After examining a variety of factors, such as independent review companies AM Best and J.D. Power, available discounts, coverage options, and average premium cost, we determined that for coverage and an affordable premium, the top homeowners insurance in Oklahoma is American Farmers and Ranchers.
Straight on American Farmers heels, however, is: Farmers Insurance, Allstate, State Farm, and Chubb.
What should you know about each company? And is there anything you should be aware of for the state of Oklahoma as a whole?
The 5 Best Homeowners Insurance Companies in Oklahoma
|American Farmers and Ranchers||Farmers Insurance||Allstate||State Farm||Chubb|
|Our review||Our review||Our review|
|A.M. Best Financial Strength Rating||B+||B++||A+||A++||A++|
|J.D. Power Overall Customer Satisfaction Score (Relevant region)||3/5||3/5||3/5||3/5||3/5|
|Online Quote Tool||✓||✓||✓||✓||X|
|Compare rates||Compare rates||Compare rates||Compare rates|| Compare rates |
Average Cost of Homeowners Insurance in Oklahoma
According to the Insurance Information Institute, the average cost of homeowners insurance in Oklahoma is $1,885. Meanwhile, the national average is $1,211. Compared to other states, Oklahoma, is currently the fourth most expensive state for homeowners insurance.
Just keep in mind that a variety of factors could lower your premium below $1,885 besides what state you reside such as your home’s size, it’s age, location, your credit score, applicable discounts, your coverage policy and the price of your deductible.
Home Insurance add-ons that will further protect you-
Strongly consider the following add-ons when choosing which insurance provider is for you.
Earthquakes in Oklahoma are an everyday occurrence; in fact the state has more earthquakes per year than any other area of the country. Whichever insurance provider you choose, make sure they include earthquake coverage.
You should strongly consider purchasing flood insurance as some areas in the Sooner state are prone to flooding. However, you can only purchase flood insurance through the National Flood Insurance Program (NFIP).
To see if your home is in a flood zone, input your address on the FEMA Flood Map.
Oklahoma is considered to be in ‘Tornado Alley,’ and currently averages about 52 tornadoes a year. For this reason, tornado coverage is strongly recommended.
Look for the following type of coverage when shopping for insurance: Coverage for Tornado Damage Caused by Wind.
Wildfires are becoming a common occurrence in Oklahoma as of late. In fact, the Oklahoma Forestry Services has an entire page devoted to the current state of wildfires.
Though a standard policy often covers any damage by wildfires, you will want to ensure whichever provider you choose does in fact protect you against losses incurred from this type of natural disaster and will financially protect all of your investments and property.
Insurance Information Institute has a good informational page on wildfires here.
Helpful Resources for Oklahoma Homeowners
Oklahoma Insurance Department offers a great resource page that lists the companies which provide earthquake coverage for homeowners insurance, which you can find here.
Look closely and you’ll also notice that some providers differentiate between what type of home you have. Should your home have external masonry, you may need to find a provider that is willing to protect that kind of structure in Oklahoma.
It also has many resources to help you create a home inventory, including both an android and iPhone app.
Online vs. Brick-and-Mortar
Should you have the luxury of time, you may want to go and visit a brick-and-mortar insurance company. This is only because Oklahoma presents a lot of unique threats year after year, and you need to ensure your home is adequately protected.
Just be mindful of closing with a lender as they won’t allow you to close on your new home until you have homeowners insurance in place.
What you’ll need to apply:
You generally will just need information which you can find in your home inspection as your inspector will already have answered many of the questions your insurance provider will ask.
If you’ve already closed and are switching providers:
Make sure there isn’t a gap in coverage. Lenders expect you to have homeowners insurance at all times to protect you, your investments, and them. When switching, let your lender and escrow company know who your new provider is and when the switch is going to happen.
To determine the best insurance companies in Oklahoma, we first looked at which companies have the largest shares, and then further narrowed down our lists by costs of premiums, coverage options, as well as discount opportunities. We also strongly considered AM Best ratings, J.D. Power ratings, and BBB grades.
