Oklahoma Homeowners Insurance

Standard Oklahoma homeowners insurance covers the dwelling, other structures on the property, personal belongings in the home, and loss of use costs if you’re unable to use your home during repairs. Any additional coverage will raise your Oklahoma home insurance rates. Get the best price for your policy by comparison shopping online. Start here and get free Oklahoma car insurance quotes below.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Nov 9, 2020

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The average Oklahoma home insurance premium is $1,048/yr ($87/mo)  based on an average home value of $107,700. Whether your home is average or not, understanding the main parts of the policy and the dangers your home faces will help you get the most coverage at the lowest price.

Standard Oklahaoma homeowners insurance covers:

  1. Dwelling
    The dwelling is the most important part of your homeowner’s policy. It includes the primary home and any buildings or additions that are permanently attached. Check your policy to find out whether it provides full replacement cost for damages. Without full replacement, you will only receive a depreciated value, which will not be sufficient to rebuild the home to its previous condition.
  2. Other Structures
    Other structures are any other buildings or manmade constructions on the insured property. A privacy fence and a decorative mailbox are both other structures, and so is a greenhouse or a pool enclosure. As a rule of thumb, if it is separate from the dwelling or could be removed without weakening or damage the dwelling, then it should be considered an “other” structure.
  3. Personal Property
    Personal property is included in your home insurance policy, but only up to a percentage of the total policy value. This is an important fact, because most home owners have far more than the covered amount of personal property by the time they have calculated the value of their furniture, appliances, lawn equipment and anything else they own and store on the property.
  4. Loss of Use
    If something happens that destroys your home or makes some portion of it unusable, you can be reimbursed for the costs associated with your regular lifestyle, such as having your laundry done at a laundry or going out to dinner. Hotel stays are another example of a cost that loss of use covers, but make sure to save your receipts so that you will have verified costs to back up your claim.

Average Oklahoma Homeowner Insurance Rates vs. US

Source: USCB

Cheaper Oklahoma Home Insurance

Getting cheaper homeowners insurance rates begins at home. Making your home more secure is the best place to start, and that includes more than just some locks added to your doors. You can also make your pool area more difficult for children or animals to get into, for another prime example. And your own credit score is going to be important to the insurance company, which should make it important to you as well.

  • Home Security
    In a Oklahoma where there are 9.99 homes burglarized for every 100o people, home protection should begin with security devices. A professionally monitored home security system is one of the best ways to get a secure home discount, followed by installing deadbolts on doors leading out of the home. Finally, if you install a fence along your road frontage to prevent unwanted entry, the insurance company will regard that as taking an active stance on home protection and give you a discount for being a more responsible home owner.
  • Reduce Insurance Risks
    Homes with swimming pools present a special risk for insurance companies. Children and animals are notorious for becoming entranced by the shimmering water, sometimes leading to catastrophe. To reduce the risk of accidental drowning, a barrier fence around your pool area is the best move, and one that will earn a discount on your home insurance premiums.
  • Credit Score and Insurance Risk
    In Oklahoma, the average credit score is 676. For insurance purposes, any credit score at or above 650 is considered less risky to insure, and the higher that score is, the better the discount you can expect on your homeowners premiums. Check your credit score regularly and take steps to improve it, such as correcting errors and protecting it against identity theft.

Home Characteristics Affecting Oklahoma Insurance Rates

The age of a home could affect the cost of your insurance, especially if the home is made from wood. In Oklahoma, the average home age is 34 years years, and the average home value is around $107,700, two numbers that you should be aware of and use to your advantage.

Local Natural Disasters Oklahoma Homeowners Should Consider Protecting Against

Become familiar with the natural dangers your home may face, and take steps to get the right kind of coverages you need if they are not part of your basic policy. Keep in mind that flooding, which is not included in most policies, can happen everywhere in the nation.

  • Earthquakes
    Ranked at 19 out of 51, Oklahoma could experience an earthquake, and movements of the earth are not included in the standard home insurance policy. You may not be able to buy this coverage through traditional channels, but it will be available through high risk insurance pools or special insurance pools that all home insurance companies must participate in.
  • Flood
    Oklahoma residents filed 281 claims in 2009, enough to underscore the importance of having flood insurance, even if it must be purchased through FAIR or some other high risk insurance pool.
  • Hail
    Hail damage is wind damage, and that is a basic coverage included in all standard insurance policies. Unless your policy excludes hail specifically, you do not need to take any action in this respect.
  • Hurricanes
    Oklahoma does experience hurricanes. Make sure that your policy covers wind damages, and that you have flood insurance, and there will not be a problem.
  • Tornadoes
    With 50 tornadoes expected each year, Oklahoma home owners should make sure that this type of storm is not specifically excluded. In most policies, tornadoes are covered as wind damage, but there may be situations where they have been excluded, forcing you to purchase the coverage separately.
  • Wildfires
    Around 74,749 wildfires affect our country each year, and Oklahoma is subject to have them. Unless wildfire is specifically excluded, you should not need to purchase any additional coverage. In most situations, wildfires are lumped into the category of fire damage and that is a basic coverage in most policies.

Oklahoma Homeowners Insurance Optional Coverages

Personal injuries to visitors at a home happen every day, and are paid for out of your home policy. But if the injured person decides to sue you for more, you may find out your home policy is no longer enough. To be safe, purchase an umbrella policy that covers you for as much as you are worth, including your investments and other personal assets. Umbrella policies work on other insurance liabilities as well, such as providing extra liability coverage if your car is involved in a serious accident with multiple injuries or even an accidental death.

Important Contact Information

Oklahoma Department of Insurance
P.O. Box 53408
Oklahoma City, OK 73152-3408
Phone: (800) 522-0071
Website

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