Homeowners insurance in Oklahoma

The cost of homeowners insurance in Oklahoma is $3,448 a year for the average amount of coverage. Oklahoma residents can compare rates from multiple companies with Policygenius.

Kara McGinley

Kara McGinley

Published August 18, 2020

KEY TAKEAWAYS

  • The average cost of homeowners insurance in Oklahoma is $3,448 for $100,000–500,000 in coverage

  • The most affordable insurance company in Oklahoma is ASI, according to Policygenius quote data

  • When deciding on policy coverage, Oklahoma residents should consider the state’s tornadoes and severe weather

Homeowners insurance is essential financial protection for the 66% of Oklahoma residents who own a home, especially given the state’s penchant for severe and unpredictable weather.

The statewide average cost of homeowners insurance in Oklahoma is $3,448 but policy premiums can differ greatly based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and your policy deductible amount. Rates also vary from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.

To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Oklahoma offered through our website. We also calculated the cheapest and most expensive cities in Oklahoma for home insurance based on hundreds of submitted quotes.

Compare Oklahoma quotes here

IN THIS ARTICLE

The 5 best homeowners insurance companies in Oklahoma

Your house is your most valuable asset, so you want a homeowners insurance company that not only offers affordable rates, but also good customer service and open communication. It’s smart to do a little research on the company that will be insuring your house and all of your belongings. A great homeowners insurance company is financially stable, has dependable customer service, affordable coverage, flexible policy options, and high quality discounts.

Using those benchmarks, we determined the following five companies were the best homeowners insurance companies in Oklahoma. Read about our methodology here.

Best company for a cheap quote: ASI

American Strategic Insurance (ASI), part of the Progressive group of insurers, provides the cheapest Oklahoma home insurance quote of any Policygenius partner carrier. The average quote with ASI is $2,261 for $100,000–500,000 in coverage, which is over $1,000 cheaper than the statewide average of $3,448. If you’re an Oklahoma homeowner looking for a budget pick, ASI may be your best bet.

Read our full review of ASI here

Best company for superior coverage: Encompass

Oklahoma residents can insure their homes with Encompass, a company with coverage as good as any company we’ve reviewed. Encompass has three separate coverage packages that include all of the primary coverages you find in a standard home insurance policy, as well as several coverage enhancements and policy add-ons like replacement cost coverage, water backup protection, identity theft protection, fine art protection, and more.

Read our full review of Encompass here

Best claims process: Chubb

Oklahoma residents looking for a quick, personalized claim process should consider purchasing homeowners insurance with Chubb. The luxury carrier guarantees that they’ll make every effort to issue payments within 48 hours of a resolved claim. They also offer cash reimbursements which pay you the value of your damaged property in cash. For those with smartphones, the Chubb Mobile Estimate App can streamline property damage estimates directly to your claims representative which expedites your claim.

Read our full review of Chubb here

Best replacement cost policy: Safeco

If you’re looking to maximize coverage for the structure of your home, Safeco is the way to go. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price. With its excellent replacement cost coverage options, Safeco may be your best bet against severe property damage from tornadoes.

Read our full review of Safeco here

Best company for high-value homes: AIG

When it comes to homeowners insurance, a high-value home doesn’t necessarily mean a mansion with a view. The term is primarily used as an indicator of how much the home will cost to rebuild — including its exterior structure, flooring, cabinetry and built-in appliances.

If you live in a high-value home in Oklahoma, AIG may be the right company for you. AIG offers a “Private Client Group” package, which has all the primary coverage you’ll find in a standard policy — dwelling, other structures, personal property, loss-of-use, liability, and medical payments coverage — but with higher limits of liability and more flexible loss settlements than you’d find in a policy through a standard carrier.

Read our full review of AIG here

Best financial ratings: Travelers

One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is their financial stability, and Travelers is among the highest-rated insurers in that area. With an A++ rating with A.M. Best, Travelers has the highest score a company can receive with the insurance company credit rating agency. Travelers also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.

Read our full review of Travelers here

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Average cost of homeowners insurance in Oklahoma by company

When comparing insurance companies, Oklahoma residents may find that rates differ greatly from company to company for the same level of coverage. The more expensive policy may provide more coverage add-ons in a basic plan than their competitors, or some companies may simply charge more for coverage in certain areas than others.

After reviewing hundreds of quotes submitted with Policygenius, we found that ASI is the cheapest insurance company in Oklahoma with a $2,261 average annual premium for $100,000–500,000 in coverage. MetLife is the most expensive with a $5,664 average annual premium.

