Are you currently comparing homeowners insurance quotes in Oklahoma and trying to get the best rates possible? If you own a property, you want to protect it adequately in the event a natural disaster or any other type of event takes place that causes damage. 

An Oklahoma homeowners insurance policy will cover damages to your home and possessions due to covered perils like fire, windstorm, hail, vandalism, and more. It can provide protection against financial losses from damage to your home and belongings. In this article, we’ll provide a comprehensive overview of homeowners insurance in Oklahoma, including state laws, ways to save money, and detailed quotes from top insurance carriers.

Factors That Affect Oklahoma Home Insurance Premiums 

Home insurance premiums in Oklahoma vary depending on a number of factors, but on average tend to be lower than national averages. The average annual home insurance premium in Oklahoma is about $2,230 per year or $186 per month.  This compares to a nationwide average of $1,540 per year.

Several things influence home insurance premiums in the Sooner State. Location is one factor, with homes in rural areas generally having lower premiums than those in larger cities. The home’s proximity to natural disaster risks like tornadoes and hail also impacts rates and is a big reason rates are quite a bit higher than the national average. Construction materials used, age of home, security features, and claims history can also cause premiums to go up or down.

Oklahoma homeowners have a choice between different types of home insurance policies. A homeowners policy covers the structure and possessions against perils like fire, theft, and wind. It also provides liability coverage. The HO-3 is the most comprehensive and commonly sold homeowners policy. 

Older homes and those not up to modern building code standards often need a dwelling fire policy, which covers fire damage only. Average premiums for dwelling fire insurance were $724 per year.

Oklahoma residents can also purchase add-on coverage to supplement basic homeowners insurance. For example, endorsements for expensive jewelry or collections can be added to standard policies. Flood and earthquake policies from the NFIP and CEA are also options to consider.

Oklahoma Homeowners Insurance Quotes from Top Providers

Here are sample homeowners insurance quotes from 15 leading insurers in Oklahoma for comparison purposes. Rates are based on a $300,000 dwelling with $200,000 personal property coverage and $100,000 liability limits.

1. State Farm: $1,321 annual premium
2. Farmers Insurance: $1,460 per year 
3. Allstate: $1,890 annual premium
4. Liberty Mutual: $1,950 yearly rate  
5. Travelers: $1,775 per year
6. Nationwide: $1,643 annual cost
7. USAA: $1,193 per year if eligible through military affiliation
8. Progressive: $1,932 annual premium
9. AAA: $1,590 yearly rate 
10. Amica: $1,650 per year
11. Safeco: $1,391 annually
12. Horace Mann: $1,425 yearly premium
13. Chubb: $2,100 per year
14. Auto-Owners: $1,650 annual cost
15. Shelter Insurance: $1,575 yearly rate

Premiums can vary significantly between insurers. It pays to shop around between several companies and obtain quotes. Working with an independent insurance agent is one way to compare multiple carriers at once. 

There are also many things homeowners can do to qualify for discounts and control premium costs, like installing security systems, raising deductibles, and bundling auto with home insurance.

The Cheapest Homeowners Insurance In Oklahoma

On average State Farm has the cheapest home insurance rates across Oklahoma, with annual rates just over $1,300. State Farm also has low-cost condo insurance in Florida and of course, has top-rated customer service.  

There’s one home insurer in Oklahoma that often has lower rates than State Farm and that is USAA. The issue with USAA is you have to qualify by being an active military member, veteran, or close family member. If you qualify, you can often get homeowners rates around $1,193 a year, which is only $99 a month.  

Homeowners Insurance Discounts In Oklahoma

Homeowners in Oklahoma can potentially save money on their home insurance premiums by taking advantage of multiple discounts offered by insurance providers. Here are 10 common discounts available to Oklahoma homeowners can take advantage of.  

