Best homeowners insurance in Oklahoma

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If you’re one of the almost 66% of Oklahomans who own their own homes, you know that Oklahoma homeowners insurance is on the expensive side. According to Bankrate’s 2021 study on annual premiums, Oklahoma home insurance costs $3,519 annually for $250,000 coverage.

As part of “Tornado Alley,” Oklahoma sees severe weather, mostly in the summer months, causing homeowners to pay higher premiums year round. Bankrate recommends a few companies that offer affordable homeowners insurance in Oklahoma. They don’t sacrifice coverage and have competitive rates.

Oklahoma’s best home insurance companies

We compared prices and reviewed available coverages to find the best Oklahoma homeowners’ insurance companies. We also looked at customer reviews and third-party rankings. This is a measure of a company’s ability pay out claims. Below is a list of some of the most affordable insurance companies in Oklahoma that offer home coverage at a fraction of the state average.

State Farm

State Farm, which holds 28% of Oklahoma’s market share, is the largest Oklahoma insurer that writes homeowners insurance. It is ranked higher than the average on J.D. Power’s 2020 U.S. Home Insurance Study ranked it 829 out of a possible 1000. It offers customizable policies in a wide range of areas. This includes homeowners insurance as well as coverage for renters, condos, cars, motorhomes and farms. The website is user-friendly and allows you to request a quote online or conduct business online. The one area where it falls short is discounts – compared to other carriers on this list, State Farm does not offer as many.

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Farmers

Farmers is Oklahoma’s second-largest homeowner policy writer. It offers policies for car, home, life, business, renters, and condo insurance. Farmers offers several discounts including multi-policy discounts for non-smokers and professionals, which can lower your cost.

Allstate

Allstate is a leader within the insurance industry. This means that Allstate can offer basic homeowner coverages as well as some innovative optional coverages such a green improvement reimbursement or electronic data recovery. There are also some discounts that can help bring down the company’s generally low prices. Allstate’s customer service ratings are average. J.D. J.D. Power rates it at 829 for customer satisfaction, which is higher than the industry average. AM Best gave Allstate an “A+” rating in financial strength. This means that it is financially sound enough to pay claims even in the event of a regional catastrophe.

USAA

USAA is Oklahoma’s largest underwriter, but it has a small customer base. It only offers insurance and banking products for current and retired military personnel and their families. USAA is the best choice for you if you fall within this group. USAA is well-known for its excellent customer service, financial stability, and tailored insurance coverage to meet the needs of military families. USAA also offers policies for homeowners, renters, automobiles, personal property and condos.

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Oklahoma Farm Bureau Mutual

Oklahoma Farm Bureau Mutual has a reputation for providing excellent insurance options for car, home, condo, recreational vehicles and farm and ranch. It is not rated as a regional insurer by J.D. Power, but the Better Business Bureau gives it an A+ for customer service. Oklahoma Farm Bureau provides basic coverage as well as amendments for residential equipment breakdown and other building insurance. They also offer an umbrella policy which provides additional protection in the event of injury to your property.

What is the cost of Oklahoma homeowners insurance?

The average cost of homeowners insurance in Oklahoma is $3,519 for $250k in dwelling coverage, making it the most expensive state in the country for home insurance. Oklahoma is located in the middle of Tornado Alley. This drives up the homeowners insurance cost. Kansas ($2,694), Texas ($1,863), and Arkansas ($2,142) are all more affordable than those in nearby states. It is important to compare insurance companies in Oklahoma so that you can find the right insurance company.

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Oklahoma home insurance: What are your options?

Oklahoma is like any other state. Oklahoma home insurance should be considered.

Oklahoma’s most common causes of loss

Oklahoma’s most common loss causes are:

  • Tornadoes: Oklahoma homeowners insurance is expensive largely because of the state’s location in Tornado Alley. Multiple tornadoes touch down throughout the state each year, with 2019 seeing a record 149 tornadoes.
  • Minor earthquakes: Most earthquakes in Oklahoma are minor, with over 100 tracked in the last month. You probably don’t have earthquake coverage in Oklahoma unless you have separate insurance or home insurance that covers earthquakes.
  • Severe thunderstorms: As Oklahomans know, tornadoes and wind storms are a very real possibility in the Sooner State. Damage claims, especially for roofs and gutters, are very common.

Oklahoma offers a variety of home insurance options

Oklahoma home owners need to consider additional coverage options beyond the standard coverages provided by their home insurance policy.

  • Liability insurance: This covers the costs if a guest is injured or their property damaged while at your home.
  • Additional living expenses: This covers hotel, food and other costs if you must live away from your home while it is being repaired due to a covered claim.
  • Flood insurance: This is not part of a basic homeowners policy. If you live in a flood zone or are worried about flooding, talk to your agent about a supplemental flood insurance policy.
  • Water backup: Sewer backup coverage is optional on home insurance. This coverage covers you if your sump pump or sewer stops working, or if water backs up in your drains.
  • Additional structure insurance: Your policy also covers structures attached to your house, such as fences or garages. If the structure is not part of your home, such as a shed, gazebo or barn, you will likely not be covered unless you have an additional policy.
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Questions frequently asked

Which insurance policy is best for Oklahoma homeowners?

There is no one right solution because every home is unique and each homeowner is subject to their own circumstances. To find the best Oklahoma homeowners insurance for you, get quotes from several companies, review their coverage options and then choose the best one for your specific needs.

How can I obtain Oklahoma homeowners insurance?

You will need to obtain quotes in order to compare rates and coverages before you can get a Oklahoma homeowners insurance policy. Personal information such as your name and address will be required. It is important to know the age of your home, as well as the approximate age of the HVAC, roof, and plumbing systems. Also, you should know the square footage, and the general condition of your home.

What flood insurance do I need in Oklahoma?

Flood insurance in Oklahoma may be something you should consider, even if your home is not near large bodies of water. It may be as simple as an overflowing culvert to cause damage to your basement.

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Do I need to have Oklahoma homeowners insurance?

Not by law. However, if your mortgage lender has a mortgage on your house, they will likely want you to have a policy in place to protect their investment. After you’ve paid off your mortgage you can decide whether you want to retain your policy.