On average, Oklahomans are paying $1,156 every month on homeownership costs. There are 1.7 million houses in the Sooner State, 66% of which are occupied by owners.
- Population: 3,930,864
- Average value of homes that’s occupied by owners: $121,300
- Households: 1,461,500
- Average household income: $48,038
- High school grad or higher, percent of people age 25 years +: 87%
- Average travel time to work: 21 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
As beautiful of a state as Oklahoma is, it’s also part of what’s known as the Tornado Alley. Tornado Alley is a name given to a group of states that have an unusually high frequency of tornadoes. Unfortunately for Oklahoma residents, Oklahoma is one of these states. Consequently, Oklahoma homeowners insurance is above the national average.
Oklahoma home insurance rates are exorbitantly high. A major reason behind it is surely the extreme natural disasters experienced by the State almost every year. Earthquakes and tornadoes are a common occurrence in Oklahoma which naturally skyrocket the insurance premiums here. Besides, as per Insurance Information Institute (III), Oklahoma is one among the top 5 states to experience hail disasters in 2017. Last year, 55 percent of properties were affected by hail events in the state.
However, despite the high prices, home insurance premiums vary because it depends highly on where you are located and the condition of your home. But if you take some time out to take a comparative study on homeowners insurance companies, you may be able to grab competitive rates for your policy.
Satellite view of severe storms in north Texas and southwest Oklahoma as the sun sets via GIPHY
Oklahoma home insurance
According to the data from III, Oklahoma is the 4th most expensive state in terms of home insurance rates. The annual average homeowners insurance premium in the OK is a whopping $1,875 which is significantly higher compared to the national average of $1,192 in 2016 (latest available data).
On a practical note, the monthly average home insurance premium in Oklahoma is something around $156. On the other hand, the national monthly average is $99. So, Oklahoma homeowners have to pay nearly double the amount of the national monthly average for home insurance. It makes a comparative survey of home insurance companies even more relevant to ensure you don’t miss out on affordable packages.
Depending on the location of your home, insurance rates will vary from one company to another. If the first one you stumble upon quotes an exorbitant rate, you may find a comparatively lower quote with the second or third company you review.
Average Oklahoma Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
Top 3 home insurance companies in Oklahoma
Your home insurer should be able to fulfill their contractual obligations to you as their policyholder if the event comes to file a claim. A reliable company is one that displays financial stability over a period of time, so we know that the protection will be there when it’s needed. We’ll review the top 3 companies that hold the largest market share in the home insurance sector in OK, according to III. We will take a closer look at these companies by reviewing their financial ratings and consumer satisfaction records. It’s great to start with these three popular companies but to ensure that you’re getting the best rates around try a few other companies not mentioned here. Compare the rates and research each insurer to pick the best one for you. The time spent on some research will help you save money and find the home insurer that’s just the right fit for you.
State Farm ranks #1 (as cited by III) when it comes to the top ten writers of home insurance in Oklahoma. The company presently holds the largest market share (27.7%) in the state’s home insurance scene, leaving behind top honchos like USAA and Allstate. A favorite among OK homeowners, State Farm shows less number of NAIC complaints compared to the national average.
Founded in 1922, the company has a long history of serving Oklahoma homeowners with success. It has also received excellent ratings for its solid financial strength and customer satisfaction assurance. AM Best has endowed State Farm with a stellar A++ (Superior) rating. AM Best only reviews the insurance industry and its the oldest of its kind. AM Best has awarded State Farm with its highest possible rating. S&P has also accredited the company with a great AA rating. Standard and Poor’s or S&P has been a trusted rating and review organization for 150 years. On the other hand, JD Power has given the company a 3 out of 5 Power Circle Rating, in terms of policy offerings, customer support, billing, and payment and claims. This results from the 2018 U.S. Home Insurance Study.
Much to the convenience of users, State Farm has come up with a user-friendly website where you can ask for online quote easily. The company is equipped with friendly and knowledgeable agents who are ever ready to take care of any query a Sooner State homeowner may have. The site also houses an information-rich blog called “Simple Insights” where you will find expert articles on making your home safer.
Last but not the least, State Farm extends an intelligent home inventory tracking tool (HomeIndex) that will enable one to keep tabs on all their belongings. This way, if there is a theft in your property, you can easily tick out the lost items.