CompanyPolicygenius ratingAverage cost
ASI6.6/10$2,261
Encompass8.3/10$3,161
MercuryNot rated$2,836
MetLife6.5/10$5,664
Progressive6.6/10$2,494
Safeco7.3/10$2,791
Travelers7.7/10$3,087

Average cost of home insurance in Oklahoma by coverage amount

The average cost of homeowners insurance in Oklahoma will also differ considerably based on the amount of insurance you have for your home. Below is the average homeowners insurance quote for five different levels of coverage.

Coverage AmountAverage Cost
$100,000-$200,000$ 2,973
$200,000-$300,000$ 3,418
$300,000-$400,000$ 4,032
$400,000-$500,000$ 4,699
Greater than $500,000$ 6,034

Average cost of home insurance in Oklahoma by city

Insurance companies will also price policies differently based on where you live. We found the Great Plains city of Enid has the lowest rates in the state with a $2,396 average annual premium for $100,000-500,000 in coverage. The most expensive area on average is Muskogee, located along the Arkansas River, with a $5,743 average annual premium.

CityAverage Cost
Ardmore$ 3,438
Bartlesville$ 3,465
Bixby$ 4,183
Broken Arrow$ 2,813
Edmond$ 3,794
Enid$ 2,396
Jenks$ 2,947
Lawton$ 3,817
Midwest City$ 2,940
Moore$ 2,932
Muskogee$ 5,743
Mustang$ 3,444
Norman$ 3,383
Oklahoma City$ 3,399
Owasso$ 2,638
Ponca City$ 3,583
Shawnee$ 4,822
Stillwater$ 2,993
Tulsa$ 2,646
Yukon$ 3,665

We selected the 20 largest cities in Oklahoma by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.

The cheapest cities for homeowners insurance in Oklahoma

Cheapest homeowners insurance in Oklahoma

The most expensive cities for homeowners insurance in Oklahoma

Most expensive homeowners insurance in Oklahoma

Guide to homeowners insurance in Oklahoma

Common causes of home insurance loss in Oklahoma

Oklahoma experiences some of the most severe weather in the country. The Sooner State is made up of prairies, woodlands, and mountains, so weather varies depending on where you live and can be unpredictable. Oklahoma lies in the so-called Tornado Alley and averaged a record-breaking high of 146 tornadoes in 2019.

Oklahoma residents may also experience minor earthquakes. Since homeowner insurance does not cover earthquakes, homeowners who live near a fault line may want to consider purchasing earthquake insurance.

Given the state’s propensity for frequent tornadoes and unpredictable, severe weather, it’s extra important for Oklahoma residents to insure their home with a comprehensive replacement cost policy to ensure their home and personal belongings are fully protected in the event of a disaster.

Does homeowners insurance cover flooding in Oklahoma?

Given the heavy rainfall and the many rivers in Oklahoma, residents are at high risk for flooding, especially those located near the flood-prone Arkansas River. Homeowners insurance does not cover flood damage in Oklahoma or any of the other 49 states. State residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.

Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.

Oklahoma Department of Insurance

The Oklahoma Insurance Department is a valuable resource for both Oklahoma homeowners purchasing coverage for the first time or those who are already insured. The OID website has helpful information about what to prioritize when selecting your coverage, preparing for natural disasters, and buying flood insurance.

What if I can’t get homeowners insurance?

Homeowners insurance companies can cancel your insurance for a number of reasons — maybe the insurance company no longer offers coverage where you live or maybe they determined your home was too risky to insure after a recent inspection.

Unlike other states, Oklahoma doesn’t offer a Fair Access to Insurance Requirements Plan (FAIR Plan). If you’re unable to get homeowners insurance with a standard carrier, look into coverage with a surplus or excess lines insurer. Surplus carriers specialize in risks that are typically rejected by traditional insurance companies. A couple of downsides to getting coverage through a surplus carrier is it’s typically expensive and the companies aren’t admitted with the state, meaning they aren’t subject to the same rules and regulations as traditional insurance companies. But surplus lines coverage is a solid option if you’re an Oklahoma resident looking for last minute coverage.

Not where you live? We've got you covered, check out our guide to homeowners insurance in your state

About the author

Insurance Editor

Kara McGinley

Insurance Editor

Kara McGinley is an Insurance Editor at Policygenius. She previously worked as a freelance writer and a copywriter for various startups. Her work can be found in Teen Vogue, The Culture Crush, Mask Magazine, and more.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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