Insurance
Oklahoma Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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Jul 26, 2024
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If you’re on a budget, MoneyGeek found the cheapest homeowners insurance companies in Oklahoma based on different homeowner profiles. We found that Chubb offers the most affordable premium overall.
To determine the top home insurance providers in Oklahoma, we examined various companies based on customer service quality and affordability. Keep in mind that the best option for you should be based on your unique needs.
How to Estimate the Cost of Your Homeowners Insurance Policy in Oklahoma
A home insurance premium is different for each homeowner. Your deductible, dwelling coverage, location, personal property and other factors influence your home insurance rate in Oklahoma.
Below, you can enter this information into MoneyGeek’s Oklahoma home insurance calculator. We also dive into the different factors so you can understand how each affects the cost of homeowners insurance.
Oklahoma
Your location is a huge factor that impacts the cost of homeowners insurance. If you live in an area with high crime rates or frequent natural disasters, expect to pay a higher premium.
Conversely, those who live in areas with a low likelihood of these events pay a cheaper rate. That is because insurance companies consider the risk level of your area.
Dwelling Coverage
The amount of dwelling coverage you have affects your homeowners insurance premium in Oklahoma. Dwelling coverage protects against expenses in the event of damage or a total loss.
It’s wise to contact a professional appraiser or reach out to your insurance company to determine a sufficient dwelling coverage amount. You should account for how much it will cost to repair or rebuild your home in case of severe damage.
The average dwelling coverage amount in Oklahoma is $100K.
Deductible
Your deductible is how much you contribute if you file a claim for a covered peril.
For example, your claim is for $15,000, and you have a $2,000 deductible for your home insurance. Your insurance provider will cover $13,000 after you pay $2,000.
Opting for a higher deductible means you pay a lower monthly premium.
Liability
Liability insurance covers expenses if someone is injured or their property is damaged because of your negligence. It includes coverage for medical bills, legal costs, death benefits, replacement costs and pain and suffering costs.
Consider increasing your liability limit if you want more protection. It may only cost a couple of dollars each month to raise your liability coverage by tens of thousands of dollars.
Personal Property
Personal property includes everything that you own except for your home’s structure. It covers items, whether inside or outside your house.
Theft is one of the covered perils you get with personal property coverage. Use MoneyGeek’s calculator to figure out how much you’ll need. That way, you’ll get appropriate protection for your belongings.
Credit Score
The cost of your homeowners insurance in Oklahoma also varies based on your credit score. Individuals with poor credit histories tend to pay a higher premium. Insurance providers consider them high-risk since they may be more likely to file a claim. Hence, homeowners with good credit pay a more affordable rate.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Oklahoma
Oklahoma is the most expensive state to purchase home insurance, on average. Just in a year alone, Oklahoma homeowners should anticipate paying around $5,241 for a homeowners insurance policy with $250K dwelling coverage. Compared to the national average, Oklahoma residents pay almost 117% more.
MoneyGeek created a table below which displays the corresponding annual premium based on dwelling coverage. It can help you determine how much the dwelling coverage you need may cost in your monthly budget for home insurance in Oklahoma.
Average Annual Premium in Oklahoma for Homeowners Insurance
| $100,000 | Average Annual Premium$3,963 |
| $250,000 | Average Annual Premium$5,241 |
| $500,000 | Average Annual Premium$13,040 |
| $750,000 | Average Annual Premium$18,690 |
| $1,000,000 | Average Annual Premium$24,148 |
| $2,000,000 | Average Annual Premium$46,547 |
| $3,000,000 | Average Annual Premium$69,162 |
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If you’re unsure about the amount of dwelling coverage you need, it’s important to consider the cost of rebuilding your home. How much would you need to pay in the event of a total loss?
It’ll help to talk to a professional home appraiser, a real estate agent or your insurance company to determine an ideal amount of dwelling coverage. They will suggest an amount based on your home’s size, age, building materials and more. You don’t want to have too much or too little dwelling coverage since it can cost you more long-term.
Average Cost of Home Insurance in Oklahoma Cities
The cost of homeowners insurance in Oklahoma varies based on the city in which you live. Browse the table below to estimate how much the rates are in Oklahoma cities.
Average Annual Premium in Oklahoma Cities for Homeowners Insurance
| Oklahoma City | Average Annual Premium ($100K Dwelling Coverage)$4,639 | Average Annual Premium ($250K Dwelling Coverage)$6,071 |
| Tulsa | Average Annual Premium ($100K Dwelling Coverage)$3,286 | Average Annual Premium ($250K Dwelling Coverage)$4,411 |
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If cost isn’t an issue, MoneyGeek recommends Allstate, the overall best homeowners insurance company nationwide. We selected it as the top provider based on how well it balances affordability and quality service.
You can read more about MoneyGeek’s thorough analysis of home insurance companies to find a suitable company for you. A good rule of thumb is to consider your finances and property, like if you own an expensive home, and personal circumstances, such as whether you are part of a military family.
Frequently Asked Questions About Home Insurance in Oklahoma
Looking for a suitable homeowners insurance policy in Oklahoma can create questions. To help you, MoneyGeek answered commonly asked questions that homeowners may find helpful.
How much does homeowners insurance cost in Oklahoma?
Oklahoma has the most expensive homeowners insurance rate in the U.S. A policy with $250K in dwelling coverage costs an average of $5,241 per year.
How do I know how much dwelling coverage to get?
In Oklahoma, the standard dwelling coverage is $100,000. But it might not fit every homeowner’s needs. A good way to determine your dwelling coverage is to consider the cost of rebuilding your home. It’s wise to ask a real estate agent or insurance provider for a ballpark figure.
Insurance
Methodology
To determine the average cost of homeowners insurance in Oklahoma, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
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.