Farmers is another major name when it comes to top home insurance companies in Oklahoma. The company occupies a 17.0 percent market share in the state homeowners insurance market and is renowned for excellent financial stability and speedy payouts. The company comes with convenient customizable policies and exclusive add-on coverage facilities. One of the most popular add-on coverage from Farmers is Eco-Build coverage. It helps to cut down on additional expenses when you are renovating or upgrading your house with certified “green” materials. The company also offers earthquake and flood coverage.
Besides, if you are a non-smoker, you will be qualified for special premium discounts from the company.
Farmers Insurance has received AA rating from S&P. According to Wikipedia, an AA-rated company entails the company’s very strong capabilities of meeting obligations. AM Best-rated Farmers with A+ (Superior) rating. AM Best describes their highest possible rating to mean that these companies display superior performance, in terms of meeting financial and contractual obligations. JD Power revealed in their recent U.S. Home Insurance Study that Farmers performed 3 out of 5 in their Power Circle Rating. This means that the company performed About average in terms of overall satisfaction, according to the consumers included in the JD Power study.
Farmers Insurance is particular about user convenience and assures a hassle-free claim filing process. The company boasts multiple channels for communication (phone, online form, and dedicated mobile app) which makes it easy to reach out to the company in times of crisis. Moreover, the company website features a web-based Claims Tracker feature that enables you to keep tabs on the progress of your claim resolution with them.
It’s to note here Farmers share a great rapport with hotels and contractors in Oklahoma. So, if you have to repair your home and you need temporary lodging, the company can make arrangements for you at discounted rates.
A name of big repute across the home insurance scene, Liberty Mutual has been helping homeowners with premium insurance options since 1912. The company occupies a 10.3 percent market share in the Oklahoma homeowners insurance sector and has received A++ (Superior) rating from AM Best. S&P gave an AA rating highlighting Liberty Mutual’s strong financial performance. J.D. Power has given it a 3 out of 5 Power Circle Rating, in regard to overall satisfaction.
Liberty Mutual is a popular choice for Oklahoma homeowners looking for affordable homeowners insurance. The company is bustling with versatile discount opportunities that help you to keep the premium costs low. You will earn handy discounts from Liberty Mutual if you bundle up your policy, upgrade your home with security devices and get a quote before the expiration of the current policy.
Liberty Mutual boasts a solid financial footing and a vast network of agents to ensure prompt response to claims. The company also extends a unique 24-hour (365 days) emergency home repair assistance with trusted local contractors.
Oklahoma Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
|7||Oklahoma Farm Bureau||2.5||B+||NR||NR|
|9||Amer Farmers & Ranchers Mutual||2.0||NR||NR||NR|
Source: Insurance Information Institute, AM Best, S&P, JD Power
Home rehab loans and grants for senior/disabled homeowners
The Oklahoma government offers loans and grants to low-income senior /disabled homeowners who are in need of help to repair their properties. To qualify for the loan as a senior homeowner, you have to be of minimum 62 years of age. The maximum loan amount given here is something around $42,500. If your property has got lead-based paint problems, you may qualify for a grant amounting to $15,000.
Why coverage is recommended
Few things would be more devastating than to lose your home to a fire, tornado, or some other natural disaster and realize you not only no longer have a home but also don’t have the funds to build or buy another home. This is why homeowners insurance is such a valuable commodity and something no homeowner should be without. This is especially true with Oklahoma homeowners and renters due to the possibilities of tornadoes and other calamities that areas of the Sooner State are prone to.
How to save money
- Get a higher deductible – The deductible is the amount that you pay before your insurance company begins paying. The higher the deductible, the lower your premiums will be.
- Cash value vs replacement cost – Cash value gives you the amount that is on your home policy whereas replacement cost pays you what it cost to replace your home. It’s a tough decision but choosing cash value can save you money.
- Bundle your policies – You’ll get discounts if you have more than one policy with your insurance company.
- Ask for discounts – Insurance agents seldom mention discounts that may apply to you unless you’re just starting with them. Question your agent frequently about any possible discounts they may offer.
- Consider an umbrella policy – It may seem like more money to purchase an umbrella policy but it may save you in the long term if you are ever faced with a liability claim against you.
- Upgrade your home – Upgrading your with more economical and safer features can lower your premiums. Some examples are smoke and carbon monoxide detectors, deadbolt locks, or alarm systems.
Insurance Information Institute
For more assistance, please contact your local state department of insurance:
Oklahoma Insurance Department
Check out Oklahoma’s neighboring states
- Arkansas Home Insurance
- Colorado Home Insurance
- Kansas Home Insurance
- Missouri Home Insurance
- New Mexico Home Insurance
- Texas Home Insurance