Homeowners Insurance in Oklahoma

How to Find the Best Homeowners Insurance in Oklahoma

Finding the Best Homeowners Insurance in Oklahoma

Oklahoma is among the top five most expensive states for home insurance, and average costs in the state are 55% greater than the national average. Despite this, we’ll help you to find the best homeowner’s insurance in “The Sooner State.” Depending on what you’re looking for, a variety of homeowners insurance is cheap and provides great options and excellent customer service. If you’re looking for the cheapest, American Farmers and Ranchers is the best way to go. If you’re among most homeowners, you’ll want to take a look at the Oklahoma Farm Bureau. Others include Farmers Insurance, Allstate, State Farm, USAA and Chubb. On average, it costs $297,000 to build a home that is about 3,000+ square feet in Oklahoma, so you will want to insure it in case a natural catastrophe hits or burglary occurs. Protecting your home with homeowners insurance is a valuable investment in many ways and may even be required. It also goes beyond protecting your home's structure and protects personal belongings, detached structures such as a fence or shed, and possibly medical bills if someone is injured while in your home.
Oklahoma Homeowners Insurance Cost Broken DownRates
Yearly Cost of Homeowners Insurance in Oklahoma$2,133.00
Costs Per Month for Homeowners Insurance in Oklahoma$177.75

How Much is Homeowners Insurance in Oklahoma

The Insurance Information Institute gives the average cost of homeowners insurance as $1,885 in the state of Oklahoma, according to a 2017 study. The rate has increased in the last few decades and is the second most disaster-prone state. High insurance rates are owed to adverse weather patterns in the state located in what many call Tornado Alley. Thus, Oklahoma homeowners face tornadoes, hail, wildfires, earthquakes, extreme winds and more. The average annual rates of the most affordable insurance companies range from $2,371 to $3,598. Bartlesville offers the cheapest annual rate of $3,455. Commonly, for a $100,000 home the average annual premium is $1,744, a $250,000 home is covered for roughly $3,497 and a $400,000 home is insured for $5,222. As Oklahoma state has about 285 earthquakes per year, you will probably want to have an insurance policy that includes earthquake coverage which isn’t part of standard home insurance policies. Aftershocks which can cause damage for days after the initial quake are highly destructive and should be covered up to 72-hours after the earthquake. Oklahoma also experiences about 65 tornadoes annually--fortunately, windstorm protection is usually included in standard policies. Another danger is posed by wildfires and may or may not be covered. Note that damages from arson or fires that occur while the house is vacant will not be covered. Some of the cheapest rates are found in Mannford, Bartlesville and Tulsa, while the most expensive cities include Edmond, Alva and Yukon.

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Oklahoma Homeowners Insurance Laws

Several laws and requirements govern the area of home insurance in Oklahoma. One such law is the duty of Good Faith and Fair Dealing. This law requires the insurance company is duty-bound to help you when you have to make a claim, and they must seek reasons to cover your claim. If the company breaches this duty, then they are liable to the insured for damages to financial losses, embarrassment, and mental suffering which are not under the policy. Under Oklahoma law, the insurance company must conduct a “full, fair and prompt” investigation cannot deny outright any claim without a reasonable basis. In the case that a dispute arises, Oklahoma law provides the use of a three-person panel. It would be best if you approached this panel with the advice of a seasoned attorney. Each side will choose one person to be an appraiser, who will then select an Umpire by agreement. If an agreement cannot be reached, then the court may choose an Umpire. Do not try to “Do It Yourself” by using appraisers who do not have an understanding of the law. In Oklahoma, home insurance is not mandated by law but will probably be desirable if you pay off your mortgage.

What Does Homeowners Insurance Cover in Oklahoma

Different homeowners insurance plans cover different things, so it’s important to do your research and precisely determine what your plan covers and what it does not cover. Some of the basics covered by standard policies include dwelling coverage that pays for repairs or reconstruction of your house and structures attached to it. This includes electrical wiring, walls, stairs, central heating and air conditioning, and plumbing. Detached buildings such as sheds and fences are covered under other structures. Personal property coverage protects your belongings at home. Additionally, you may add Valuable Items Blanket coverage for rare and valuable items such as jewellery, collectables, fine arts, firearms and money. These items are particularly prone to be taken from your home and require added coverage to insure. If your home is unlivable, temporary living expenses can be covered under loss of use coverage. Liability coverage helps pay for legal expenses when you face a lawsuit. Medical payments coverage covers emergency medical bills in case someone is injured on your property and sues you. Additional insurance can be purchased for replacing locks, personal injury liability, identity theft, mechanical or electrical equipment breakdown, and earthquake coverage.

Top Rated Homeowners Insurance Companies in Oklahoma Based on Ratings

According to Benzinga, which rates insurance companies for their customer ratings, reliability, convenience of service, premium costs and years in the industry, the top companies are Progressive, State Farm, Farmers, and Liberty Mutual. Progressive wants to be one step ahead in the insurance industry and offered drive-in claims and allowed reduced rates for drivers first. They have traditional values and offer 24 out of 7 customer service, so you can get a quote or have your questions answered anytime. They have a variety of plans for home and property, business, health and others. State Farm is the largest insurer and offers many customizable policies, including insurance for condos, renters, cars, and farms. Their online option is straightforward for users to navigate; however, they do not offer many discounts. Farmers is second in terms of size and offers extremely competitive pricing. They also offer some discounts. The third-largest home insurance company is Liberty Mutual. They are known to understand customer needs and provide quality services for a competitive cost. They offer a variety of different insurance options, so it’s easy to take out multiple policies. Additionally, they respond quickly to claims and offer flood, identity theft, watercraft and mobile home insurance.

How to Lower Homeowners Insurance in Oklahoma

In Oklahoma, home insurance rates have been increasing at least since 2007 due to it being one of the most disaster-prone states. Homeowners insurance rates can fluctuate depending on several factors. These factors include the size of your mortgage, the level of coverage, credit score, the condition and age of your home, location, previous claims record, and the amount of your deductible. You can get lower rates by shopping around and comparing insurance policies from different companies, raising your deductible, buying multiple policies from the same insurer, reviewing policies’ terms and conditions, asking about discounts, upgrading your home by purchasing smoke detectors, carbon monoxide detectors, buying a newly built home, internal sprinkler systems and alarm systems, renovating your home’s heating, electrical or plumbing systems, reinforcing windows and walls, obtaining ENERGY STAR, EPA, or LEED certification, not smoking, paying your bill in full, maintaining roofs, cleaning gutters, if you are retired, setting up automatic payments, signing up early before your current home insurance policy expires, loyalty to a company, improving home security and having a smart home which allows technology to monitor your home at all times even when you are absent from your property.

Compare Homeowners Insurance in Oklahoma Before Buying

Owning a home in the disaster-prone state of Oklahoma is no joke. Since your home is one of the largest investments you will make, it’s important to insure it properly. By comparing different homeowners insurance in the state of Oklahoma, you can find the best prices for your specific home type. Take into account how much coverage you need for your home, customer satisfaction rates, and how much financial strength the company has. Check rankings that list the best homeowners insurance companies to start with and know what potential risks there are in your state. Different factors contribute to the relatively high price of homeowners insurance in Oklahoma. You will want to lower the cost of insurance as much as possible by installing up-to-date systems in your home and making sure the location and city are optimal. Don’t forget to ask for discounts as many insurance companies offer them, some of which offer them just for company loyalty.