Reviews Report
- Allstate, USAA,Travelers, Farmers, and State Farm made our list of best home insurance companies in Oklahoma.
- All the Oklahoma home insurance companies ranked in J.D. Power’s 2020 home insurance customer satisfaction study.
- Four of the five best homeowners insurance companies in Oklahoma averaged lower rates than the state’s average annual premium of $3,519.
Oklahoma home insurance premiums are considerably higher than average for the nation. However, it is possible to find lower premiums if you know what homeowners in the area typically pay and what types of discounts are available to you. We determined five carriers that we consider to offer some of the best homeowners insurance in Oklahoma based on rates, financial strength and customer ratings, as well as policy customization options and discounts. Before you settle on one carrier, you may find it helpful to get and compare quotes from multiple companies to find the best and cheapest coverage.
Reviews.com used 2021 Quadrant Information Services data from Bankrate.com to map the average home insurance premium, and a unique in-house methodology to compare discounts, coverage, and third-party evaluations to rank and review the best home insurance in Oklahoma. Compare quotes from carriers that provide home insurance in Oklahoma to make sure you get the best rates available.
The 5 Best Home Insurance Companies in Oklahoma
- Allstate: Best Oklahoma Home Insurance for Discounts
- USAA: Best Oklahoma Home Insurance for Military-Focused Coverage
- Travelers: Best Oklahoma Home Insurance for Add-Ons
- Farmers: Best Oklahoma Home Insurance for Pricing Options
- State Farm: Best Oklahoma Home Insurance for Online Experience
Compare the Best Home Insurance Companies in Oklahoma
| Average Annual Premiums* | AM Best Financial Strength AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | J.D. Power Customer Satisfaction** J.D. Power scores are based on surveys for customer satisfaction and product quality. | ||
|---|---|---|---|---|
| Pin Allstate | $2,310 | A+ | 829 | |
| Pin USAA | $2,203 | A++ | 889 | |
| Pin Travelers | $2,771 | A++ | 803 | |
| Pin Farmers | $1,844 | B++ | 814 | |
| Pin State Farm | $3,927 | A++ | 829 |
Information accurate as of August 2021
* Data provided by Bankrate.com
**J.D. Power 2020 Home Insurance Satisfaction Study. Based on a 1,000-point scale.
Allstate
Best for Discounts
Why we chose it
Why we chose it
Pros
- Multiple policies to choose from
- Great online resources
- Has earthquake coverage
- Numerous discount opportunities
Cons
- High rating of complaints on NAIC complaint index
- Financial strength ratings good, but not great
Add-on Coverage
- Green home
- Identity fraud
- Water backup
- Yard and garden
- Jewelry/valuable items
- Electronic data recovery
- Business property
- Musical instruments
- Sports equipment
Discounts Available
- Multi-policy
- Responsible payment
- Claims-free
- Welcome and loyalty
- New homebuyer
- Protective device
- Early signing
- Easy pay plan
More Allstate Insurance Reviews
* Data provided by Bankrate.com
**J.D. Power’s 2020 U.S. Home Insurance Study. Based on a 1,000-point scale.
USAA
Best for Military-Focused Coverage
Why we chose it
Why we chose it
Pros
- Replacement cost coverage included
- High level of customer service
- Policies tailored to military family needs
Cons
- Only available to current and former military members and their families
- Limited discounts and coverage options
- No physical offices in Oklahoma
Add-on Coverage
- Earthquake
- Flood insurance
- Home sharing
Available Discounts
- Bundle with auto for 10% off
- Claims-free discount of 10% off
- Home security system/protective devices discount
More USAA Insurance Reviews
* Data provided by Bankrate.com
**J.D. Power’s 2020 U.S. Home Insurance Study. Based on a 1,000-point scale.
Travelers
Best for Add-Ons
Why we chose it
Why we chose it
Pros
- Numerous add-on coverages
- Superior financial strength
- Lower-than-average rates
Cons
- High rating of complaints on NAIC complaint index
- Lower-than-average customer satisfaction score from J.D. Power
Discounts available
- Multi-policy discount
- Home buyer discount
- Loss free discount
Unique features
Travelers offers “green home coverage,” which will provide the funds to repair, replace, or upgrade to more environmentally friendly building materials after a covered loss.
* Data provided by Bankrate.com
**J.D. Power’s 2020 U.S. Home Insurance Study. Based on a 1,000-point scale.
Farmers
Best for Pricing Options
Why we chose it
Why we chose it
Pros
- Offers lots of discounts
- Earthquake coverage available
- More affordable than other options
- Offices and agents throughout Oklahoma
Cons
- Average score for customer satisfaction
- Limited add-ons
Add-on Coverage
- Flood
- Earthquake
- Replacement cost
- Scheduled personal property
Discounts Available
- Protective devices
- Non-smoking
- Multi-policy
- Vocational
- Claim-free
More Farmers Insurance Reviews
* Data provided by Bankrate.com
**J.D. Power’s 2020 U.S. Home Insurance Study. Based on a 1,000-point scale.
State Farm
Best for Online Experience
Why we chose it
Why we chose it
Pros
- Wide range of policy offerings
- Strong mobile app
- Great online quote tool
Cons
- Limited discounts
- Higher premiums
- Limited optional coverages
Add-on Coverage
- Flood insurance
- Personal articles
- Mobile home insurance
Discounts Available
- Home alert protection discount (fire, smoke, or burglar alarms)
- Multiple line discount
- Roofing discounts based on the type of roofing products on the house
More State Farm Insurance Reviews
*Data provided by Bankrate.com
**J.D. Power’s 2020 U.S. Home Insurance Study. Based on a 1,000-point scale.
Average Cost of Home Insurance in Oklahoma
Premiums for home insurance in Oklahoma City and other areas of the state are high. According to 2021 data from Bankrate.com, rates average $3,519 per year for $250,000 in dwelling coverage, far higher than other states such as New York’s ($987 a year) or Florida’s (at $1,353 a year).
