The Cheapest and Best Homeowners Insurance in Oklahoma City
The Cheapest Home Insurance Companies in Oklahoma City
When you compare homeowners insurance in Oklahoma City, you will notice that most companies have very similar core coverage offerings. This makes cost one of the most important factors while assessing different insurance providers.
For a policy including $100,000 in dwelling coverage, the cheapest home insurance companies in Oklahoma City are:
- Chubb: $1,710 per year
- Allstate: $2,149 per year
However, the cheapest home insurance providers can change depending on the level of dwelling coverage you choose. For instance, when it comes to expensive homes with a $2,000,000 dwelling coverage limit, the two most affordable home insurance companies in Oklahoma City are:
- Farmers: $15,711
- Allstate: $17,270
How much dwelling coverage you choose can greatly affect your final home insurance premiums, and certain providers might be cheaper than others for your particular situation. You can use the table below to see how prices might vary with changing dwelling coverage levels.
The Cheapest Home Insurance in Oklahoma City, Ranked
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In this study, the sample home insurance policies have a starting baseline dwelling coverage amount of $100,000 with a personal property limit of $40,000. For policies with a dwelling coverage limit of $2,000,000, the personal property limit increases to $800,000. The liability coverage limit remains at $100,000 irrespective of the dwelling coverage levels.
If you live somewhere else in the state, you can compare home insurance rates in Oklahoma state as a whole.
The Average Cost of Homeowners Insurance in Oklahoma City for 2021
The average cost of homeowners insurance in Oklahoma City is $2,907 per year or approximately $242 per month. This is higher than the statewide average cost of home insurance in Oklahoma, which is $2,520 per year. The national average cost of homeowners insurance across the country is $2,103 per year.
Calculate the Cost of Home Insurance in Oklahoma City
Location is just one of many factors contributing to the cost of your home insurance policy in Oklahoma City. Other factors, like how much dwelling or personal property coverage you choose to include in your policy and your credit score, can also impact your prices. MoneyGeek provides a handy home insurance calculator that you can use to compare home insurance rates in Oklahoma.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Oklahoma City
Although affordability is an important consideration while looking at homeowners insurance in Oklahoma City, you should also consider the customer service experience. This is important because you want a claim to be processed quickly and objectively in the event of a crisis. A financially stable insurance provider is much more likely to pay a legitimate claim without any issues.
According to a study conducted by MoneyGeek, the best homeowners insurance companies in Oklahoma City are:
- Best Overall: USAA (only available for current and former military members and their families)
- Runner-up: Chubb
MoneyGeek employs a unique scoring system that considers affordability, financial stability and user satisfaction while ranking homeowners insurance companies.
USAA offers several unique coverage options typically not found in other insurance providers' offerings. If you rent out your home or a room, you can use their home-sharing coverage, which takes care of the costs associated with being a landlord. Active service members are also covered for the loss of their uniforms with no deductible required.
USAA is our top choice in Oklahoma City due to excellent scores across the board with perfect user satisfaction and financial stability ratings. It is important to note that USAA policies are only available for current and former military members and eligible family members.Read MoneyGeek's USAA home Insurance Review
Chubb offers many useful add-ons that can be meaningful for customers. You can take advantage of complementary risk consulting so that your policy can cover all potential risks. If your home is completely destroyed, the company offers a cash settlement, which means you can opt to take the cash instead of rebuilding your home.
Our choice for the runner-up is Chubb, with consistently high scores across the board and perfect scores for financial stability and affordability. With a policy from Chubb, you can have your home rebuilt after a disaster to its original condition, even if the price exceeds your policy limit.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Oklahoma City for Newly Constructed Homes
Typically, newly constructed homes are cheaper to insure in Oklahoma City. This is because homes made with modern materials are resistant to damage, and homeowners are less likely to make a claim. It is also easier for an insurance provider to replace newer materials. Home insurance in Oklahoma City for a home built in 2000 costs an average of $2,907 per year, whereas a policy for a newly constructed home typically only costs $2,116 on average.
If you are a homeowner in Oklahoma City with a newly constructed home with a dwelling coverage limit of $100,000, the companies that can offer you the cheapest home insurance rates are:
- USAA: $1,287 per year (only available for current and former military members and their families)
- Chubb: $1,388 per year
The Cheapest Home Insurance in Oklahoma City for New Homes, Ranked
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Cheapest Home Insurance Companies in Oklahoma City if You Have a Lot of Personal Property
Apart from damage to the house itself, your home insurance also covers any personal property you might keep at home. If you want to cover more personal property, you will have to pay more for homeowners insurance. A standard home insurance policy in Oklahoma City with a personal property coverage limit of $100,000 costs about $2,907 per year on average, while a policy with an enhanced personal property coverage limit of $250,000 would cost an average of $3,070.
For customers in Oklahoma City who want to keep the existing dwelling coverage limit of $100,000 but want an enhanced $250,000 personal property coverage limit, the two most affordable home insurance companies are:
- Chubb: $2,150 per year
- Allstate: $2,170 per year
Cheap Companies in Oklahoma City for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Oklahoma City for High Deductibles
The deductible is the amount you need to pay out of pocket before your insurance company pays for a claim. Deductibles can have a significant impact on home insurance costs in Oklahoma City.
For instance, a policy with a standard $1,000 deductible costs around $2,907 per year, while a policy with an enhanced $2,000 deductible only costs about $2,566. You can lower your premiums by choosing a higher deductible.
On average, the two insurance providers that offer the cheapest home insurance in Oklahoma City for a policy with a $2,000 deductible are:
- Chubb: $1,504 per year
- Allstate: $1,884 per year
The Cheapest Companies in Oklahoma City for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Oklahoma City if You Have Poor Credit
Your credit score is one of the significant factors that insurance companies in Oklahoma City might consider while calculating premiums. Insurers have found that customers with poor credit are much more likely to file a claim. Therefore, if your credit score is low, it is likely that you will have to pay higher premiums.
For instance, a policy costs an average of $2,907 a year on average if you have good credit standing. However, it would cost about $6,372 on average if your credit score is bad.
If you have poor credit, the home insurance providers in Oklahoma City that can offer the most affordable premiums on average are:
- Chubb: $3,138 per year
- USAA: $3,466 per year (only available for current and former military members and their families)
The Cheapest Companies in Oklahoma City for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Oklahoma City
If you want to get a homeowners insurance quote in Oklahoma City online, here is some of the information you need to keep ready:
- Home replacement cost – This is the cost of rebuilding your home using similar materials if it gets damaged. The replacement cost for your home determines your dwelling coverage limits. To get an accurate estimate of this cost, you can hire a building contractor or an independent appraiser.
- Personal property value – The value of your possessions in the home will determine the personal property coverage limits.
- Personal information – Insurance providers typically ask for information like your address, insurance history and the number of people in your home, among other details.
- Details about your house – It is important to provide information about your house, including when it was built, the total size and floor area and whether you have any security devices installed.
Homeowners Insurance in Oklahoma City Analysis: Methodology
For this study, MoneyGeek used the base profile for a homeowner with a 2,500-square-foot home built in 2000, with a dwelling coverage of $100,000, personal property coverage of $40,000 and liability coverage of $100,000. For all policies, the deductible is $1,000.
MoneyGeek studied homeowners insurance premiums from eight providers in Oklahoma City using data provided in partnership with Quadrant. To calculate affordability, we used quotes for a home with varying coverage levels while getting customer satisfaction ratings from J.D. Power. To ensure accurate information for various situations, we collected quotes from homeowners with newly built homes, increased dwelling or personal property coverage limits, poor credit scores and higher deductibles.
About Mark Fitzpatrick