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Oklahoma Homeowners Insurance

Homeowners Insurance in Oklahoma: Complete Consumer Guide

Oklahoma was once home to several Native American tribes including the Plains Apache, the Comanche, and Osage. Many tribes took refuge here after being pushed out of the eastern part of the U.S. Today, members of more than 30 tribes still call Oklahoma home. The word Oklahoma is a combination of Choctaw language words. The state is nicknamed the Sooner State because some settlers in 1889 were allowed to claim land before the territory was officially opened up. They were called “sooners.” Oklahoma is divided into 10 different geographic regions. It is one of the largest producers of petroleum, crude oil and natural gas. Famous people to hail from Oklahoma include Woody Guthrie, Garth Brooks, Will Rogers and Brad Pitt. The Red Earth Native American Cultural Festival in Oklahoma City is a popular attraction for Native American artwork and dance performances.

Types of Homeowners Insurance policies in Oklahoma

Different homes need different homeowners insurance policies. Here are the most common types.

HO-1 is the most basic type of home insurance policy and it is the least expensive. However, many carriers do not offer it because it has such minimal coverage (10 perils)

HO-2 covers a bit more than the basic form, but is still limited in scope and less commonly used than the HO-3 form. Some insurers also do not offer this type of policy just as they don’t offer HO-1.

HO-3 is the most common type of homeowners insurance policy and has a broader coverage than the HO-2 form. This is the most commonly purchased type of homeowners insurance.

HO-5 is the most comprehensive form of homeowners insurance. It’s the most common type of homeowners insurance after the HO-3.

HO-6 is for condo owners, and is usually a walls-in policy that doesn’t cover much of the structure if at all. Without an HO-6 form, condo owners are not covered for the personal property.

HO-8 is a special type of homeowners insurance policy for homes that don’t meet the standards for other policy forms. Some older homes qualify for this type of coverage.

What factors affect rates on homeowners insurance in Oklahoma?

Many factors will affect your homeowners insurance. First on the list is construction type. Is it fire resistant? How will it survive a storm? What materials your home is made of determines how much risk is involved during common perils. How much will it cost to rebuild your home to its current condition. How good is your credit? Do you own a swimming pool or trampoline? How about a dog (which breed)? As you can see, lots of facts about you will be considered. Each insurer will weigh these factors differently, so it’s important to shop before you buy.

Top 5 disasters in the State of Oklahoma

Oklahoma federally declared Fire as the most disaster with 105 counts since 1953, followed by Severe Storms, Flood, Biological, and Tornado disasters. Fire or Lightning disaster is one of 16 perils covered in a standard HO-3 homeowners policy. Here are the top 5 federally declared disasters in the state of Oklahoma:

Rank Declaration Title Disaster Number
1 Fire 105
2 Severe Storms 44
3 Flood 23
4 Biological 14
5 Tornado 11

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Oklahoma?

much is homeowners insurance in Oklahoma? $1,114 is the average price of a homeowners insurance policy in Oklahoma.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Oklahoma a safe state?

2019 Crime in Oklahoma Crime Number Crime Rate*
Property Crime 112,587 2,845.3
Burglary 26,577 671.7
Larceny-Theft 72,632 1,835.5

*Rate per 100,000 inhabitants

Safest Cities in Oklahoma by Property Crime*

  • Mustang, OK has a population of 22,630 with a Property Crime rate of 9.9 per 1k. The city average home value is approximately $191,468.
  • Jenks, OK has a population of 24,264 with a Property Crime rate of 12.3 per 1k. The average home value there is about $244,343.
  • Guymon, OK came in third as the safest city in the state of Oklahoma and has a population of 11,247 with a Property Crime rate of 12.9 per 1k. Its home value averaged at about $112,567.
  • Coweta, OK has a population of 10,016 with a Property Crime rate of 13.5 per 1k. Its average home value is $167,703.
  • Choctaw, OK has a population of 12,812 with a Property Crime rate of 14 per 1k. The city home value averaged $210,121.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Oklahoma

Top homeowners insurance companies in Oklahoma

Safeco Insurance offers competitive pricing and excellent coverage. The company also offers handsome bundling options for home and auto, which could save you quite a bit of money.

State Farm Insurance is always a safe bet. They offer the best customer service and offer the best value to long-term customers.

Allstate Insurance is competitive in Oklahoma, and their pricing is fair. Ask for discounts because there they offer many, though some vanish after the first year. Get the details from a trustworthy agent matched with you by SmartFinancial instead.

Oklahoma Home Insurance FAQs

What is the standard deductible for homeowners insurance?

$1,000 is the standard deductible on a homeowners insurance policy, but some people pay $500 and some people pay more than $1,000. The higher the deductible, the lower the monthly payment.

If I cancel home insurance do I get a refund?

If you cancel before the end of the term you will get back any advance payments that you’ve made. However, you will be breaking the terms of your mortgage unless you switch to another policy. If you’re canceling in the middle of a term, you may get back the unused portion. Make sure to avoid canceling before you have a new policy in place first.

Can homeowners insurance be transferred to the new owner?

Every homeowner carries different risk factors, such as different credit histories and different types of personal property and/or pets, so you cannot transfer a policy to a new owner. They will have different answers to the sets of questions asked during the policy application process.

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