If you’ve recently purchased a home, congratulations! Being a homeowner means a lot of responsibility — and one new task on your plate is finding the right homeowners insurance policy to protect your house.

We set out to find the best homeowners insurance providers in Oklahoma. We applied for quotes, talked to experts, and evaluated companies against a couple of key metrics: affordability, coverage options, customer service, and financial strength ratings. There were a handful of standout winners.

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The Best Homeowners Insurance in Oklahoma

Freshome’s Top Recommendations: Amica, State Farm, Liberty Mutual, Travelers, Allstate.

Our minimum standards were as follows:

  • JD Power overall satisfaction rating of three or more stars
  • A.M. Best financial strength rating of B+ or better
  • A high financial strength rating from Moody’s and Standard & Poor’s

From these criteria we found five companies that meet our standards.

Our Quotes
Liberty Mutual$3,900 Per Year
COMPANY$6,012 Per Year
COMPANY$6,300 Per Year

The fictitious house we used to obtain our homeowners insurance quotes was a four bedroom, 3 bath home that was 2,652 sq. ft. located in Oklahoma City. It is a single family home, there are no pets at the residence, two people reside at the home and both are over 18 years old. The home was built in 1998, has shake shingle roofing, and a brick exterior. The amount of coverage we calculated for the home based on all factors was $360,000.

The limits given for each of the areas (dwelling, personal property, loss of use, liability, medical and deductible) were all similar across the choices. The monthly amount required for the premium is given in the table below. Even though some amounts might be higher than others this is no indication that one insurer is better than the other. Each insurance company asked specific questions related to each quote that were deciding factors regarding the premium amount.

What You Should Know Before Getting a Quote

Each insurance company asked a different set of questions when producing the quote for the homeowners insurance. There are many factors that go into developing a quote. Some factors that are important include:

  • The city in which the home resides
  • The year the home was built
  • The material the home is made of
  • Whether the occupants of the house smoke or not
  • If there are children present in the home
  • If there are pets present in the home
  • How old the roof of the house is
  • How close the house is to the fire/police department
  • How close the house is to a fire hydrant
  • If there are smoke detectors/fire extinguishers in the home
  • If there is a sprinkler system installed in the home
  • If there are deadbolt locks on the door

When calling to get a quote for homeowners insurance, it is good to have all of this information in front of you to be able to answer the questions to get the most accurate quote possible. A factor we looked for when searching through insurance policies was to find a policy that covered not only the housing structure but also the contents of the house as well. This type of policy is called an HO3 policy.

HO3

An HO3 policy has two parts to it. There is a known perils part and an open perils part. The known perils is a list of covered items that can happen to your personal property in the house that will be covered. If the event is not listed in the known perils, then it will not be covered by the insurance. For the structure of the home, that falls under the open perils part. This specifies events that can cause damage to the structure that are not covered by insurance. So for the belongings you see what events are covered and for the structure you see what events are not covered. It is important to remember these lists to understand the limits to your policy. General events that will be covered for belongings include fire, vandalism and theft. Exclusions to the open perils part include normal wear and tear, vandalism in a vacant house (30 days+) and war.

When a home needs to be rebuilt there is usually loss of the contents as well. An HO3 policy will help you get back on your feet faster by providing coverage for the entire house.

Mother Nature

Oklahoma sees a lot of weather events. There is a greater chance of wind or tornado damage in the state than other states. From 1950 to 2015, Oklahoma has had over 3,650 tornadoes, almost 500 people have died, and over 7,700 people have been injured. These type of statistics will affect premiums. Oklahoma has also had periods of record rain which has lead to flooding in the state as recently as 2015. Some cities saw almost 5 inches of rainfall in one day. Insurance companies take these factors into mind when discussing policy limits and premiums.

Liability/Medical

Another facet of homeowners insurance relates to others who get hurt on your property or other people’s property that is damaged. If someone comes over to your home and becomes injured, your homeowners insurance can cover the cost of the injury and medical treatment. Additionally, if your pet injures a person or another’s property, this can be covered by insurance as well. There are varying limits that can be chosen for coverage with the most common being $1000 liability and $1000 medical per person per claim.

Why are Oklahoma’s rates so high?

