Homeowners Insurance Oklahoma 2021
Are you a homeowner in Oklahoma searching for the best homeowners insurance? Oklahoma homeowners can now take advantage of our in-depth review of the best insurance companies in Oklahoma. Homeowners insurance is a great way to protect your investment if any unwanted or unexpected occurrences may lead to damage or theft and subsequent financial losses. This article will cover all the factors you need to know to make an informed decision before purchasing your homeowners insurance policy.
Is Homeowners Insurance Required in Oklahoma?
Oklahoma homeowners insurance laws do not mandate homeowners insurance. However, it is highly recommended you buy a coverage policy, so you and your family don’t have to face a financial burden when problems arise. You can rely on your insurance instead to cover the losses.
Coverage varies depending on the insurer you select. However, when you compare the Oklahoma insurance companies list, you can see the following common coverage across the board:
- Dwelling – This covers any damages to your home and its attached structures like walls, the roof, or the porch.
- Other Structures – This covers damage to structures not attached to your house, like sheds, fences, detached garages, or gazebos.
- Personal Property – This is coverage for things inside your home, like furniture and other items, in case of damage or theft.
- Medical Payments – This covers medical expenses for someone who gets injured on your property and decides to sue you for personal injury.
Oklahoma homeowners should also have coverage to cover damages caused by earthquakes and tornados, in the form of earthquake insurance and comprehensive replacement cost policies, because these disasters are very common in the Sooner State.
Common Causes of Home Insurance Losses in Oklahoma
The most common causes for insurance claims in Oklahoma state result from an increased risk of the following:
- Hail, windstorms, thunderstorms, hurricanes, and tornados
- Land movement, sinkholes, and earthquakes
- Overflow of plumbing, flooding, and water backup
These high-risk causes and the resulting damage make purchasing relevant insurance a top priority for Oklahoma homeowners to stay protected in any disastrous events.
How Much Is Homeowners Insurance in Oklahoma?
The average home insurance cost in Oklahoma is $2,559, which is much higher than the national average cost of home insurance, which is $1,211. This is somewhat understandable due to the high risks involved in Oklahoma, like earthquakes and tornados, when compared to most other states.
Oklahoma insurance rates factor in location, credit history, condition, and build of your home. These rates often vary between companies for the same coverage, and you must know the various Oklahoma quotes and understand the differences before purchasing.
Cheapest Homeowners Insurance in Oklahoma
Naturally, home insurance rates depend on the city and location. Our research showed the most expensive city for home insurance to be Midwest City and the least expensive to be Bartlesville in Oklahoma. Home insurance in Midwest City can average at $3,105, compared to Bartlesville averaging at $2,109. These prices are far apart due to high-risk factors in the state, depending on location.
Following, we have the average homeowners insurance in Oklahoma- city-based average rates of the top cities.
|Cost of homeowners insurance by top cities|
Best Homeowners Companies Oklahoma
Let’s take a look at an in-depth review of the best homeowner companies in Oklahoma.
|Oklahoma Farm Bureau||
|American Farmers & Ranchers||
AAA homeowners insurance Oklahoma is a great insurance provider for people above 55 years looking for a trusted company that offers discounts to older homeowners. They are especially beneficial if you are an AAA member and bundle their homeowners insurance policy with others, like AAA auto insurance.
Their coverage offers all the required coverage Oklahoma homeowners need plus add-ons for flood and earthquake coverage. The flexibility in policy creation with a personalized umbrella policy is another valuable feature, although the pricing is well above the state average.
If you want a well-established insurer at decent pricing, ASI provides ample coverage with added discounts including unique discounts, like a paid-in-full discount. This offers you a discount if you pay for the full year.
Apart from this, their umbrella policy makes for a flexible policy, and the add-on flood coverage can be useful for Oklahoma homeowners that face regular flooding. The pricing is slightly above the state average, common with established insurers, but ASI is still fairly low-priced compared to them.
Oklahoma Farm Bureau
Homeowners looking for well-balanced coverage, pricing, and customer satisfaction can rely on Oklahoma Farm Bureau insurance for their homes. With fair discounts and good customer satisfaction, they cover your basic home insurance needs while being priced well below the state average.
Oklahoma homeowners that want good discounts and weather protection for their homes at an affordable rate will enjoy their experience with Farmers. They offer flood and earthquake coverage add-ons and discounts focused on improving your home.
The best part is that they are priced below the state average, and with the discounts you can get through home improvements, they quickly become a very attractive option.
State Farm homeowners insurance Oklahoma comes from a trusted industry leader when it comes to insurance. They offer every standard coverage plus add-ons like flood and earth movement coverage, including earthquake and sinkholes.
They provide convenience through their mobile app, and their online experience is the best in the market. The pricing is well above average, which is expected from a market leader trusted by so many.
Allstate is another market leader great for those buying their first homes and those looking for earthquake coverage from a trusted insurer. They offer multiple discounts that are relatively more than the competition. The combination of a reliable insurer, earthquake coverage, and multiple discounts makes the above-average pricing worth considering.
USAA homeowners insurance Oklahoma is an excellent option for military personnel and their families looking for a provider that offers replacement cost coverage in the standard coverage. This will help them avoid substantial losses in case of a disaster, like tornados or hurricanes, common in Oklahoma. The pricing is also lower than the state average, making USAA a great choice.
American Farmers & Ranchers
This is a great insurance policy for homeowners looking for the lowest price with an added benefit of earthquake coverage in the standard policy. The discounts further add to the already low priced insurance policy, making it the most affordable option available.
Liberty Mutual homeowners insurance Oklahoma is a policy with plenty of discounts and a great mobile management app that is easy-to-use. They offer full standard coverage plus wind and hail coverage and add-ons for flood and earthquake coverage. They are an established insurer, so the pricing is above the state average but you can use the discounts they offer to reduce the overall cost.
Pros & Cons
Does Homeowners Insurance Cover Flooding in Oklahoma?
No. Homeowners insurance does not cover flooding in any state, including Oklahoma.
Does Homeowners Insurance Cover Lightning in Oklahoma?
Yes. Almost all homeowners insurances in Oklahoma cover damages caused by lightning. It is always best practice to check your insurance policy for this coverage to be sure.
Does Homeowners Insurance Cover Snow Damage?
Yes. Standard homeowners insurance covers snow damage to your home’s roof. However, some non-standard policies do not cover snow or ice damage.
What If I Can't Get Homeowners Insurance?
In the case of not getting homeowners insurance in Oklahoma, it is recommended you look for Surplus carriers that will take on your insurance coverage. Unlike traditional insurance companies, they may charge you higher prices and are also not regulated by the government.
Is Wind Damage From Tornadoes Covered by Home Insurance?
It is covered only to an extent. While your home insurance covers wind damage, it is not always enough to cover the cost of rebuilding your home in case of complete destruction caused by tornadoes. You may want to consider including replacement cost coverage.