Oklahoma Homeowners Insurance Quotes (2023)

Oklahoma’s average cost of home insurance is $341 per month, but it can vary depending on your coverage options and insurance company. Liberty Mutual, Midvale Home & Auto, and Travelers are the top home insurance companies in the state. These companies have a strong reputation for providing reliable coverage and excellent customer service.

Oklahoma is prone to natural disasters — such as tornadoes, floods, and fires — that can cause significant damage to homes and personal property. Wildfires and controlled burns are especially common, and your coverage may depend on your willingness to manage trees and undergrowth.

Learn More: Wildfires and Home Insurance: Are You Covered?

Best home insurance companies in Oklahoma

When it comes to finding the best home insurance companies in Oklahoma, you have many quality options available. Your choice will depend on your personal situation and needs.

Best insurer for cheap rates: Liberty Mutual

Liberty Mutual has the cheapest home insurance premiums in Oklahoma. It offers a range of coverage options for homeowners and has an average monthly cost of $265. The company’s J.D. Power score is below average but higher than others in the industry.^[1]

At just $265 per month on average, the cost of Liberty Mutual home insurance is the cheapest in the Sooner State. But keep in mind that policy costs can vary greatly, and you might pay more or less depending on your coverage needs.

Best large insurer: Travelers

Travelers home insurance is a well-known and reputable company founded in 1864. It offers a wide range of coverage options for homeowners and has a J.D. Power score of 794, slightly below the industry average of 819.^[1] The score is a result of customer satisfaction surveys from the 2022 U.S. Home Insurance Study.

The average cost of a home insurance policy from Travelers is $285 per month. But home insurance rates can vary greatly according to a number of factors, such as location, age of the home, and the coverage level you choose.

Best for fire coverage: USAA

Despite Oklahoma being in the heart of Tornado Alley, fires are the state’s most commonly declared disaster.^[2] Nearly 10% of households have a “high or extreme risk” of fire, according to Pew research.^[3] Most home policies include fire protection, but USAA offers a Wildfire Response Program for better coverage.

Best insurer for high-value homes: Ford Insurance

Ford Insurance Agency offers high-value home insurance with dwelling coverage of up to $5 million. While HO-3 policies are sufficient for most homeowners, Ford Insurance Agency offers HO-5 policies, which provide more coverage for your high-value home and belongings.

Best regional insurance company: AFR Insurance

American Farmers and Ranchers, or AFR Insurance, is one of Oklahoma’s oldest insurance companies. Due to its presence in Oklahoma, the company is well acquainted with the needs and risks of area homeowners.

Methodology

To evaluate home insurance companies, Insurify data scientists and editorial team analyze multiple factors that reflect a company’s quality, reliability, and financial health. We consider industry ratings and information from sources like A.M. Best, Standard & Poor’s, Moody’s and Fitch, and J.D. Power. We evaluate customer service and satisfaction data, customer reviews, NAIC complaint indexes, claims payout rates, company reputation and proprietary quoting data.

How much is homeowners insurance in Oklahoma?

In Oklahoma, the average cost of homeowners insurance is $341. The type of home, your location, and level of coverage you choose all play a role in homeowners insurance costs.

How your policy choices affect home insurance rates in Oklahoma

Your policy form

The most popular home insurance policy form is HO-3, according to the Insurance Information Institute. It provides coverage for the structure of the home, personal belongings, and personal liability. Other common policies include HO-1, HO-2, and HO-5.

The main difference in policy types is the level of coverage and how it handles perils. A “peril” refers to the specific cause of loss or damage that the policy covers. Common perils include fire, windstorms, hail, theft, and water damage from plumbing mishaps. 

Each policy form covers perils differently, and the coverage will influence the price of your home insurance policy. It’s always a good idea to check which perils your home insurance policy includes before purchasing.

