Key Takeaways
- American Farmers & Ranchers is the cheapest home insurance company in Oklahoma, according to a Forbes Advisor analysis of policies with a dwelling coverage of $300,000.
- Oklahoma ranks third in our analysis of “The Most Disaster-Prone States In The U.S.,” due in part to having the fourth-highest number of FEMA disaster declarations between January 1, 2014 and January 1, 2023 (50).
- Oklahoma also has the highest average homeowners insurance premium ($4,024 annually) and the eighth-highest number of billion-dollar climate disasters between 2014 and 2023 (48).
Acquiring home insurance for a good price is a priority for many homeowners. Comparison shopping by getting multiple quotes from various insurers is a great way to find the coverage you need at the most reasonable cost. We analyzed average rates to help you find the best homeowners insurance in Oklahoma.
Cheap Home Insurance in Oklahoma Cost Comparison
| Home insurance company | Average annual home insurance cost in Oklahoma |
|---|---|
| American Farmers & Ranchers | $2,967 |
| American National Financial | $3,316 |
| $3,544 | |
| $3,760 | |
| Oklahoma Farm Bureau | $3,799 |
| $3,852 | |
| Shelter | $4,426 |
| $4,642 | |
| CSAA | $4,653 |
| The Hanover | $5,183 |
| $5,203 |
If you’re on the hunt for reasonable rates, you’ll want to get home insurance quotes from multiple companies. Home insurance companies assess risk differently, so the price for the same policy can vary substantially from one insurer to the next. You won’t know how much you can save without comparison shopping.
But don’t rely solely on price. The best homeowners insurance company for you will also offer coverages and home insurance discounts that match your homeowner profile.
Oklahoma Home Insurance Cost Factors
Your ability to get cheap homeowners insurance in Oklahoma will depend on several factors, including:
- The amount of coverage and policy limits you choose
- Your deductible amount
- The cost to rebuild your home
- The materials that make up your home
- The fire rating of your location
- The claims history of your location
- Your personal claims history
- The fire rating of your location
- Your credit
What Does Oklahoma Homeowners Insurance Cover?
A standard home insurance policy is also known as an HO-3. It covers your house for any problem that is not excluded in the policy. Earthquakes, sinkholes, nuclear hazard, wear and tear, and power failure are examples of common exclusions.
Your personal belongings are covered for specific “perils” in a standard home insurance policy. Tornadoes, fire, theft, explosions and vandalism are just a few examples of the problems covered by home insurance.
It’s smart to review how home insurance works to protect you so you can best determine how much home insurance you need.
A standard home insurance policy can be broken down into these main coverage types:
- Dwelling: This pays to repair or rebuild your house if it’s damaged. It also covers attached structures, like a porch or garage.
- Other structures: This pays to replace or repair structures that are not attached to your home, like a fence or barn.
- Personal property: This pays to repair or replace your personal property after a problem such as a theft. Your personal belongings include items like rugs, jewelry, furniture, kitchen appliances, clothing and other items.
- Liability: This pays for property damage and injuries you accidentally cause to others. For example, if your child hits a baseball through a neighbor’s window, liability insurance can pay for the damaged glass. Liability insurance also pays for a legal defense, settlement or court judgment if you are sued because of an accident.
- Medical payments to others: This covers smaller medical claims made by people who do not live in your household, no matter who was at fault for the injury. For example, if a guest slips on your icy driveway, medical payments coverage could pay for a visit to urgent care. Coverage is usually sold in small amounts, such as $1,000.
- Additional living expenses: If you cannot live in your home because of a problem covered by your policy (like a tornado), additional living expenses pays for extra costs such as a hotel bill, restaurant meals and pet boarding services.
Compare Home Insurance Quotes
1
Lemonade
Excellent
Average
2
Erie
Very good
Low
3
Chubb
OK
Very low
What’s Not Covered by Homeowners Insurance in Oklahoma?
Common exclusions found in a standard home insurance policy include problems like nuclear hazard, power failure, sinkholes, earthquakes, war, intentional loss, wear and tear and vermin and insect infestation.
It’s a good idea to read your policy closely to understand what is covered and what is excluded.
Flood Insurance in Oklahoma
A standard home insurance policy does not cover flood damage. With the amount of flooding in Oklahoma, it’s worth considering buying flood insurance.
Financial assistance from the government after a flood may not be available or limited. It’s best to have your own flood insurance to rely on. Most people who get flood insurance purchase it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also available.
FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency, if you are eligible. This program helps people find housing after a program directly caused by an emergency or disaster and that’s not covered by insurance or other sources.
Earthquake Insurance in Oklahoma
Oklahoma has had a surge of seismic activity since 2009, according to the U.S. Geological Survey. However, a standard home insurance policy won’t cover damage from earthquakes. You’ll need to buy a separate earthquake insurance policy.
Earthquake insurance typically covers:
- Your house and its attached structures
- Other structures, like a fence or shed
- Your personal belongings
- Additional living expenses
Earthquake insurance may have a separate deductible from your home insurance, generally between 10% to 25% of the dwelling’s policy limit.
Tips for Buying Oklahoma Homeowners Insurance
Whether you’re a first time home buyer in the Sooner State or a longtime homeowner looking to switch to another insurance company, you want to find the right coverage at a fair price. Here are some home insurance shopping tips:
- Know how much it costs to rebuild. Your dwelling policy limits depend on the cost to rebuild your home. Ask your insurance agent or a trusted contractor how much the cost would be based on equitable materials and labor costs in your area.
- Upgrade to replacement cost coverage. Actual cash value will only pay the depreciated value of your damaged items. Replacement cost coverage will pay for new items.
- Insure your high-value items for their true worth. Your policy might have sub-limits for certain types of items, like jewelry. You can schedule personal property so your possessions are insured for their true value.
- Get adequate liability coverage. A general rule of thumb is to buy enough liability insurance to cover your assets. This can include your home, savings and investments.
- Watch out for coverage gaps. You can buy additional coverage to plug holes in your policy. For example, you can add water backup coverage in case your sump pump or sewer overflows.
- Ask for discounts. Insurers offer a variety of discounts, like home security and multi-line discounts.
- Go with a financially strong company. You can review your insurer’s financial ratings from companies such as A.M. Best and Standard & Poor’s. Some banks won’t approve your mortgage unless your insurance company has at least an “A” rating.
- Get multiple quotes. Not all insurers price their policies the same. Make sure you get home insurance quotes from multiple insurers to find the best price for the coverage you need.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