Best Oklahoma Homeowners Insurance Companies
American Farmers and Ranchers
5 discount opportunities
Multiple coverage options
Lack of online tools and resources
Among the perks of acquiring an American Farmers and Ranchers insurance is the affordable price in earthquake coverage. Plus, if you need your premium to go even lower, they offer 5 unique ways to lower your monthly bill. These options, along with numerous coverage packages make American Farmers number one in our book.
The only downside to American Farmers and Ranchers is its lack of online resources for its members. If you need information about anything, you will likely have to speak to a local agent.
Offers lots of discounts
Offers earthquake coverage
More affordable than other options
Average score for customer satisfaction
Farmers insurance is a smaller insurance company that offers great coverage to its clients. Not only does it offer earthquake protection, but it also gives its members a lot of opportunities to save on their bill every month through their various discounts such as Non Smoker discount, multiple policies discount and even an added discount if you invest in better security.
About the only con we can come up with for this company is that its customers aren’t buzzing with optimism. Thus far, they’re only getting average scores for customer satisfaction.
Multiple policies to choose from
Great online resources
Has earthquake coverage
Numerous discount opportunities
Has had a few complaints filed against it
Allstate is a well-known insurance company that offers a one-stop shop for all of your insurance needs. It has a vast array of resources for its members, and it will even protect your home against earthquakes, which is an obvious must. Additionally, it is also one of the more affordable options on this list and offers its members multiple ways to save each month.
One con with Allstate is that it has had a number of complaints filed against it, but this is normal for a company of its size.
Wide range of policy offerings
Strong mobile app
Great online quote tool
Customer satisfaction should be higher
State Farm offers a wide range of policies and has a great online presence. Its mobile app is one of the few in the insurance industry has a great online quote tool that is fast and easy to use.
One con with State Farm is that customers aren’t raving about their service, which is surprising considering everything State Farm has in its tool belt.
Save big with multiple discounts
Wildfire defense service
Identity theft protection for all members
No online quote tool
With Chubb you are given numerous avenues to save on your monthly bill, and you get free services such as identity theft protection. Chubb also goes above and beyond by offering wildfire protection which includes sending trained firefighters to your area to help fight the spread.
One con with Chubb is its lack of an online quote tool. If you want to get a personalized quote, however, you will need to contact Chubb directly.
The Cheapest Homeowner Insurance Companies In Oklahoma
|Homeowner Insurance Companies||Average Annual Premium|
|American Farmers & Ranchers Mutual insurance||$2,046|
|Garrison Property & Casualty Insurance Company||$2,383|
|Oklahoma Farm Bureau Mutual Insurance Company||$3,095|
|Armed Forces Insurance Exchange||$3,422|
Homeowner Insurance by Age of Home
|Age of Home||Average Annual Premium|
|Average Across Ages||$3,660|
Quadrant home insurance rate data as of 12/01/2019.
Top 3 Cheapest Homeowner Insurance Companies in Oklahoma
• Farmers Insurance – $1,843
• American Farmers and Ranchers Mutual Insurance – $2,046
• Allstate – $2,074
Top 3 Most Expensive Homeowner Insurance Companies in Oklahoma
• Armed Forces Insurance Exchange – $3,422
• Oklahoma Farm Bureau Mutual Insurance Company – $3,095
• Travelers – $2,704
The cheapest insurance company in Oklahoma is currently Farmers Insurance, while the most expensive is Armed Forces Insurance Exchange. Keep in mind that this is just based on the average premium that each company charges. What you receive may be entirely different, as insurance companies use a variety of factors to determine what each policyholder should pay. If you want to know how much a company would charge you for homeowners insurance, contact each company directly to get a personalized quote.
Homeowners Insurance FAQ
Is homeowners insurance required in Oklahoma?
You are not legally required to have homeowners insurance in Oklahoma; however, if you have a mortgage on your home, your lender requires that you do to protect both yourself and your investment, which in turn protects your lender.
What is the cheapest homeowners insurance in Oklahoma?
The cheapest homeowners insurance in Oklahoma is currently offered by Farmers Insurance. The average premium with Farmers Insurance is $1,843 at the time of this writing.
Who are the cheapest providers in Oklahoma?
The cheapest homeowners insurance providers are currently Farmers Insurance, American Farmers and Ranchers, and Allstate.