Paul Sanchez
Homeowners in Oklahoma face some of the highest insurance rates in the country, with the average cost of insurance being $4,799 per year, more than double the national average. This is due to the state's frequent severe weather, including tornadoes and thunderstorms, which put Oklahoma homes at high risk of wind and hail damage. However, there are still affordable options available for those looking to safeguard their property. The cheapest home insurance company in Oklahoma will depend on factors such as coverage level, home condition, and personal history.
| Characteristics | Values |
|---|---|
| Average cost of homeowners insurance in Oklahoma | $4,799 per year |
| Average cost of homeowners insurance in the US | $2,151 per year |
| Cheapest home insurance in Oklahoma | State Farm ($3,149 per year) |
| Best coverage for severe weather damage | Shelter ($3,688 per year) |
| Cheapest insurance for high-value homes | Allstate ($9,057 per year for $750K in dwelling coverage) |
| Cheapest insurance for new homes | Shelter ($1,049 per year for $100K in dwelling coverage) |
| Cheapest insurance for those with a claim in the past 5 years | Shelter ($1,911 per year for $100K in dwelling coverage) |
| Average premium for home insurance coverage in Oklahoma (2020) | $2,040 per year |
| Average premium for home insurance coverage in the US (2020) | $1,311 per year |
| Cheapest Oklahoma homeowners insurance for affordable homes | American Farmers & Ranchers ($2,155 per year for $200,000 of dwelling coverage) |
| Best home insurance companies in Oklahoma | Chubb, Country Financial, American Farmers & Ranchers, Allstate, Shelter, State Farm, and Oklahoma Farm Bureau |
| Ways to lower homeowners insurance rates | Raise your deductible, improve your credit score, talk to your local insurance agent |
| Basic coverages | Dwelling, other structures, personal property, loss of use/additional living expense coverage |
| Additional coverages | Guest medical protection, green home, matching of undamaged siding and roofing, hidden water/steam seepage/leakage coverage, refrigerated products coverage |
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What You'll Learn
- American Farmers & Ranchers: $2,155 per year for $200,000 of dwelling coverage
- State Farm: $3,149 per year, the cheapest in Oklahoma
- Shelter: $3,688 per year, the best coverage for severe weather damage
- Chubb: serves affluent policyholders with high-value homes
- Allstate: the best rates for high-value homes
American Farmers & Ranchers: $2,155 per year for $200,000 of dwelling coverage
Oklahoma has some of the highest homeowners insurance rates in the country, with an average annual cost of $4,799, more than double the national average of $2,151. This is due to the state's frequent severe weather, including tornadoes and thunderstorms, which put homes at high risk of wind and hail damage. As a result, finding affordable insurance in Oklahoma can be challenging.
American Farmers & Ranchers offers the cheapest homeowners insurance rates in Oklahoma for affordable homes. Their policy, which includes $200,000 of dwelling coverage, costs $2,155 per year, a significant saving of $964 less than the state average. This policy is an excellent option for those seeking affordable coverage for their homes.
However, it is important to note that there is a membership requirement for purchasing insurance from American Farmers & Ranchers. To buy a policy, you must be a member of your local chapter, which comes with a small annual fee of around $35. Despite this, American Farmers & Ranchers remains a popular choice among Oklahomans, receiving fewer complaints than a typical company of its size and boasting a network of over 160 independent agents across the state.
The main drawback of American Farmers & Ranchers is the limited number of coverage add-ons available. The only upgrade they offer is water backup coverage, which protects against damage caused by issues like backed-up pipes or a broken sump pump. Therefore, while American Farmers & Ranchers provides highly competitive rates, it may not be suitable for those seeking extensive coverage options.
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State Farm: $3,149 per year, the cheapest in Oklahoma
Oklahoma has some of the highest homeowners insurance rates in the country, with an average annual cost of $4,799, more than double the national average of $2,151. This is due to the state's frequent severe weather, including tornadoes and thunderstorms, which put Oklahoma homes at high risk of wind and hail damage. Other factors contributing to high insurance rates include the age and condition of the home, replacement cost, location, and certain high-risk home features.
Despite these high rates, State Farm offers the cheapest home insurance in Oklahoma, with an average rate of $3,149 per year. This is $1,650 cheaper than the state average. State Farm provides essential coverage for damage caused by fires, windstorms, lightning, or hail. They also offer additional living expense coverage, helping you pay for temporary housing if your home becomes uninhabitable due to a covered event.
State Farm's affordable rates make it a popular choice for Oklahoma homeowners seeking to safeguard their properties and belongings from the state's unpredictable weather conditions. Their comprehensive coverage options provide peace of mind, ensuring financial protection against various perils, including severe storms, lightning strikes, and tornadoes.
In addition to its competitive pricing, State Farm is known for its excellent customer service and high customer satisfaction ratings. Their Farm Flex program offers a wide range of customizable coverage options, allowing you to tailor your policy to your specific needs. Their online tools also make it convenient to file and track claims.
Overall, State Farm's cheap home insurance rates, coupled with their dedication to customer satisfaction and flexible coverage options, make them an attractive choice for homeowners in Oklahoma seeking reliable and affordable protection for their properties.
