Average Cost of Homeowners Insurance in Oklahoma (2024)

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Updated: May 22, 2024

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The average cost of homeowners insurance in Oklahoma in 2024 is $5,917. This figure is more than double the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums. The difference in premiums for homeowners with poor credit versus excellent credit is, on average, $13,778. Keep in mind that the insurance provider also affects premium costs. If your rates have recently increased, we've also analyzed the cheapest home insurance in Oklahoma.

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Rates updated:

Jul 18, 2024

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To establish the average cost of homeowners insurance in Oklahoma, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Oklahoma as of 2024.

1.2MQuotes Analyzed
8Companies Compared
13ZIP Codes

Average Cost of Home Insurance in Oklahoma by Coverage Amount

In Oklahoma, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $5,917, which is more than the national average of $2,423.

When considering how much coverage you need, it's essential to have enough to rebuild your home and replace your belongings. For example, a policy with $100K in dwelling coverage costs $2,951 annually, while coverage for a home valued at $500K has an annual premium of $10,557.

Average Annual Home Insurance Premium Oklahoma by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$2,951
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$5,917
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$10,557
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$14,975

Average Cost of Home Insurance in Oklahoma by Insurer

Homeowners in Oklahoma will find that insurance premiums for comparable coverage can differ notably among providers. For instance, one insurer might offer a policy at a rate significantly below the state average, while another could present a quote that far exceeds it.

For those searching for the right fit, review the best homeowners insurance in Oklahoma. Differences in underwriting can lead to substantial variations in premium costs, making it essential to compare options.

Average Annual Home Insurance Premium Oklahoma by Provider
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Oklahoma Farm BureauAnnual Premium$3,218
AllstateAnnual Premium$3,893
ShelterAnnual Premium$4,239
State FarmAnnual Premium$4,987
ChubbAnnual Premium$5,534
USAAAnnual Premium$6,101
FarmersAnnual Premium$7,438
The HanoverAnnual Premium$11,923

Average Cost of Home Insurance in Oklahoma by Credit Score

In Oklahoma, homeowners with excellent credit pay an average annual premium of $3,941 for homeowners insurance, which is $1,976 less than the state average. Conversely, those with poor credit face an average cost of $17,719, soaring $11,802 above the average. Credit scores directly influence insurance rates, reflecting the insurer's risk assessment based on financial reliability.

While you may not be able to enhance your credit score overnight, gradual improvements can lead to lower insurance costs. In the meantime, comparing insurers could reveal more affordable options. Discover the most affordable Oklahoma home insurers in less than 15 minutes.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$17,719
Below FairAnnual Premium$11,716
FairAnnual Premium$8,750
GoodAnnual Premium$5,917
ExcellentAnnual Premium$3,941

Average Cost of Home Insurance in Oklahoma by Construction and Roof Type

Roofing materials can influence the cost of homeowners insurance, though not as heavily as other factors. In Oklahoma, homes with tile roofing, which are often more durable, see lower premiums averaging $5,438. Meanwhile, properties with shake-treated roofs face higher costs at around $6,348 per year.

Construction materials also play a role in insurance pricing due to their durability and resistance to damage. Superior construction materials, which are more resistant to perils like fire, typically result in more affordable premiums, averaging $5,629 per year. In contrast, standard frame construction homes might have higher average annual premiums at approximately $5,917.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Average Annual Home Insurance in Oklahoma by Construction and Roofing Type
Data filtered by:Results filtered by:
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$2,951
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$5,917
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$10,557
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$14,975
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$19,370

Average Cost of Home Insurance in Oklahoma for Newly Constructed Homes

Insuring a new construction home in Oklahoma averages $3,847 annually, markedly lower than the $5,917 average for existing homes. This cost difference is attributed to the use of modern materials and adherence to current building codes. The table below displays how premiums vary between new and existing homes based on the coverage amount selected.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$5,917
New Construction (2023)Annual Premium$3,847

Average Cost of Home Insurance in Oklahoma by Claims History

In Oklahoma, homeowners with a spotless claims record for at least five years pay an average annual premium of $5,917 for their insurance. However, filing just one claim can bump that average to $6,465, while two claims can escalate it to $7,753 annually. This demonstrates that maintaining a claim-free history can significantly affect your insurance costs, keeping them closer to the baseline average.

Average Annual Home Insurance in Oklahoma by Claims Experience
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$5,917
1 claim in past 5 yearsAnnual Premium$6,465
2 claims in past 5 yearsAnnual Premium$7,753
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In Oklahoma, tornadoes and wildfires pose the highest risks to homes. Homeowners insurance typically covers damage from tornadoes and wildfires, but you should always check if your policy covers these and other natural disasters.

Average Cost of Home Insurance by City in Oklahoma

For the cities we analyzed, we found premiums range from $4,919 to $6,812. In Broken Arrow, the annual premium is $5,035, while in Oklahoma City, it's higher at $6,812. Tulsa has the lowest observed premium at $4,919. Location impacts premiums due to factors like local weather risks and crime rates. City-based pricing variations are significant but not as influential as credit rating or coverage amount.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
Broken ArrowAnnual Premium$5,035
NormanAnnual Premium$6,549
Oklahoma CityAnnual Premium$6,812
TulsaAnnual Premium$4,919

How to Shop for Home Insurance in Oklahoma

Shopping for home insurance in Oklahoma doesn't have to be a headache. You can find a policy that fits your budget by understanding the factors that affect your premium. Here's how to find the best deal for you.

Assess Your Coverage Needs

Decide what you want to protect and how much coverage you need.

Compare Quotes

Check different prices for the best deal.

Consider Bundling

Bundle home and auto insurance for discounts.

Look for Discounts

Ask about safety features and loyalty discounts.

Choose a Deductible

A higher deductible can mean lower premiums.

Review and Purchase

Pick the best option and buy your policy.

Bundling Home Insurance With Auto Insurance in Oklahoma

Homeowners in Oklahoma can often unlock savings by bundling their home and auto insurance policies. On average, Oklahomans can save between $618 and $1,660 per year, which translates to a 15% savings. A multipolicy bundle could be a smart financial move, significantly reducing the combined cost of auto and home insurance premiums. Review the best and cheapest home and auto bundle companies in Oklahoma to learn how to get the most out of multipolicy discounts.

Home Insurance Discounts in Oklahoma

Oklahoma homeowners can shave dollars off their insurance premiums with a variety of discounts. Here are three notable ones:

  • Security System: Installing a monitored security system may reduce premiums.
  • Impact-Resistant Roof: Upgrading to an impact-resistant roof can offer savings.
  • Fire Safety Measures: Smoke detectors and fire extinguishers installed in the home can lead to discounts.

Remember, to maximize your savings, inquire about all available discounts when obtaining a quote.

FAQ: Homeowners Insurance in Oklahoma

On average, what is the cheapest insurer in Oklahoma?
Is tornado coverage included in Oklahoma homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Oklahoma?
How much can I save bundling my home and auto insurance in Oklahoma?

Additional Resources for Homeowners Insurance in Oklahoma

For those navigating the landscape of homeowners insurance in Oklahoma, a wealth of resources is available to assist you in making informed decisions. Here's a list of helpful links:

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.