Average Cost of Homeowners Insurance in Oklahoma (2024)

The average cost of homeowners insurance in Oklahoma in 2024 is $5,917. This figure is more than double the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums. The difference in premiums for homeowners with poor credit versus excellent credit is, on average, $13,778. Keep in mind that the insurance provider also affects premium costs. If your rates have recently increased, we've also analyzed the cheapest home insurance in Oklahoma.

In Oklahoma, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $5,917, which is more than the national average of $2,423.

When considering how much coverage you need, it's essential to have enough to rebuild your home and replace your belongings. For example, a policy with $100K in dwelling coverage costs $2,951 annually, while coverage for a home valued at $500K has an annual premium of $10,557.

Homeowners in Oklahoma will find that insurance premiums for comparable coverage can differ notably among providers. For instance, one insurer might offer a policy at a rate significantly below the state average, while another could present a quote that far exceeds it.

For those searching for the right fit, review the best homeowners insurance in Oklahoma. Differences in underwriting can lead to substantial variations in premium costs, making it essential to compare options.

In Oklahoma, homeowners with excellent credit pay an average annual premium of $3,941 for homeowners insurance, which is $1,976 less than the state average. Conversely, those with poor credit face an average cost of $17,719, soaring $11,802 above the average. Credit scores directly influence insurance rates, reflecting the insurer's risk assessment based on financial reliability.

While you may not be able to enhance your credit score overnight, gradual improvements can lead to lower insurance costs. In the meantime, comparing insurers could reveal more affordable options. Discover the most affordable Oklahoma home insurers in less than 15 minutes.

Roofing materials can influence the cost of homeowners insurance, though not as heavily as other factors. In Oklahoma, homes with tile roofing, which are often more durable, see lower premiums averaging $5,438. Meanwhile, properties with shake-treated roofs face higher costs at around $6,348 per year.

Construction materials also play a role in insurance pricing due to their durability and resistance to damage. Superior construction materials, which are more resistant to perils like fire, typically result in more affordable premiums, averaging $5,629 per year. In contrast, standard frame construction homes might have higher average annual premiums at approximately $5,917.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Insuring a new construction home in Oklahoma averages $3,847 annually, markedly lower than the $5,917 average for existing homes. This cost difference is attributed to the use of modern materials and adherence to current building codes. The table below displays how premiums vary between new and existing homes based on the coverage amount selected.

In Oklahoma, homeowners with a spotless claims record for at least five years pay an average annual premium of $5,917 for their insurance. However, filing just one claim can bump that average to $6,465, while two claims can escalate it to $7,753 annually. This demonstrates that maintaining a claim-free history can significantly affect your insurance costs, keeping them closer to the baseline average.

For the cities we analyzed, we found premiums range from $4,919 to $6,812. In Broken Arrow, the annual premium is $5,035, while in Oklahoma City, it's higher at $6,812. Tulsa has the lowest observed premium at $4,919. Location impacts premiums due to factors like local weather risks and crime rates. City-based pricing variations are significant but not as influential as credit rating or coverage amount.

Shopping for home insurance in Oklahoma doesn't have to be a headache. You can find a policy that fits your budget by understanding the factors that affect your premium. Here's how to find the best deal for you.

Homeowners in Oklahoma can often unlock savings by bundling their home and auto insurance policies. On average, Oklahomans can save between $618 and $1,660 per year, which translates to a 15% savings. A multipolicy bundle could be a smart financial move, significantly reducing the combined cost of auto and home insurance premiums. Review the best and cheapest home and auto bundle companies in Oklahoma to learn how to get the most out of multipolicy discounts.

Oklahoma homeowners can shave dollars off their insurance premiums with a variety of discounts. Here are three notable ones:

• Security System: Installing a monitored security system may reduce premiums.
• Impact-Resistant Roof: Upgrading to an impact-resistant roof can offer savings.
• Fire Safety Measures: Smoke detectors and fire extinguishers installed in the home can lead to discounts.

Remember, to maximize your savings, inquire about all available discounts when obtaining a quote.

For those navigating the landscape of homeowners insurance in Oklahoma, a wealth of resources is available to assist you in making informed decisions. Here's a list of helpful links:

• Oklahoma Insurance Department: Official state resource for insurance regulations.
• Affordable Home Insurance in Oklahoma: Find cost-effective options for your home.
• Oklahoma Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Oklahoma: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.