Home insurance costs in Oklahoma 2021

Home insurance costs in Oklahoma

 

Living in Oklahoma can be quite challenging for a set of reasons, many homeowners know it: dealing with freezing winters and strong heat summers, high winds, and all kinds of natural phenomenons. While housing costs are low, compared to the national standards, the expense required for insuring homes is definitely the opposite, mainly because of the frequency and severity of bad weather, which is quite unpredictable. It should be felt like a priority to safeguard yourself and your wallet, so you must have knowledge of what your policy can cover and to which extent. Choosing the right amount of coverage and the best company fitting your needs hasn’t to be complicated.

The most concerning perils in Oklahoma are represented by tornadoes along with thunderstorms, hail, and floods. Unfortunately, earthquakes are also a threat, that demand attention. Other minor, but not least important hazards for which you must seek adequate coverage are snow and ice accumulation in wintertime, fire, and theft.

The average annual premium in Oklahoma is the first highest in the U.S.: from our research*, we found it to be $3,676. We gathered quotes from the top underwriting and rated companies: Allstate, Amica, Chubb, Farmers, Liberty Mutual, Oklahoma Farm Bureau, Nationwide, Progressive, Statefarm, Travelers, and USAA. All these have the highest market share, top financial strength to fully support you in case of serious damages or loss, and fair to excellent customer service and retention, as assessed by leader rating institutions: J.D.Power, AM Best, Better Business Bureau, and NAIC.

We looked in more depth, finding the average premiums in ten of the most populous cities in Oklahoma:

City Median home value Square ft Premium
Oklahoma City
$170,000
1,440
$4,150
Tulsa
$200,000
2,000
$3,330
Norman
$175,000
1,825
$3,895
Broken Arrow
$185,000
1,835
$3,430
Lawton
$175,000
2,015
$3,730
Edmond
$230,000
2,055
$4,055
Moore
$170,000
1,505
$3,970
Midwest City
$130,000
1,270
$3,860
Enid
$185,000
1,730
$3,735
Stillwater
$180,000
1,690
$3,630

 

 

The rates are calculated for a $1,000 deductible, $300,000 liability coverage, and different dwelling coverages, adjusted for home replacement cost. Mind that these are just averages, and your price can still differ by hundreds of dollars based mainly on your precise location, the specific of your house, financial and marital status. For instance, a brick house cost less to insure than a frame building; the same does living near a fire station or having an extinguisher in reach, residing in a low-crime neighborhood, being married vs single or divorced, having a good rather than fair credit score, and some other factors.

What coverages do you need in Oklahoma?

A standard policy, like the most common bought H0-3, covers the following perils: wind, hail, thunders, snow/ice, fire, theft, and other non-weather related perils, up to a total number of 16. However, every single peril has different ways to manifest, so you must always clarify with your insurer if certain circumstances will be taken care of.

As for tornadoes, householders in Oklahoma who haven’t met them yet, early or later will, since the State is in the so-called ‘Tornado Alley’. These windstorms can be quite strong, and generate rapidly. You must make sure that your policy has specified the tornado damage, and that amount of coverage is enough to replace the house, in the case of a loss.

Thunderstorms with hail can also cause damage to roofs, windows, and losses of personal properties, especially electronic appliances. Heavy rains also cause floods: when it is just the sky water that infiltrates the house, then you will be covered for hail, but if it brings ground water, you won’t be settled for the damages. In this case, you have to purchase flood insurance, which is available from your signing company if it takes part in the National Flood Insurance Program (NFIP), or you can get it through a private specialized company that operates locally. As for NFIP, the maximum amount of dwelling coverage is $250,000, and $100,000 of personal properties. In the Oklahoma County Community, where there’s the most number of policies in force, homeowners are paying $821 yearly. Private companies generally tend to be cheaper, and can provide higher limits of coverages; their drawback might be having eligibility criteria, which NFIP doesn’t put, and reduced trustworthiness, based on the limited number of policies subscribed. Living in a high-risk area will require flood insurance, as a requisite for obtaining a mortgage; moderate and low risks areas are still recommended to buy it.

