The Best Cheap Oklahoma Homeowners Insurance for 2024

Purchasing homeowners insurance may be at the bottom of your to-do list, but it's one of the most important tasks you can undertake. A great homeowners insurance policy can protect you from financial peril when and if trouble strikes. Here, we'll help identify the best homeowners insurance in Oklahoma, show you the cheapest policies in the state, and outline key factors to look for when choosing an Oklahoma home insurance policy.

• Cheapest overall for Oklahoma: American Farmers & Ranchers
• Cheapest for new home construction: American Farmers & Ranchers
• Cheapest for older homes: American Farmers & Ranchers
• Cheapest for homeowners who have filed a claim: American National

Cheapest overall for Oklahoma

For cheap homeowners insurance in Oklahoma, these four insurers lead the pack:

• American Farmers & Ranchers, with an average annual rate of $2,354
• American National, coming in with an average rate of $2,542
• Oklahoma Farm Bureau, with an average annual rate of $2,740
• Armed Forces Insurance, also competitive with an average rate of $3,507

Cheapest for new home construction

There's nothing quite like moving into a home that no one else has ever lived in. It's your space and your space alone. It's also full of new components that insurance companies realize are unlikely to fall apart anytime soon. That means less chance of basement flooding, leaky roofs, mold, and other issues older homes face. The expected savings get passed on to the homeowner through lower insurance premiums. Here are the cheapest Oklahoma home insurance providers for newly built homes:

• American Farmers & Ranchers, offering an average annual rate of $1,477
• Armed Forces Insurance, with an average annual rate of $1,569
• USAA, with an average annual rate of $1,611
• American National, coming in with an average annual rate of $2,081

Cheapest for older homes

Older homes can be a thing of beauty, an architectural wonder. The problem is that older homes also tend to have more problems. Issues like shifting foundations or improperly repaired roofs lead to insurance claims. For that reason, insurers tend to charge more to insure an older home. In Oklahoma, these four companies offer the most competitive rates for older homes:

• American Farmers & Ranchers, with an average annual rate of $2,202
• American National, offering an average annual rate of $2,323
• Oklahoma Farm Bureau, with an average annual rate of $2,559
• Shelter Insurance, with an average annual rate of $3,431

Cheapest when you've made a claim

Having homeowners insurance offers peace of mind. The only fly in the ointment is that you can expect your rates to jump following a major claim. While that premium increase won't last forever, it's important to know that it can happen. For an Oklahoma homeowner who has made a claim, these four insurers aim to keep your rates down -- even after a submitted claim:

• American National offering a post-claim rate of $2,680
• American Farmers & Ranchers coming in with an average annual rate of $2,735
• Oklahoma Farm Bureau, offering an average annual rate of $3,362
• Shelter Insurance, with an average rate of $3,922

Average home insurance cost in Oklahoma compared to the national average

There's no denying that homeowners insurance in the Sooner State is expensive. At an average statewide cost of $3,783, Oklahomans pay 45% more than the average national rate of $1,787.

Oklahoma homeowners insurance overview

The best homeowners insurance in Oklahoma stands on two legs: Low price and high level of coverage. As homeowners shop for insurance, they're likely to be hit with a few terms they don't recognize. Here's a breakdown of what some of those terms mean.

Different types of homeowners coverage

Insurance companies offer a variety of policy types. Policies range from basic coverage to coverage with all the bells and whistles, depending on the needs and budget of the homeowner. The best homeowners insurance companies offer many coverage options. One of the best ways for a homeowner to land on the right policy is by making a list of what's important to them before gathering quotes. For example, if a homeowner has collected fine wine for years and wants their wine cellar insured, a barebones policy is not right for them. If a person is just starting out and doesn't need much in the way of personal property coverage, a less expensive policy will likely work for them. It's important to remember that homeowners insurance is not a one-size-fits-all proposition.