1. Multi-policy discount: If you bundle your home insurance policy with other insurance policies from the same provider, such as auto or life insurance, you may receive a discount of up to 15%. This encourages policyholders to consolidate multiple policies with one insurer.
2. New home discount: Some insurers offer discounts for newly constructed homes since they tend to have fewer maintenance issues and risks. Discounts may be as much as 15% and last for 3-5 years.
3. Security system discount: Having a security system professionally installed may qualify you for up to 15% off your premium. This applies to systems that monitor for burglary, fire, and other hazards.
4. Smart home discount: “Smart home” devices like water leak sensors, fire alarms, and security cameras that integrate with your home insurance policy can earn you a discount of 5-10%. This modern tech helps mitigate losses.
5. Loyalty discount: Remaining insured with the same provider for multiple, continuous years can result in a loyalty discount of up to 15%. Long-term clients are rewarded with lower rates.
6. Claim-free discount: If you avoid making any claims on your home insurance policy, you may receive a claim-free discount that increases each claim-free year. This rewards low-risk policyholders.
7. Storm safety discounts: Features like storm shutters, impact-resistant roofs and hurricane straps can qualify for discounts of up to 25% in storm-prone areas. Fortifying against damage helps lower risk.
8. Age of home discount: Newer homes often receive discounts while older homes may pay more. Check if your home’s age qualifies you for a lower premium.
9. Retiree discount: Some insurers offer lower premiums for retirees who are over age 55 and work less than 24 hours per week. This applies to low-risk clients.
10. Good student discount: Full-time students under age 25 who maintain a B average or higher may be eligible for a good student discount on home insurance. This rewards responsible students.

Oklahoma Homeowners Insurance Laws

Oklahoma has certain laws regarding homeowners insurance that policyholders should be aware of:

• Insurers must offer coverage for loss caused by fire, windstorm, hail, explosion, riot, aircraft, vehicles, smoke, vandalism, theft, and more. They can exclude other causes like flood and earth movement.
• Insurers cannot cancel or non-renew a policy for specific reasons like filing claims for covered losses or damage from natural causes. 
• The valued policy law requires insurers to pay the full insured amount for a total loss even if reconstruction costs are lower.
• Oklahoma has strict laws limiting the use of credit information in underwriting and rating homeowner’s policies.
• Insurers must offer additional living expense coverage to pay for temporary housing if a home is uninhabitable due to a covered loss.
• Policies automatically cover 10% of the dwelling coverage limit for debris removal following a covered loss.

How To Save More Money on Oklahoma Homeowners Insurance

1. Compare quotes from multiple insurers. Rates can vary significantly between companies.
2. Raise your deductible. This will lower premiums but increase out-of-pocket costs if you file a claim.
3. Bundle your homeowners and auto policies with one insurer. You can often get a multi-policy discount of up to 15%.
4. Install security systems, smoke detectors, and other safety features. This can qualify you for policy discounts.
5. Seek group discounts through alumni associations, employers, or other organizations. 
6. Improve the condition of your home such as replacing old plumbing or roofing. Better-maintained homes often get discounted rates.
7. Avoid claims if the damage is minor and affordable. Too many claims can cause premium hikes.
8. Check discounts for new homeowners, seniors, and multi-generations living together.
9. Maintain a good credit history. Insurers may use credit-based insurance scores as a rating factor.
10. Review the limits and types of coverage annually. You may be over insured in some areas.
11. Take higher wind and hail deductibles if you live in areas prone to those risks.
12. Install storm shutters, impact-resistant roofs, and other fortified building features.
13. Buy your home and auto policies from an insurer with strong financial ratings.
14. Seek group discounts if you belong to any unions, associations, or alumni organizations.
15. Work with an independent insurance agent who can shop multiple insurers for you.

The Final Word on Homeowners Insurance Quotes in Oklahoma

The best way to find the lowest homeowners insurance quotes in Oklahoma is to comparison shop. You need to compare at least ten quotes from both local agents and national insurers. 

Ask about all available discounts to maximize your savings. Review the coverage details as well, since the cheapest doesn’t always mean the best. Choosing the right homeowners policy for your specific needs and budget takes research, but the effort can pay off in the way of huge savings.