Best cheap homeowners insurance in Tulsa

The best home insurance companies in Tulsa

Tulsa, Oklahoma sees more than its fair share of tornadoes compared to other areas of the country. About three tornadoes per year occur in Tulsa — an unsettling statistic for most homeowners. A great home insurance policy can help provide both peace of mind and valuable financial protection when you need it most. Bankrate’s insurance editorial team looked at more than just price when determining our picks for the best home insurance companies in Tulsa. Our team considered average rates, customer satisfaction scores, financial strength ratings, policy add-ons and other metrics. Based on our analysis, USAA, Allstate, Travelers, Farmers and Oklahoma Farm Bureau write some of the best home insurance in Tulsa.

The cheapest home insurance companies in Tulsa

Finding cheap home insurance in Tulsa, Oklahoma can be difficult. Nestled in the heart of tornado alley, Tusla homes can get hit with wind damage, which can make homes in T-Town riskier to insure. And, with home insurance, higher risk typically translates to higher premiums. On average, home insurance in Tulsa, OK costs $4,425 per year. For homeowners looking to spend less on their home insurance coverage, Bankrate found the cheapest home insurance in Tulsa for a variety of different coverage limits. But remember: a higher dwelling coverage limit will cost more than a lower one, as the insurance company is taking on more risk.

How much is home insurance in Tulsa, Oklahoma?

Oklahoma consistently ranks as one of the most expensive states for home insurance. The national average cost of home insurance is $2,304 per year, while Oklahoma homeowners pay $5,049. In Tulsa, homeowners pay an average of $4,425 per year. Although these numbers may seem high, keep in mind that they are just averages, as home insurance is an individual product. Different rating factors like credit, how old your home is and the deductible you choose can all influence what you pay for home insurance.

Tulsa rates by credit tier

Your credit-based insurance score plays a part in setting your home insurance cost in most states, Oklahoma among them. Homeowners with bad credit statistically file more insurance claims, so insurers charge them higher premiums to account for the extra risk. In Tulsa, a homeowner with poor credit pays an average of 144 percent more than a homeowner with excellent credit. Similarly, insurers tend to reward homeowners with good or excellent credit with more favorable rates.

Tulsa rates by home age

Home age also factors into the cost of your policy. A new build could be cheaper to insure than an older home made with harder-to-source materials. Think about it from an insurer’s standpoint: If your home is completely destroyed in a covered claim, finding your home’s original materials could cost more to rebuild, which you could see reflected in your premium.

Tulsa rates by deductible amount

To help curb the higher Tulsa home insurance costs, consider a higher-deductible home insurance policy. Your deductible is the amount of money you are financially responsible for in the event you file a claim, and it typically ranges from a couple hundred dollars to a couple thousand. Choosing a deductible at the higher end of the spectrum could yield a cheaper rate because you assume greater financial responsibility.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 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, $1,500, $2,000 or $5,000 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 Bankrate Score considers variables our insurance editorial team determined impact 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.