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 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.
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.
|City||Average Monthly Quote|
Table data sourced from real-time quotes from Insurify's partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique profile.