Best homeowners insurance in Oklahoma for 2024

Compare the best homeowners insurance companies in Oklahoma

After thorough review, the five companies offering some of the best homeowners insurance in Oklahoma are USAA, Allstate, State Farm, Farmers and Oklahoma Farm Bureau. Bankrate compared average annual rates, but also took a close look at financial strength, as measured by AM Best, and overall customer satisfaction, as rated in the 2023 J.D. Power U.S. Home Insurance Study. Our editorial team also looked at other factors that might make a difference to consumers, such as the range of covering types offered and savings opportunities.

The top 5 home insurance companies in Oklahoma

Additional Oklahoma home insurance companies to consider

AAA

American Farmers & Ranchers Mutual

How Bankrate chose the best home insurance companies in Oklahoma

To find the best homeowners insurance companies in Oklahoma, we analyzed average premium data from Quadrant Information Services. We also reviewed each company’s available coverage types, discounts and policy features. Third-party customer service rankings from J.D. Power were also considered, along with financial strength ratings from AM Best, which measures a company’s historical ability to pay out claims.

We used this information to issue each company a Bankrate Score, with a maximum score of 5.0. Our goal with the Bankrate Score holistic rating model is to help you feel confident and well-informed when comparing Oklahoma homeowners insurance companies.

Cheapest home insurance companies in Oklahoma

In a state like Oklahoma, having a financially stable insurance company with good customer service is crucial due to the devastation tornadoes and other weather events in the state can cause. However, that peace of mind comes at a cost and Oklahoma has some of the most expensive home insurance rates in the nation. Comparing rates could help you secure a policy with the lowest price. Below are some of the cheapest Oklahoma homeowners insurance companies, according to Bankrate’s analyses.

How to get cheap Oklahoma home insurance

Although home insurance isn't required by law in Oklahoma the way car insurance is, you may still need a policy if your mortgage lender requires it. Even if you own your home outright, most experts would recommend that you purchase adequate coverage to protect your investment in the event of a disaster.

Since home insurance tends to be very expensive in this state, finding good insurance at a reasonable cost is probably a priority for most homeowners. Here are some steps you can take while shopping to help secure a policy at a rate that fits you:

1. Consider your needs. What is most important to you when purchasing insurance? Low price? Excellent customer service? The ability to customize your policy? Understanding what you're looking for before you shop can help you to choose the company that is best suited for your needs.
2. Determine what it will cost if you need to rebuild. Your house has a replacement cost, and it is not likely to be the same as the price you paid for it. Knowing how much coverage you need is vital when you begin gathering quotes. An insurance agent can help you figure out this number if you're uncertain.
3. Review the insurers who are writing the best Oklahoma home insurance policies. Bankrate’s team of insurance experts gathered several providers who can write robust policies — many at competitive prices — and that offer other benefits such as award-winning customer service and superior financial strength. You may even find additional insurers while conducting your own research.
4. Get quotes. This is key to securing the best rate for you. Either online, by phone or in person, ask for quotes for the same coverage types and levels from several of the companies you've researched. Compare the prices and see who offers you the best rates. You may be surprised at how much the rates differ.
5. Take advantage of all the discounts that are applicable to you. Each insurance company offers various discounts. Some of the discounts may apply to you, while others may not. The best way to maximize your savings is by speaking with your agent and reviewing the discounts listed on the carrier’s website. Common discounts include bundling multiple policies like auto and home insurance, and adding safety features to your home.
6. Take steps to improve your credit score. Insurers in Oklahoma are allowed to use your credit-based insurance score to rate your policy. Anything you can do to improve your credit history, such as paying off outstanding debts, may earn you a better rate.

Once you have gathered quotes and chosen an insurer, you will need to fill out an application form and set up your payment method. Some insurers will offer a discount if you agree to have your payments automatically deducted from your account each month. If you have a mortgage, however, your payments may come out of your escrow account.

Best home insurance discounts in Oklahoma

The high rate of homeowners insurance in Oklahoma makes discounts even more desirable. Many insurers offer discounts to home owners that are not difficult to qualify for. Here are some of the most common ones in Oklahoma.

• Bundling: If you need multiple insurance policies, it may be a good idea to see if you can bundle. Purchasing both your homeowners and auto insurance from the same carrier can help you get the bundling discount.
• Safety features: Safety features such as fire alarms, smoke detectors and sprinkler systems may save you from a disaster. Some insurers reward you with a discount if you install them.
• Roof age: Roof repair is a big-ticket item when they need repair. Having a newer roof could help avoid costly claims and, as a result, may result in a discount.
• Military or other professions: Some insurers offer a discount to those serving in the military. Others may discount your rate if you are a teacher, first responder or member of another service occupation.

