Home Insurance in Oklahoma

Oklahoma homeowners insurance: what you need to know

Oklahomans see some of the highest insurance costs in the country due to frequent natural disasters in the state.  The average price of home insurance in Oklahoma is a whopping $4,053 per year or $338 per month. While not required, home insurance is important. The easiest way to find cheap homeowners insurance in Oklahoma is to view prices from a variety of insurance companies.

Major gaps exist in home insurance rates from state to state including Oklahoma. Insurance policy rates by state differ based on the number and cost of home policy claims submitted across the state, and also on the price of the belongings and home you're insuring.

Get an idea of how much home insurance costs in Oklahoma via the breakdown below. Remember: your rates will vary, depending on your coverage limits.

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

 

The cheapest home insurance companies in Oklahoma

Rates for home insurance in Oklahoma will vary depending on which insurance company you choose. Farmers offers the most affordable home insurance in Oklahoma — only $2,371 each year. This compares favorably to the state's mean cost of $4,053, offering a $1,681 price break on the state's average rate.

Begin the hunt for affordable homeowners coverage by reviewing the cheapest companies in the Sooner State, detailed below. You can also see the results of our Customer Satisfaction Survey for more information on the best-rated homeowners insurers.

 

AFFORDABLE HOME INSURERS IN OKLAHOMA

Insurance Company	Average Annual Rate in Oklahoma
Farmers	$2,371
American National	$2,606
Oklahoma Farmers Union	$2,930
Great Northern	$3,503
State Farm	$3,598

 

Oklahoma home insurance prices by coverage levels

The level of homeowners coverage you select has an impact on your insurance rates. In Oklahoma, maintaining $100K dwelling coverage costs an average of $1,744 per year, while carrying dwelling coverage up to $400K can cost as much as $5,222 per year.

 

POPULAR COVERAGE LIMITS IN OKLAHOMA

Coverage Level	Average Annual Cost
$100,000 Dwelling	$1,744
$200,000 Dwelling	$2,833
$250,000 Dwelling	$3,497
$400,000 Dwelling	$5,222

 

Homeowners insurance deductibles in Oklahoma

Oklahoma homeowners have a lot of choices to make when buying a policy, including how much their deductible should be. A deductible is the amount a homeowner is responsible for before an insurance company steps in to cover costs. The deductible that you decide on can impact your insurance rates directly.

When choosing a deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. Therefore, if you need your home insurance rates to be lower, it pays to keep your deductible higher. It's worth noting that your deductible should only be as high as you can reasonably pay in the event of a loss.

Have a look at the average deductibles offered by home insurance companies and an approximation of average premiums.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN OKLAHOMA

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$3,811
$1,000	$3,497
$1,500	$3,262
$2,000	$3,070
$5,000	$2,695

 

 

Oklahoma homeowners insurance costs by city

Not every town in Oklahoma has the same homeowners insurance rates. Rates rely on locally specific factors such as the number of local claims filed.

The cheapest home insurance rates in Oklahoma are available in Bartlesville. An average home insurance policy in this northeast Oklahoma city costs just $3,455 per year — $597 less than the statewide average. The cities listed below are home to the cheapest home insurance in Oklahoma.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN OKLAHOMA

City	Average 12-Month Home Insurance Rate
Bartlesville	$3,455
Owasso	$3,516
Claremore	$3,552
Tulsa	$3,583
Bixby	$3,585

 

Looking for information on home insurance in a particular city? Check out our analysis of significant Oklahoma cities:

• Oklahoma City
• Tulsa

 

Home and auto insurance bundling in Oklahoma

If you want to save on insurance, consider purchasing your home and car insurance policies from the same company. Bundling auto and homeowners insurance in Oklahoma can lead to substantial savings on car insurance. Purchasing bundled policies in Oklahoma leads to an average annual savings of $154.

 

HOME AND AUTO BUNDLING DISCOUNTS IN OKLAHOMA

Avg. Annual Rate (No Bundle)	Avg. Annual Rate (w/ Bundle)	Annual Savings ($)	Annual Savings (%)
$1,527	$1,373	$154	11%

 

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Oklahoma homeowners insurance FAQs

 

Why is home insurance so expensive in Oklahoma?