Learn More: Understanding the 8 Types of Homeowners Insurance

Your coverage level

Homeowners insurance typically offers different coverage levels so that you can choose the amount of protection that best meets your needs. The Insurance Information Institute lists three coverage options:

• Actual cash value

• Replacement cost value

• Guaranteed or extended replacement cost

Actual cash value has the least coverage because it subtracts depreciation from the cost to replace your home or belongings. Replacement cost value doesn’t consider depreciation, while guaranteed or extended replacement offers the highest amount of protection.

Your coverage level will influence your premiums. Higher coverage levels will result in higher premiums since you get more protection for your home and possessions.

Your deductible

A deductible in home insurance is the amount of money you pay out of pocket before your insurance coverage kicks in. For example, if your deductible is $1,000 and a fire damages your home, you must pay the first $1,000 of the repair or replacement costs.

A low deductible can result in higher insurance premiums because you’re transferring more risk to the insurance company. Although a high deductible can lower your home insurance premiums, it can also mean that you’ll have to pay more out of pocket if you ever need to make a claim.

How location affects home insurance rates in Oklahoma

Location can significantly affect home insurance rates in Oklahoma. Even different ZIP codes within the same city can yield different home insurance quotes because of the various factors that can affect different areas.

For example, in some areas, Oklahoma landowners manage their land using prescribed fires — and fire can be a significant threat to homes and property in the area. Crime rates also play a role. You might pay less for home insurance in a city like Norman than you would in a more dangerous city like Tulsa or Oklahoma City.

Here’s a look at how location can affect your average monthly quote in four Oklahoma cities.

What are the cheapest home insurance companies in Oklahoma?

Oklahoma’s cheapest insurance companies are Liberty Mutual, with an average monthly rate of $265; Midvale Home & Auto, at $277; and Travelers, at $285. Home insurance rates from these top three insurers are significantly lower than the $341 state average. Remember that your quote may be more if you have specific coverage needs.

How much homeowners insurance do you need in Oklahoma?

When you take out a mortgage, the lender typically requires you to purchase home insurance to protect its investment, so you should understand what your policy covers and ensure you have enough protection.

Homeowners insurance generally covers the structure of the home, personal property, liability, and additional living expenses.

What home insurance coverages should you buy in Oklahoma?

Most homeowners insurance comes with several coverage types in one convenient package. These are the main types of coverage:

• Dwelling: Covers damage to the physical structure of the home, including the roof, foundation, plumbing, and electrical. It also covers structures attached to your house, such as a garage or carport.

• Other structures: Covers damage to structures on the property that aren’t attached to the main dwelling, such as a detached garage, tool shed, or fence.

• Personal property: Protects personal belongings inside the home against damages, such as furniture, appliances, and clothing. Additionally, it applies to items if they’re not on your property, such as those in an offsite storage locker or a college dorm.

• Loss of use: Provides additional living expenses you might have if the home becomes uninhabitable due to a covered loss. It can pay for things like hotels, meals, and other costs.

• Personal liability: Protects you from financial losses if you’re sued and found legally responsible for someone else’s injuries or damages.

• Medical payments: Pays for medical expenses if someone is hurt on your property, regardless of who’s at fault. Coverage includes injuries by your pets.

What optional home insurance coverages should you buy in Oklahoma?

Standard homeowners insurance can leave many gaps in your protection. Here are some optional coverages you should consider:

• Flood insurance: Home insurance doesn’t cover flood damage. You may need a separate policy from a private insurer or through the National Flood Insurance Program. You might pay around $700 per year if you’re in a high-risk area, according to the National Association of Insurance Commissioners.^[5]

• Earthquake insurance: Home insurance doesn’t cover earthquakes. Oklahoma has experienced an increase in earthquakes since 2009, according to the U.S. Geological Survey, and you should consider getting a separate policy. The Oklahoma Insurance Department says earthquake insurance can cost between $50 and $300 per year.

• Windstorm and hail: Most home insurance in Oklahoma covers windstorms and hail, according to the Oklahoma Insurance Department. However, your policy might limit coverage or have a separate deductible if you file a wind and hail claim.