Level of coverage

Naturally, basic policies are the least expensive. However, a barebones policy may not provide all the coverage a homeowner needs. Price should only become a consideration after a homeowner determines the level of coverage that will keep them financially safe if something goes wrong. Let's say a home is destroyed and must be rebuilt from the ground up. That's one expense. But what about the personal property in the home? That's another expense. By adding together how much it's going to cost to replace everything that's lost, a homeowner has a good idea of the level of coverage required and can begin looking for the best homeowners insurance in Oklahoma.

Amount of deductible

Any time a homeowner makes a claim, they pay an insurance deductible. The deductible is the amount they must pay toward a repair or replacement. Let's say a kitchen fire damages two rooms of the home, and it's going to cost $25,000 to make repairs. If there's a $1,000 deductible on the policy, the homeowner pays the contractor $1,000, and the insurance company covers the remaining $24,000. The lower a homeowner's deductible, the higher their policy premium will be. One way to keep the cost of a policy low is to choose a higher deductible.

Potential discounts

One of the easiest ways to land cheap homeowners insurance in Oklahoma is to take advantage of all discounts offered. A homeowner cannot fairly compare one policy to another without knowing how much each policy costs after all discounts are factored in. Fortunately, most insurers offer a host of home insurance discounts. These discounts cover everything from whether the home has a new roof to whether the homeowner is bundling coverage with an auto policy.

What are the most common homeowners insurance claims in Oklahoma?

Understanding the most common Oklahoma home insurance claims can assist a homeowner as they shop for the best home insurance for their needs.

Wind and hail

Weather-related damage of all kinds is common in Oklahoma. Whether it's a windstorm, tornado, or ice storm, the state experiences it all. In fact, when it comes to hail damage, Oklahoma ranks No. 3 in claim frequency. A whopping 47 states have fewer hail claims than the Sooner State, a statistic that underscores the importance of a good homeowners insurance policy.

Lightning strikes and fire

Nationwide, lightning strikes are among the most common claims. Oklahoma is no exception. Whether a fire is started by lightning or carelessness at a campground, it's an important peril to plan for.

Water damage

The national average rainfall is 38 inches. Oklahoma receives an average of 39 inches. Rain can lead to flooded basements, dry rot, and the loss of personal property. But it's not only rain that leads to insurance claims. Issues like broken pipes and leaky appliances also lead to expensive repairs.

Homeowners insurance coverage options and discounts in Oklahoma

As mentioned, the best homeowners insurance in Oklahoma provides comprehensive coverage at a low price. And the easiest way to snag a low price is to take advantage of discounts. Here, we highlight coverage options and illustrate how discounts can drive down premiums.

Coverage options

Here's a rundown of the eight types of homeowners insurance:

• One type covers renters.
• Another type covers mobile homes only.
• The other six range from basic coverage to more extensive protection.

A comprehensive policy may also include protection for things like inlaid floors, upgraded appliances, custom roofs, and expensively outfitted theater rooms. The best insurance company offers coverage that suits the specific needs of the homeowner.

Discount options

A big part of finding low-cost insurance in Oklahoma is claiming as many discounts as possible. Here are some of the most common discounts available.

• Installing a burglar alarm saves an average of 9%.
• Upgrading the heating system saves an average of 5%.
• A roof upgrade saves an average of 9%.
• Bundling home and auto coverage can save a whopping 20%.

Five cheapest cities in Oklahoma for homeowners insurance

As an insurer determines premiums, it takes many factors into account, including:

• Area crime rate
• Value of surrounding property
• Cost to rebuild
• How far a home is from a fire station

Here are the five cheapest cities in Oklahoma for homeowners insurance:

Five most expensive cities in Oklahoma for homeowners insurance

And here are the five most expensive cities in Oklahoma for homeowners insurance:

Although Oklahoma has some of the most expensive homeowners insurance rates in the country, there are still relative bargains to be found. As long as a homeowner carefully considers their needs before taking time to compare rates, they're well on their way to finding the right policy.