How to save on home insurance policy renewals in Oklahoma

Homeowners insurance policies fluctuate in price and it is not uncommon to see an annual increase to account for inflation. Once you have a home insurance policy, you can actively find ways to keep the rate of your policy as low as possible to offset these increases, such as:

• Maintain your roof: Experts recommend having an annual roof and chimney inspection to avoid costly repairs and the increased risk from weather losses. Keeping gutters clean from debris can also extend the life of your roof and keep it in insurable condition.
• Use wind-resistant materials: If possible, investing in hurricane shutters, roof clips and possibly even a metal roof can help mitigate wind damage and reduce the cost of your home insurance by way of mitigation discounts.
• Make environmentally sound choices: Several insurance companies offer green discounts to homeowners who make energy-efficient home updates. Check with your insurance agent before committing to an expensive update, but you might be simultaneously helping your budget and the earth with the right kind of upgrades.
• Maintain a good credit score: Credit score is used in most states as a rating factor for home insurance when a new policy is issued and some providers will re-run your credit upon request. This can benefit homeowners working to improve their credit and potentially move the policy into a preferred risk group.
• Avoid making small claims: Making claims for perils that have caused relatively inexpensive damages could drive up your home insurance rate and even cause your insurance company not to renew your policy if you file too many. If the cost to repair damage is almost equal to your deductible, consider paying for the repairs out of pocket to save on your insurance long-term.

How much is home insurance in Oklahoma?

The average cost of homeowners insurance in Oklahoma is $5,049 per year for $300,000 in dwelling coverage. This rate is much higher than the national average of $2,304 per year for the same amount of coverage. In fact, Oklahoma is the most expensive state in the country for home insurance, according to our research. Located right in the center of what was historically known as Tornado Alley — an area in the U.S. where tornadoes frequently occur — Oklahoma may have higher-than-average claims activity, which typically drives up the cost of homeowners insurance. Even nearby states like Arkansas ($2,913 per year), Texas ($3,916 per year) and Kansas ($4,241 per year) are more affordable. This makes it even more important to shop your options for Oklahoma home insurance so you know you have the best insurance company for your needs.

Oklahoma homeowners insurance rates by city

Even within the same state, home insurance premiums can vary. Aside from factors like square footage and building materials, regional factors like proximity to a water source and risk of theft or vandalism can make a significant impact.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Oklahoma?

HO-3 special forms are the most common type of home insurance policy. When reviewing your insurance documents, it is important to know that your coverage for dwelling and other structures are written on an open perils basis and your personal property is written on a named perils basis. While the specific perils your contents are covered for is listed in your paperwork, your dwelling and other structures are covered for everything except for what the insurance provider excluded from your policy. Understanding what perils your home insurance policy covers allows you to search for potential insurance gaps.

• Wind and hail: HO-3 policies cover wind, hail and falling objects. In Oklahoma, you likely have a separate wind deductible based on a percentage of your dwelling coverage. The most common deductible for wind are 1, 2, 5 and 10 percent. Remember that the rest of your policy is probably subject to a flat home insurance deductible, which usually ranges between $500 to $2,000.
• Fire and lighting: Losses due to fire accounted for almost 25% of home claims in 2021 and are standard coverage in home policies. Locations prone to wildfires can have fire excluded from insurance coverage and intentional fires are always excluded.
• Water damage and freezing: A common home insurance is water damage from flooding, but insurance companies usually cover other types of water damage, such as damage from sudden plumbing issues or appliance overflows. Whether water damage is covered or not depends on your policy endorsements and the source of the damage.
• Theft and vandalism: The likelihood of a theft and vandalism claim increases in more populated areas. While they aren’t naturally occurring perils, they are standard coverage in a home policy.

Additional home insurance coverage types in Oklahoma

In addition to standard coverage types offered on home insurance policies in Oklahoma, home owners may want to consider additional coverage options to protect themselves and their property:

• Flood insurance: Flood damage is not covered by standard home insurance policies. You’ll need to buy a flood insurance policy for coverage. Policies are available from the National Flood Insurance Program (NFIP) as well as from some private insurance companies.
• Earthquake coverage: With instances of earthquakes increasing in Oklahoma, you may want to consider adding an earthquake endorsement to your policy. Most companies offer this endorsement, which you can add on to your homeowners policy for added protection. If you live in a particularly high-risk area, you may need a separate policy.
• Water backup: Sewer backup coverage is optional on home insurance, but often comes highly recommended by agents. The endorsement provides coverage if you experience a backup of water or sewage in a drain line that causes water damage. This type of damage is common in basements or crawl spaces, but can happen from any sewer or drain line.

Common Oklahoma home insurance problems

The main concern for most Oklahoma homeowners is the overall cost of home insurance. Thankfully, Oklahoma has over 125 insurance providers to choose from, so the state does not have an insurance availability issue like Florida or California.

Frequently asked questions

Additional profiles:

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Bankrate Scores

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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.