Oklahoma is crossed by several fault lines, with a major concentration in the southern and central regions. Every year, earthquakes are registered through the State, and there is always the potential for a major movement. If you want to stay safe from this hazard, you will need earthquake insurance, that major insurance companies usually provide as an endorsement, or choose a standalone policy. According to the Oklahoma Insurance Department, the cost of earthquake insurance ranges from $50 to $300 yearly, based on the risk associated to the house location, and if you decide to insure it for the replacement cost value, that is recommended, or actual cash value.

Snow and ice accumulation also cause appreciable damage: burden to roofs, freezing and possible bursting of pipes, sliding of visitors who may claim medical expenses or sue you. All these are named perils in a standard policy: you will be covered for those and their consequences, including, for instance, minor floods, as well as liability coverage is part of the package.

Wildfires are also rising in frequencies and size, especially in March, and in some regions: regardless of the entity, if your house caught fire, you will be covered, but you must ascertain that you insure it for enough coverage to rebuild it in case of a loss.

 

How can you save on home insurance in Oklahoma?

 
 

While the costs of insurance are certainly demanding in this State, it is possible to get the most affordable rates from any policy, by several steps that improve the safety conditions of your house, and with some financial tricks.

  • First and foremost, you should compare quotes from companies: this is the most practical, immediate way to save, in fact, you can find differences of many hundreds of dollars, provided that you don’t sacrifice the quality. Every insurer evaluates differently your risk profile: check from our picks and choose for your needs.
  • Bundle your car insurance: most of the time, you will find great convenience, squeezing out up to 25 or even 30% of discount; however, don’t jump on this, read carefully which coverages are available and their limits.
  • Increase your deductibles: this means choosing a higher amount to be spent on your own money in the claim settlement process. You pay less soon for the premium, but more later only if damage or loss actually occurs.
  • Keep your house up-to-date: older buildings and interiors cost more to insure since are considered more prone to suffer damages or losses and are more expensive to repair or replace. This is especially true if you own an older than forty years home, that will need some retrofitting; otherwise, there can be just some components, as wooden furnishings, or doors and windows made of weak materials to be substituted.
  • Take care of your roof: every insurer looks at it when calculating your premium. A roof not in compliance with modern standards, already damaged, expired, or made with poor materials will affect negatively the premium, as it puts your house in more danger. Repair or upgrade it.
  • Mitigate wind and hail damage: install shutters or reinforce doors and windows, remove tree branches from the yard, consider an anchor system for your roof. Most insurers will give you discounts.
  • Mitigate flood damage: apart from the costly elevation of the basis, you can also use sump pumps, sewer backflow valve, and fill gaps around the possible access points for water into the house.
  • Make your house fire-proof: use smoke alarms, fire-retardant materials for interiors and exteriors, have a personal fire hydrant, remove wooden objects.
  • Preventing property crime also is noticeably effective to lower the premium.
  • Do not file claims for small things: if you can settle the damage for yourself is better, because every insurer recalculates the rates on the number of claims made. Increases are variable and are generally substantial.
  • Avoid holding any aggressive pets: you don’t want the liability portion of insurance coming into play if your dog bit a visitor.
  • Last, but not least, it is recommendable to review your credit history and fix pendant payments. Your credit score should be considered good, that is to say in the range of 670-739, and if you can obtain a higher score, you will benefit from a lower premium. That is basically an index of your financial strength: the more it is, the less you are likely to file a claim, and being a straggler payer.

Get your first estimate of your annual insurance premium using our tool, which doesn’t require personal data except for the ZIP code, and shows you how much you pay for the resulting coverages. Check in real-time how the premium change for different deductibles.

*Methodology: we aggregated and averaged multiple quotes for every city of the State, assuming a 35 years old individual, married, with a good credit score. Our effort is to keep data always updated and the most accurate possible, so as to satisfy at best the consumer’s expectations.