• Sewer or drain backup and sump pump overflow: Most policies limit or exclude coverage for these perils. You may want additional sewer or drain backup and sump pump overflow coverage.

• Guaranteed replacement cost: This coverage pays to replace your home following damage or destruction without subtracting depreciation. Upgrading your level of coverage to guaranteed replacement cost might increase premiums by 20%, but it depends on the insurer, according to the Insurance Information Institute.

• Personal property replacement cost: This is a type of “guaranteed replacement” for your personal property. It can pay to replace your personal items without deducting depreciation from the claim amount.

• Personal umbrella insurance: Consider adding personal umbrella insurance to increase liability coverage over and above what your home insurance policy offers.

• High-value personal property insurance: Standard home insurance policies in Oklahoma often limit personal property coverage. Add high-value personal property insurance for expensive items such as jewelry, antiques, coin collection, guns, and other high-value items.

• Ordinance or law endorsement: Building codes and laws can change. This coverage pays the extra expense to rebuild your home in compliance with current building codes, ordinances, and regulations that didn’t exist when your home was built originally.

• Home business coverage: Consider adding home business coverage to your home insurance policy if you plan to use your home for business purposes, such as running a daycare or using a computer for your business from home.

How much home insurance coverage should you have in Oklahoma?

In Oklahoma, the amount of home insurance coverage you should have depends on various factors, including the value of your home, its location, and your personal needs. You should also consider optional protection, such as earthquake or flood insurance, and increasing your coverage to guaranteed replacement cost.

It’s important to note that no single home insurance policy will work for every homeowner, as each home has different risk factors. A good rule of thumb is to compare quotes from at least three different insurance companies before choosing a policy.

What are some of the biggest risks when owning a home in Oklahoma?

Oklahoma is known for natural disasters like tornadoes, flooding, and hailstorms. Each poses a significant risk to homeowners. Here’s how to protect your home:

• Tornadoes: Oklahoma home insurance usually covers tornado damage to your house, other buildings on your property, and personal belongings. Ask your insurer about policy limits to determine if you need supplemental coverage.

• Floods: Home insurance doesn’t cover flood damage. You can purchase separate flood insurance from a private insurer or the National Flood Insurance Program.

• Wildfires: Damage from fire and smoke is part of a standard homeowners insurance policy in Oklahoma. Check with your insurer about policy limits to see if you require more coverage.

How can you save money on homeowners insurance in Oklahoma?

Homeowners insurance can be costly, but you have options to save money on your policy in Oklahoma. Here are some tips and strategies to help lower your homeowners insurance costs while still protecting your property.

Bundle home and auto insurance

Insurance companies often have discounts for customers who purchase multiple policies. By bundling your home and auto insurance, you can take advantage of these discounts and lower your overall insurance costs.

Clean up dry brush

Wildfires are a common risk in Oklahoma, and some insurance companies offer a discount for cleaning up dry brush near your home and other structures on your property. Removing dry brush, dead leaves, and other debris can lower the cost of your home insurance and make it easier for fire fighters to access your home if a wildfire does occur.

Raise your deductible

Increasing your deductible, or the amount you pay out of pocket before insurance kicks in, can lower your premium. Keep in mind that a higher deductible means more out-of-pocket costs if you need to file a claim.

Comparison shop

Comparison shopping for home insurance can help you find the best policy at the most affordable price. When you get quotes from multiple insurance companies, you can compare coverage options and pricing and find a policy that fits your needs and budget. It can help you save money on your home insurance and ensure you get the right protection.

Average home replacement cost in Oklahoma

Replacement cost is an estimate of the cost to rebuild a property using the same materials and construction methods as the original structure. It’s different from the market value of a property, which relies on the current market conditions and other factors such as location, size, and amenities.

When determining how much coverage to purchase for your home insurance, it’s essential to consider the replacement cost of your home. If your home were to be damaged or destroyed, you’d want enough coverage to rebuild it.

Here are common home values in Oklahoma that can influence the replacement cost of area homes.

Learn More: Rebuild Cost of a Home

Oklahoma home insurance FAQs