A likely contributing factor is the state’s proximity to Tornado Alley. Destructive weather events are common in Oklahoma and cause expensive damages to homes and properties. While Oklahoma averages around 40 tornadoes per year, there were 149 in 2019, breaking the state record.
In general, residents may pay higher home insurance premiums in Oklahoma based on the likelihood of having to file a homeowners insurance claim. With commonly-occurring tornadoes and the variety of other perils and hazards in the state, Oklahoma homeowners may be more likely to suffer a loss and file a home insurance claim than residents of other states, which can drive up rates.
The Cheapest Homeowner Insurance Companies in Oklahoma
| Homeowner Insurance Companies | Average Annual Premium* |
| Farmers | $1,844 |
| USAA | $2,203 |
| American Farmers & Ranchers Mutual | $2,287 |
| Allstate | $2,310 |
| Travelers | $2,771 |
| AAA | $3,055 |
| Oklahoma Farm Bureau | $3,236 |
| Armed Forces Ins Exch | $3,650 |
| American National | $3,682 |
| State Farm | $3,927 |
| Chubb | $5,218 |
| The Hanover | $6,352 |
*Based on $250,000 in dwelling coverage
Top 3 Cheapest Homeowner Insurance Companies in Oklahoma
- Farmers Insurance – $1,844
- USAA – $2,203
- American Farmers & Ranchers Mutual – $2,287
Top 3 Most Expensive Homeowner Insurance Companies in Oklahoma
- The Hanover – $6,352
- Chubb – $5,218
- State Farm – $3,927
Common Home Insurance Perils in Oklahoma
Oklahoma homeowners have to worry about more than just tornadoes. A local News 9 report says Oklahoma is also vulnerable to “hailstorms, straight line winds, wildfires, ice storms, flash flooding, and even earthquakes”. Here is a breakdown of common Oklahoma home insurance perils:
- Hailstorms: An April, 2021 hailstorm across Texas and Oklahoma was reported to have caused damages and losses of $3.5 billion.
- Wildfires: There are burn bans throughout Oklahoma in an attempt to lower the risk of wildfires. More than 30,000 acres burned in 2020.
- Ice storms: A freak ice storm in October of 2020 left over 300,000 people without power. The storm was the worst in the last five years causing extensive tree damage and other types of property issues.
- Flash floods: Flash floods are the deadliest type of peril in Oklahoma. Their sudden appearance makes it difficult to predict and prevent losses.
- Earthquakes: Since 2009, earthquakes have become a regular occurrence in the state. In fact, the frequency of earthquakes 3.0 or greater have become more common in Oklahoma than in California.
Add-on home insurance coverage in Oklahoma
Oklahoma is vulnerable to a variety of weather-related and natural perils. It’s why Oklahoma home insurance rates are so high. A standard home insurance policy does not cover every type of event. Based on the area you live in and your personal needs, you may need to purchase additional coverages or separate policies for more comprehensive protection.
While most homeowners in states with far less extreme weather can get away with a standard HO-3 policy, Oklahoma residents are more at risk for floods, earthquakes, tornadoes and other events that could cause serious losses. Add-ons for flooding and earthquakes may be available through carriers such as Farmers, State Farm and USAA. You may also be able to find flood insurance through the federally-run FEMA.
Oklahoma Home Insurance FAQ
Methodology
We evaluated the companies based on their third-party agency ratings for customer experience, financial stability, as well as coverage options to determine which might be the best providers.
To compare home insurance companies across the board, we considered the following factors:
- Coverage: The more options a home insurance company has for insurance add-ons and coverages, the higher it scores in our methodology.
- Customer Experience: We reviewed the National Association of Insurance Commissioners’ National Complaint Index and compared each homeowners insurance company’s complaint rating.
- Customer Satisfaction: With J.D. Power’s 2020 Home Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
- Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each home insurance company’s financial stability.
- Discounts: We reviewed and compared the number of discounts advertised on each home insurance company’s website. The more available discounts, the higher the score in this metric.
Rates are based on quoted annual premiums from Bankrate.com. These are sample rates and should be used for comparative purposes only. Your quotes may be different.
The coverage limits for home insurance rates reflect the following coverage and limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
About the Authors
Cynthia Paez Bowman is a contributing writer for Reviews.com. Over the last two years, she has covered insurance, home security and more. She has been featured in MSN, Bankrate, Coverage.com, The Simple Dollar and GOBankingRates. She has dual bachelors degrees in International Business and Journalism from American University in Washington, D.C. “Is It Getting Harder to Get Home Insurance in High-Risk Areas?” is Cynthia’s favorite story on Reviews.com.