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Shelter: $3,688 per year, the best coverage for severe weather damage
Oklahoma has some of the highest home insurance rates in the country, with an average annual cost of $4,799. This is due to the state's frequent severe weather, which puts homes at risk of wind and hail damage from tornadoes and severe thunderstorms. As a result, home insurance in Oklahoma costs $2,648 more than the national average.
Shelter offers the best coverage for severe weather damage in Oklahoma. Its basic policy includes coverage that is helpful for tornado claims, such as paid debris removal. Shelter's insurance also covers damage from wildfires and hailstorms, and for an additional cost, the company will reimburse you for fire department charges. You can also add protection for certain farming activities, and homeowners who live on a lake can add coverage for their dock and watercraft activities.
Shelter's basic homeowners insurance typically costs 18% to 25% less than the Oklahoma state average, and its policies are very affordable at $3,688 per year, which is $1,111 less than the Oklahoma average.
To save money on your home insurance, you can raise your deductible or focus on improving your credit score. You can also talk to your local insurance agent to ensure you're getting the coverage you need at an affordable price.
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Chubb: serves affluent policyholders with high-value homes
The average cost of homeowners insurance in Oklahoma is $4,799 per year, making it the most expensive state in the country for homeowners insurance. The high cost of insurance in Oklahoma is due to the state's frequent severe weather, including tornadoes, windstorms, and flooding. As a result, Oklahoma homes are at a higher risk of wind and hail damage.
Chubb is a homeowners insurance company that serves affluent policyholders with high-value homes. Chubb offers lofty coverage limits and various perks to its clients. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. Chubb also offers earthquake and flood insurance in Oklahoma, which is not commonly offered by other companies. Their flood insurance coverage limit is significantly higher than the NFIP's maximum. In addition, Chubb provides free Wildfire Defense Services to Oklahoma homeowners, which include personalized recommendations for protecting your home and deployment of firefighters if a wildfire is approaching.
Chubb's HomeScan® service uses infrared technology to help detect problems behind your walls, such as leaks, missing insulation, and faulty electrical connections, before they cause damage. Chubb also offers extended replacement cost coverage, meaning they will pay to repair or rebuild your home to its original condition, even if the cost exceeds your policy limit. If your home cannot be lived in due to a covered loss, Chubb will help you find a temporary residence, such as a similar home in your school district or a suitable hotel. Chubb's risk consultants also provide complimentary home appraisals to ensure that your home is fully protected and offer security and fire prevention advice.
When determining your premium and the cost of your insurance, Chubb considers various factors, including your home's location and the possibility of being affected by natural disasters, the amount of coverage you need, your deductible, your claims history, your credit score, and the unique characteristics of your home. Chubb's high-value home insurance provides peace of mind to affluent policyholders, knowing that their homes are protected from unforeseen events and natural disasters common to the state of Oklahoma.
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Allstate: the best rates for high-value homes
Oklahoma has some of the highest homeowners insurance rates in the country, with an average annual cost of $4,799, more than double the national average. This is due to the state's frequent severe weather, including tornadoes and thunderstorms, which put homes at high risk of wind and hail damage. As a result, insurance companies consider various factors when determining rates, including the age and condition of the home, replacement cost, location, and features.
For those seeking insurance for high-value homes in Oklahoma, Allstate offers the most cost-effective option. With Allstate, you can get $750,000 in dwelling coverage for $9,057 per year, or $1 million in coverage for $11,889 per year. This is significantly cheaper than other insurance providers for high-value homes, who often charge higher rates for additional coverage.
Allstate's offering stands out because, in Oklahoma, the dwelling coverage amount directly impacts the cost of home insurance. This means that pricier homes typically require a higher insurance outlay. Allstate's rates for high-value homes are particularly impressive when compared to the average cost of insurance in Oklahoma. For example, in Midwest City, part of the Oklahoma City metro area, the average policy costs $5,778 per year due to high property crime rates.
While Allstate offers excellent rates for high-value homes, it's important to consider other factors when choosing a home insurance provider. These include the level of coverage, the company's customer service, and any additional perks or discounts offered. It's also worth noting that insurance rates can vary depending on your specific location and the features of your home.
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Frequently asked questions
The average cost of homeowners insurance in Oklahoma is around $4,161 per year, although some sources place it at $4,799 or even $6,210. This is more than double the national average.
Oklahoma is prone to severe weather, including tornadoes, thunderstorms, and winter storms. This means homes are at a high risk of wind and hail damage, making them more expensive to insure.
The cheapest option depends on various factors, including your coverage level, home condition, and personal history. However, State Farm is often cited as the cheapest option, with an average rate of $3,149 per year. Other affordable options include Shelter, which is the cheapest for those with a claim in the past five years, and American Farmers & Ranchers, which offers a policy with $200,000 of dwelling coverage for $2,155 per year.
To lower your homeowners insurance rate, consider raising your deductible, which will result in a lower premium. You can also work on improving your credit score, as a good score can lead to lower premiums.
