Best cheap home insurance in Oklahoma City in 2024

The best home insurance companies in Oklahoma City

Bankrate knows that paying for home insurance can be heavy on your budget — especially in Oklahoma City. Average rate data from Quadrant Information Services shows that homeowners in Oklahoma City pay 456 each month for a home insurance policy with a $300K dwelling limit. While price is important for many homeowners, Bankrate’s insurance editorial team knows it’s not the only thing to consider. To choose the best home insurance in Oklahoma City for coverage and affordability, we looked at third-party financial strength ratings, discount availability, customer service scores, endorsement options and other metrics. Based on our research, homeowners may want to start by getting quotes from USAA, Allstate and Oklahoma Farm Bureau.

The cheapest home insurance companies in Oklahoma City  

Home insurance in Oklahoma City costs 146 percent more than the national average cost of home insurance, which can make finding cheap home insurance more of a challenge. Bankrate’s insurance editorial team has done the work for you and found the five cheapest home insurance companies in Oklahoma City for multiple dwelling limits.

How much is home insurance in Oklahoma City, Oklahoma?

Average home insurance rates in Oklahoma City are on the lower end of the statewide average, but are still expensive compared to the national average. In the state of Oklahoma, the average annual cost of home insurance is $4,700 for a policy with a $300K dwelling limit, which is 111 percent more than the national average cost $2,230. These higher costs are largely due to the city’s very high tornado risk; each year, an average of five tornados blow through the city. Additionally, First Street reports that Oklahoma City has a moderate wildfire risk.

Knowing the average cost of home insurance in Oklahoma City can help you know what’s considered a normal price for your policy. But remember that home insurance costs will also depend on personal rating factors unique to you like your credit-based insurance score, your home’s construction year and the deductible you choose.

Oklahoma City rates by credit tier

Homeowners with good or excellent credit history are considered lower risk to home insurance companies and usually receive the cheapest rates. Building credit can take some time, but improving your credit may help you secure a more affordable rate. In the table below, you can see just how credit affects average rates from the top five cheap home insurance companies in Oklahoma City.

Oklahoma City rates by home age 

When an older home needs serious repairs due to a covered loss, it can cost more to get it up to modern building codes. If you own an older home, you may face higher insurance premiums. Bankrate’s insurance editorial team compared insurance rates by home age for the five cheapest home insurance companies in the table below.

Oklahoma City rates by deductible amount 

One way to combat the high Oklahoma City home insurance costs is to raise your home insurance deductible. In most cases, the higher your deductible, the lower your premium. While high deductible home insurance can help you save money in the short term, it could cost you more if you need to file a claim. Most insurance experts recommend keeping your deductible to an amount of money you can afford to pay at a moment’s notice. You can compare home insurance rates by deductible level for companies that write the cheapest home insurance in Oklahoma City below.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze July 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech  and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points