Compare Homeowners Insurance in Oklahoma City
Residents in Oklahoma City, Oklahoma pay some of the highest home insurance rates in the country. The state has a penchant for natural disasters, none more frequent or damaging than their infamous tornados.
In 2013, Oklahoma led the nation in disaster-related insured losses at about $2 billion. That stat is a big reason why insurers charge such high rates to cover homeowners in Oklahoma City, OK.
If you’re a current or future OKC resident, you’ll need to stay ahead of the curve when it comes to home insurance.
Average Oklahoma City Home Insurance Rates
How much is home insurance in Oklahoma City? To estimate insurance costs, we gathered data from QuoteWizard users in OKC. Using this information, we created this 'average' Oklahoma City home:
- 1,903 square foot home built in 1982
- 3 bedrooms and 2 bathrooms
- One story
- Deadbolt locks
- Fire extinguishers
- Composite shingle roof
To establish the average cost of a policy, we got insurance quotes for this sample Oklahoma City house. Keep in mind, homeowners insurance is unique to each person, their house, and their insurance needs. Below is the average rate for a homeowners insurance policy in the area:
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.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Oklahoma City, Oklahoma
Last year, many people used QuoteWizard to compare compare home insurance quotes in Oklahoma City, OK from multiple companies.
Best Home Insurance Companies in Oklahoma City
According to QuoteWizard users in Oklahoma City, these are the most popular home insurance companies in the city:
- State Farm
- Liberty Mutual
- COUNTRY FINANCIAL
Oklahoma City Home Insurance Rate Factors
Insurance companies consider many elements when pricing your home insurance premium. Here are some of the most common factors used to decide your insurance rates in the Oklahoma City area:
- Natural disasters: Insurance companies charge more for homes in disaster-prone areas. Homeowners located on the coast or in the path of hurricanes can expect to pay more. Unfortunately, Fox News called the state of Oklahoma “Disaster Central.” That’s because Oklahoma is the number one state for tornados and number three for flooding. Frequent disasters cause considerable damages, which cost insurance companies. Those costs are, in turn, passed onto homeowners in the form of high premiums.
- Your home's age: It’s no secret that older homes usually cost more to insure. That’s because old houses are more likely to have serious problems. These issues increases the chances of a homeowner needing to file a claim. Our stats show that Oklahoma City’s average home was constructed in 1982. That’s not old for a home, which is good news for the city’s homeowners.
- Credit history: Your credit score plays a key role in the cost of your home insurance rates. If you have bad credit, you can expect to pay more for homeowners insurance. In some cases, homeowners with bad credit pay as much as 90 percent more for home insurance. Credit history and credit score could prove to be a problem in Oklahoma City. The city ranked 79th out of 100 cities with an average credit score of 646. That’s not great, and it can raise insurance premiums.
- Previous claims: Filing claims raises your insurance premium. It’s a simple equation. Less simple is the fact that claims filed by your house’s previous owner can also hurt your rates. Houses with a history of claims are statistically more likely to file future claims. As a result of claims, your insurance agent may label you or your home as high-risk. That leads to higher premiums or, in some cases, refusal of coverage.
- Coverage amounts: Your coverage amounts play a major role in the price of your home insurance rates. A standard insurance policy covers the essentials. That includes the structure, your belongings, and liability. These policies are a cost effective way of covering the basics. However, some homeowners need more. That includes people with unique homes, large assets, or collectables. But that coverage comes at a cost.
- Home security and crime: Homeowners pay more to cover a house in a crime-ridden neighborhood. Insurers are especially concerned with property crimes, as those can lead to claims. This year Oklahoma City residents reported 30,004 crimes. 84 percent of these crimes were property crimes. At 40 property crimes per 1,000 residents, this is a high rate. In fact, it’s close to double the national property crime rate. There many steps that homeowners can take to make their home more secure. Doing so can lead to insurance discounts.
- Proximity to emergency services: Living close to a fire station is important. Your proximity to a fire station can be the difference between a salvageable or destroyed home. Insurers charge less for houses with good fire safety ratings. In 2017, Oklahoma City got a Class 1 rating for fire protection services. A class 1 rating is the best rating a city can get. That’s good news Oklahoma City homeowners.
Types of Homeowners Insurance
There are many different home insurance plans. Let’s look at the policies available to Oklahoma City residents:
- HO-1: Basic insurance that covers standard damages.
- HO-2: Broad homeowners insurance covering everything in HO-1. Also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless excluded. Also covers liability and unattached structures.
- HO-4: Provides belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3 but with expanded coverage and less limitations for property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
10 Ways to Save Money on Homeowners Insurance in Oklahoma City
There are numerous steps you can take to lower your home insurance premium:
- Don’t smoke: Smokers pay more for home insurance. That’s because smoking greatly increases the likelihood of a house fire. Oklahoma City is one of the America’s smokiest cities. The cities smoking rates are above 22 percent. That will lead to higher rates.
- Update your roof: In areas prone to natural disasters, your roof is the first layer of defense. In bad weather, a high-quality roof can be the difference between needing to file a claim or not. Constant wind and winter snowstorms wear away at your roof over the years. Maintain your roof, or install a new one. It can lead to insurance discounts.
- Be a senior: In Oklahoma City 23 percent of residents are seniors. The seniors in Oklahoma City can see savings on their homeowners insurance. Why? On average, seniors maintain their house. And they spend a lot of time at home, which means they can spot a broken pipe or an electrical fire before it spirals out of control. Seniors get many discounts, and home insurance is no exception.
- Compare quotes: It’s easy to buy insurance from one company and stick with them for years. However, if you want to save money, you should shop around. You can compare your premium and see if your current plan is your best option. If you don’t shop around, you don’t know what savings you’re missing. Start saving immediately, compare home insurance prices in Oklahoma City today.
- Enhance security: Oklahoma’s high property crime rate can inflate your premiums. Taking steps to decrease your chances of being a property crime victim is a great step. First, it makes your home safer. Second, it can score you an insurance discount. Additions include security cameras, alarms, burglar bars, and more.
- Renovate: Certain preventative home improvements make your house a less of claims risk, which can lower your premiums. Updating your electrical system, plumbing, heating, or appliances can help you earn a discount. Be aware that remodeling can increase your home's value. That, in turn, can make your coverage levels inaccurate.
- Improve your credit score: Raising your credit score helps lower your insurance rates. Oklahoma City residents, on average, don’t have great credit scores. If you’re one of these individuals, take steps to improve your credit score. That includes paying your bills on time and refinancing your debt. It will improve your financial life across the board, including your home insurance premium.
- Avoid claims: It’s simple: if you file a claim, your rates will go up. The fewer claims you make, the less of a costly liability you are to your insurance company. Filing too many claims can earn you the label of high-risk. If you’re branded high-risk, your premium will rise. In some cases, your insurance company may cancel your coverage. Always think twice about whether to file a claim.
- Raise your deductible: Your deductible is the amount you must pay before insurance kicks in. When your deductible goes up, your premium goes down. If you’re looking to lower your monthly premium, consider raising your deductible. Remember, this leads to higher out-of-pocket costs if you need to file a claim. Depending on your needs and budget, choosing a higher deductible could make sense for you.
- Bundle: Staying loyal to one insurance company can really help lower your home insurance cost. You can do this by buying multiple policies from the same insurer. If you bundle your home and auto insurance with the same company, you can earn a quick 20 percent discount.
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