Oklahoma is in the unfortunate position of being at high risk for many different perils, including tornadoes, wildfires, flooding, earthquakes, and hailstorms. Because of the higher likelihood of a claim needing to be filed, many insurers have raised premiums across the state.

Find out more about high-risk home insurance

Are you required to have homeowners insurance in Oklahoma?

Even though Oklahoma does not require homeowners insurance, it is highly recommended that you carry a policy. If you have a mortgage, your lender is likely to require it as a part of your agreement.

 

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Natural disaster coverage in Oklahoma

 

Does homeowners insurance cover earthquakes in Oklahoma?

Oklahoma encounters an estimated 285 earthquakes every year, meaning Oklahoma residents should consider an insurance policy that covers earthquakes.¹ However, this coverage doesn’t come standard in home policies. Earthquake coverage comes as an endorsement to your home insurance policy, covering damage resulting from land movement.

Aftershocks are another serious concern when it comes to earthquakes. They can be severe and often cause damage for days after the initial event. Luckily, having this coverage means that you pay a single deductible for damage from the initial earthquake as well as any resulting aftershocks within a period of 72 hours.

For those who live in earthquake-prone areas, you can expect your homeowners insurance rates to be more expensive. This is especially true in areas with the highest risk of seismic activity. While most standard insurance carriers don’t offer earthquake coverage, options exist in seismically active states. Companies in Oklahoma may offer endorsements covering earthquake damage. Keep in mind that earthquake deductibles are usually higher than deductibles for most standard perils. An earthquake endorsement added to your homeowners insurance policy will cost you an additional $127 per year in Oklahoma.

Below you can find a few of the best earthquake insurance options in Oklahoma. Please note that these figures are merely estimates. Rates specific to your property can be found by consulting the listed insurers.

 

CHEAP HOMEOWNERS EARTHQUAKE COVERAGE IN OKLAHOMA

Company	Average 12-Month Earthquake Insurance Rate
American National Financial	$2,266
Liberty Mutual	$2,328
American Farmers & Ranchers	$2,385
Chubb	$2,411
CSAA	$2,625

 

Does homeowners insurance cover tornadoes in Oklahoma?

A tornado can hit with precious little warning. There isn't much that can be done to prepare and the effects can be devastating. It's vital to protect your home against tornadoes in Oklahoma, which averages 65 twisters per year.²

Tornado damage is typically caused by wind, so verify your home insurance policy includes windstorm protection, which comes as standard in most homeowners policies.

Wind protection covers the exterior and overall structure of the building. Depending on your policy type, you may find that interior damage is only covered when it occurs as caused by exterior damage like a tree branch breaking a window. Also covered are detached structures, generally up to 10% of the home’s insured amount. Bear in mind that other damages brought about by the storm may not be covered by insurance. For example, if the storm that produced the tornado also causes flooding that damages your home, those damages won't be covered unless you've previously added flood insurance to your policy.

 

Does homeowners insurance cover fires in Oklahoma?

Fire coverage comes standard on most homeowners policies in Oklahoma. If a fire destroyed your home, your insurance company would cover the damage to your property up to your policy limits. The prevalence of wildfires in Oklahoma reinforces the importance of sufficient homeowners insurance: 9% of Oklahoma households are in danger of suffering wildfire damage. In fact, 745,097 of the state's acres fell victim to fires in the state in 2018.³ Wildfires may not be covered by insurance: consult our guide for details. 

In addition to covering damages — up to your policy limits — your homeowners insurance could pay for your additional living expenses if your home is uninhabitable. Damage that occurs via arson — or fire-related damage to a vacant home — will not be covered by a homeowners insurance policy.

 

Does homeowners insurance cover flooding in Oklahoma?

Damage from flooding, whether from a hurricane or a torrential downpour, is not covered by homeowners insurance policies. To insure your Oklahoma home against flood damage, buy insurance from a private flood insurance company or through the National Flood Insurance Program (NFIP).

Flood insurance coverage from private companies may vary, but if you buy through the NFIP you are allotted coverage for:

• $250,000 structural coverage
• $100,000 personal property coverage

If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.

 

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Sources:

¹United States Geological Survey

²NOAA's National Weather Service

³Insurance Information Institute

 

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