Oklahoma’s average rates are among the highest across the states (top 5). Part of this reason has to do with being in a region dubbed “tornado alley”. The high incident of tornadic activity increases the possibility of damage to the home so premiums will be higher in those areas. The lowest premiums in Oklahoma can be found in Mannford, Bartlesville, Tulsa, Broken Arrow and Antlers (www.valuepenguin.com). The highest premiums can be found in Edmond, Yukon, Midwest City, Alva and Clinton. The biggest factors for variations in premiums had to do with whether the area was susceptible to high winds and tornadic activity. Oklahoma has a crime rate that is higher than the national average. This is another factor that will raise the premiums.

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FAQs

Why shouldn’t I just go with whatever someone else recommends?

It is important to take a proactive approach to your homeowners insurance coverage. You are the one that will need to pay out of pocket for inadequate insurance, not the person whose recommendation you followed.

What about flood insurance?

Flood insurance is something that is excluded in all homeowners insurance policies, but is available to be purchased as an addition to an existing policy. Flood insurance is not dependent upon being in a floodplain. Anyone can get this insurance if they want it.

How do I figure out how much it would cost to rebuild my home?

One site to check out is the National Association of Home Builders. This site offers a wealth of information about home building trends regarding the U.S. and the opportunity to look at facts and figures as they relate to specific states. With this information you could see the latest housing trends in your area. You can also request information regarding the current housing material prices.

What affects my premiums?

Premiums in Oklahoma can be affected by Mother Nature. In 2013, Oklahoma saw the worst storms ever. Insurance carriers had claims over $1 billion as a result. The homeowners felt the lasting effects of that with not only cleaning up after the storms, but having their premiums rise as a result. KGOU radio posted a story about the aftermath of the storms in 2014. Some premiums rose 40 percent as a result.

What is a deductible?

A deductible is the amount that you will need to pay before the insurance kicks in to cover the rest up to the coverage limit of the claim. Deductibles can be raised and lowered as needed but most begin at $1,000. The deductible is related to each claim. Deductibles can also be shown as fixed amounts or a percentage of the coverage.

Can I change the limits on my coverage?

Yes, as changes occur in life coverage limits need to be reviewed and adjusted so that you are completely protected against loss to your property or belongings. This will need to be discussed with your insurance agent to see where coverage limits can be made.

Why isn’t my coverage amount just what I paid for the house?

The basis for coverage is a rebuild of the house on the same land. When you purchased the house you also purchased the land. In the event of a total loss the land is still available. Additionally, material costs raise and lower as changes take place in the economy. You want to make sure you maintain adequate coverage so that you do not suffer a financial hardship as a result of a claim.

How often should I review my policy?

It is important to review your policy once per year and also after any life changing event. Have a conversation with your significant other to make sure that you both understand your policy and where it is kept. Discuss the steps you would need take should a claim need to be filed. Learn who can and cannot handle a claim within the family. Knowing all of these things will take some of the stress out of the situation when the need arises to use the coverage. There have been too many times where one person knows the details about the coverage and the other does not and then something happens to the one who knows. Then the other person has to deal with all of it themselves.

What is the minimum amount needed to be covered for damage to a home?

It is important to discuss the specific details with your proposed insurance carrier, but most insurance carriers require the insurance amount to be at least 80 of the replacement cost of the house. If there was a claim against the insurance and there was not at least 80 percent replacement cost insured, then there could be more out of pocket cost to the homeowner.

Take Action

We’ve discussed many factors that will affect premiums for homeowners insurance. Some items are related to the house and material and others are related to Mother Nature. It is important to discuss all factors with a knowledgeable insurance agent who can let you know whether the area you are in has a greater or lesser chance of being affected by outside factors.

Use the knowledge you have gained to learn the insurance coverage costs for your particular situation. Then start getting quotes from agents and ask them questions. Ask any question that you need to ask to understand the insurance policy you wish to receive. An insurance policy is a legal and binding document that describes both what the insurance company will do to protect you, and what you state you are doing to reduce the risks of damage to your home and belongings.

Freshome’s Top Recommendations: Amica, State Farm, Liberty Mutual, Travelers, Allstate.

Compare Homeowners Insurance Rates

To quickly find and compare rates in your area, enter your ZIP code below.

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