1.0 is the national average, and a lower number indicates better performance. Despite having the third-highest average premium in a state with above-average homeowners insurance rates, State Farm's coverage and overall policyholder satisfaction shows a strong loyalty, despite the price tag.
USAA: best for veterans
Oklahoma is home to nearly 297,000 veterans, comprising almost 7% of the state's population. While USAA has an average homeowners insurance rate of $2,097, above the state average, the insurer continues to be a strong favorite of veterans because of its sole focus on providing coverage to active and retired military members and their families.
J.D. Power awarded USAA one of only three five-out-of-five-star overall satisfaction ratings in its 2019 home insurance study. This shows USAA's strong, consistent dedication to its policyholders. Furthermore, USAA has a low NAIC Complaint Index of 0.31, below the state average of 0.49.
USAA offers discounts that can reduce your homeowners insurance premium. You can save up to 10% on your homeowners insurance premium if you bundle it with auto insurance. Also, if you go five or more years without a homeowners insurance claim, you can get up to another 10% off your premium.
Biggest homeowners insurance companies in Oklahoma
Here's a breakdown of the homeowners insurance market in Oklahoma:
| Company | Market share | 2019 J.D. Power | NAIC Complaint Index | |
|---|---|---|---|---|
| State Farm | 28% | 4/5 | 0.2 | |
| CSAA | 4.64% | 3/5 | 1.27 | |
| Allstate | 4.53% | 3/5 | 0.29 | |
| Liberty Mutual | 3.95% | 2/5 | 0.53 | |
| Farmers | 2.82% | 3/5 | 0.41 | |
| Oklahoma Farm Bureau | 2.43% | - | 0 | |
| American Farmers & Ranchers | 2% | - | 1.11 | |
| USAA | 1.83% | 5/5 | 0.31 | |
| Travelers | 1.38% | 2/5 | 0.43 | |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||||
Home insurance companies and policy offerings vary across states. To see how these insurers rank nationally, see our list of the best home insurance companies.
Homeowners insurance rates in Oklahoma by city
Given that homeowners insurance premiums in Oklahoma are some of the highest in the nation, even the lowest homeowners insurance rates come out relatively high. Tulsa has the lowest premium in the state, at $1,186 a year, while Yukon has the highest, at $2,386.
| City | Average annual homeowners insurance cost |
|---|---|
| Oklahoma City | $2,352 |
| Tulsa | $1,186 |
| Norman | $2,235 |
| Broken Arrow | $1,829 |
| Edmond | $2,341 |
| Lawton | $2,168 |
| Moore | $2,328 |
| Midwest City | $2,367 |
| Stillwater | $1,981 |
| Enid | $2,094 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Homeowners insurance rates in Oklahoma by county
Here's how homeowners insurance rates across Oklahoma's counties compare:
| County | Average annual homeowners insurance cost |
|---|---|
| Adair | $1,805 |
| Alfalfa | $2,163 |
| Atoka | $1,902 |
| Beaver | $2,261 |
| Beckham | $2,215 |
| Blaine | $2,263 |
| Bryan | $1,946 |
| Caddo | $2,253 |
| Canadian | $2,356 |
| Carter | $1,991 |
| Cherokee | $1,791 |
| Choctaw | $1,882 |
| Cimarron | $2,111 |
| Cleveland | $2,303 |
| Coal | $2,011 |
| Comanche | $2,141 |
| Cotton | $2,210 |
| Craig | $1,858 |
| Creek | $1,988 |
| Custer | $1,958 |
| Delaware | $1,801 |
| Dewey | $2,243 |
| Ellis | $2,260 |
| Garfield | $2,107 |
| Garvin | $2,028 |
| Grady | $2,275 |
| Grant | $2,137 |
| Greer | $2,227 |
| Harmon | $2,130 |
| Harper | $2,247 |
| Haskell | $1,920 |
| Hughes | $2,038 |
| Jackson | $2,176 |
| Jefferson | $2,180 |
| Johnston | $2,013 |
| Kay | $2,093 |
| Kingfisher | $2,309 |
| Kiowa | $2,187 |
| Latimer | $1,889 |
| Le Flore | $1,886 |
| Lincoln | $2,093 |
| Logan | $2,275 |
| Love | $2,144 |
| Major | $2,189 |
| Marshall | $2,043 |
| Mayes | $1,831 |
| McClain | $2,260 |
| McCurtain | $1,877 |
| McIntosh | $1,938 |
| Murray | $1,991 |
| Muskogee | $1,851 |
| Noble | $2,142 |
| Nowata | $1,848 |
| Okfuskee | $2,048 |
| Oklahoma | $2,355 |
| Okmulgee | $1,946 |
| Osage | $1,921 |
| Ottawa | $1,803 |
| Pawnee | $2,003 |
| Payne | $1,977 |
| Pittsburg | $1,899 |
| Pontotoc | $2,011 |
| Pottawatomie | $2,106 |
| Pushmataha | $1,920 |
| Roger Mills | $2,195 |
| Rogers | $1,805 |
| Seminole | $2,081 |
| Sequoyah | $1,838 |
| Stephens | $2,174 |
| Texas | $2,198 |
| Tillman | $2,207 |
| Tulsa | $1,823 |
| Wagoner | $1,840 |
| Washington | $1,793 |
| Washita | $2,249 |
| Woods | $2,191 |
| Woodward | $2,205 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Homeowners insurance perils in Oklahoma
Oklahoma's high homeowners insurance rates largely stem from its location in Tornado Alley, the rising chances of earthquakes and high crime rates compared to the national average.
Tornadoes
Oklahoma sits in the middle of tornado alley. Given the tremendous damage a tornado can do to a home, including total loss, Oklahoma's high homeowners insurance costs reflect the risk. In fact, tornadoes are primarily responsible for the state's skyhigh home insurance rates.
Most homeowners insurance policies cover tornado damage, however, damage mitigation is strongly encouraged. Installing storm windows and door reinforcements, as well as keeping your yard free of items and debris that can turn into projectiles and damage your home during a tornado, may reduce the risk of your home getting damaged.
Flooding
Midwestern states have experienced serious flooding trends. Flood damage isn't covered by standard homeowners insurance, but you can purchase flood insurance from FEMA's National Flood Insurance Program (NFIP). NFIP insurance is available through participating insurance companies and some independent insurance providers.
Methodology
We compiled quotes for every ZIP code in Oklahoma from eight of the top insurers. We based our analysis on Allstate, American Farmers & Ranchers, CSAA, Farmers, Liberty Mutual, Oklahoma Farm Bureau, State Farm, Travelers and USAA.
We gathered quotes for a home worth $150,385, built in 1979 and owned by a 57-year-old. These are the median home value, construction date and homeowner age in Oklahoma.
We picked the insurers for our study using S&P Global Market Intelligence, which ensured results as localized to Oklahoma as possible. The largest subsidiary in Oklahoma of every insurer was taken as a representative for the company.
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