Homeowners Insurance in Oklahoma

The Insurance Information Institute gives the average cost of homeowners insurance as $1,885 in the state of Oklahoma, according to a 2017 study. The rate has increased in the last few decades and is the second most disaster-prone state. High insurance rates are owed to adverse weather patterns in the state located in what many call Tornado Alley. Thus, Oklahoma homeowners face tornadoes, hail, wildfires, earthquakes, extreme winds and more. The average annual rates of the most affordable insurance companies range from $2,371 to $3,598. Bartlesville offers the cheapest annual rate of $3,455. Commonly, for a $100,000 home the average annual premium is $1,744, a $250,000 home is covered for roughly $3,497 and a $400,000 home is insured for $5,222. As Oklahoma state has about 285 earthquakes per year, you will probably want to have an insurance policy that includes earthquake coverage which isn’t part of standard home insurance policies. Aftershocks which can cause damage for days after the initial quake are highly destructive and should be covered up to 72-hours after the earthquake. Oklahoma also experiences about 65 tornadoes annually--fortunately, windstorm protection is usually included in standard policies. Another danger is posed by wildfires and may or may not be covered. Note that damages from arson or fires that occur while the house is vacant will not be covered. Some of the cheapest rates are found in Mannford, Bartlesville and Tulsa, while the most expensive cities include Edmond, Alva and Yukon.

Different homeowners insurance plans cover different things, so it’s important to do your research and precisely determine what your plan covers and what it does not cover. Some of the basics covered by standard policies include dwelling coverage that pays for repairs or reconstruction of your house and structures attached to it. This includes electrical wiring, walls, stairs, central heating and air conditioning, and plumbing. Detached buildings such as sheds and fences are covered under other structures. Personal property coverage protects your belongings at home. Additionally, you may add Valuable Items Blanket coverage for rare and valuable items such as jewellery, collectables, fine arts, firearms and money. These items are particularly prone to be taken from your home and require added coverage to insure. If your home is unlivable, temporary living expenses can be covered under loss of use coverage. Liability coverage helps pay for legal expenses when you face a lawsuit. Medical payments coverage covers emergency medical bills in case someone is injured on your property and sues you. Additional insurance can be purchased for replacing locks, personal injury liability, identity theft, mechanical or electrical equipment breakdown, and earthquake coverage.

According to Benzinga, which rates insurance companies for their customer ratings, reliability, convenience of service, premium costs and years in the industry, the top companies are Progressive, State Farm, Farmers, and Liberty Mutual. Progressive wants to be one step ahead in the insurance industry and offered drive-in claims and allowed reduced rates for drivers first. They have traditional values and offer 24 out of 7 customer service, so you can get a quote or have your questions answered anytime. They have a variety of plans for home and property, business, health and others. State Farm is the largest insurer and offers many customizable policies, including insurance for condos, renters, cars, and farms. Their online option is straightforward for users to navigate; however, they do not offer many discounts. Farmers is second in terms of size and offers extremely competitive pricing. They also offer some discounts. The third-largest home insurance company is Liberty Mutual. They are known to understand customer needs and provide quality services for a competitive cost. They offer a variety of different insurance options, so it’s easy to take out multiple policies. Additionally, they respond quickly to claims and offer flood, identity theft, watercraft and mobile home insurance.