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The Best Homeowners Insurance Companies in Oklahoma

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    Oklahoma is no stranger to bad weather and adverse conditions that can damage your home and property, so finding the best homeowners insurance companies in Oklahoma is important for ensuring you’re protected. 

    Unfortunately, due to an increased number of threats to your home in the area, the average policy cost in your state is several hundred dollars higher than the national average. Still, there are some high-quality and affordable options available to you in the state. Some of the leaders for the best homeowners insurance companies include American Famers and Ranchers, Farmers Insurance, and Allstate. Choosing the right option for you includes a look at more than just price. You’ll want to look at unique features, overall coverage, and whether you’re able to customize a plan to meet your needs.

    The 5 Best Homeowners Insurance Companies in Oklahoma

    Compare Oklahoma’s Top Insurance Companies


    Average Price AM Best Financial StrengthJ.D. Power Overall Customer Satisfaction
    American Farmers and Ranchers$2,046B+N/A
    Farmers Insurance$1,843A814*
    Allstate$2,074A+829*
    State Farm$2,259A++829*
    Chubb$2,267A++778*

    *J.D. Power 2020 U.S. Property Claims Customer Satisfaction Study, based on a 1,000-point scale

    Best Oklahoma Homeowners Insurance Companies

    American Farmers and Ranchers

    Founded in 1902, American Farmers and Ranchers has more than a century of insurance experience in the Sooner State. If you don’t mind talking to your agents instead of doing everything online, the company is a great option for homeowners insurance in Oklahoma.

    American Farmers and Ranchers Home Insurance

    Best Local Option

    Why we chose it

    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 five unique ways to lower your monthly bill. These options, along with numerous coverage packages, make American Farmers a great starting point in our book.
    • 3 Reviews Score
    • B+ AM Best Rate 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.
    • N/A J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    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 five unique ways to lower your monthly bill. These options, along with numerous coverage packages, make American Farmers a great starting point in our book.

    Pros

    • Significant discount opportunities
    • Multiple coverage options
    • Affordable premiums
    • Earthquake coverage

    Cons

    • Lack of online tools and resources
    Read More

    Discounts available

    • Multi-policy discount up to 10%
    • Claims free discount up to 20%
    • Protection system discount up to 15%

    Unique features

    American Farmers and Ranchers comes with a lot of big discounts that are laid out on the company’s website. The company has 24/7 claims support, and a policy gets you membership into the National Farmers Union, county AFR chapters, and the American Farmers and Ranchers Cooperative.

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Farmers

    Farmers offers an unusual quoting system that features three tiers of service. Within those three tiers, you can further customize your policy if you have, say, expensive electronics or jewelry to cover.

    Farmers

    Best Pricing Options

    Why we chose it

    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 the Non-Smoker discount, a multiple policy discount, and even an added discount if you invest in better security.
    • 3.5 Reviews Score
    • A AM Best Rate 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.
    • 814* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    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 the Non-Smoker discount, a multiple policy discount, and even an added discount if you invest in better security.

    Pros

    • Offers lots of discounts
    • Offers earthquake coverage
    • More affordable than other options

    Cons

    • Average score for customer satisfaction
    Read More

    Discounts available

    • Bundle discount
    • Claims-free discount
    • Claim forgiveness

    Unique features

    Farmers’ three tiers — standard, enhanced, and premier — let you pick the best coverage based on cost and coverages. The highest level, premier, includes replacement cost coverage with 100% reimbursement regardless of policy limits.

    *J.D. Power 2020 U.S. Home Insurance Study, based on a 1,000-point scale

    Further Reading on Farmers:

    Allstate

    Allstate’s strength is in the diversity of its offerings and discounts, which allow you to pick and choose the coverage that works best for your circumstances. It has a great website, with tons of useful information.

    Allstate

    Best Discount Options

    Why we chose 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. Additionally, it is also one of the more affordable options on this list and offers its members multiple ways to save each month.
    • 4 Reviews Score
    • A+ AM Best Rate 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.
    • 829* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose 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. Additionally, it is also one of the more affordable options on this list and offers its members multiple ways to save each month.

    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
    Read More

    Discounts available

    • Multi-policy discount
    • Claim-free discount
    • Early signing discount

    Unique features

    When you choose to insure your home in Oklahoma through Allstate, you’re privy to some great unique features. These include the Claim RateGuard, Claim-Free Rewards, and Deductible Rewards up to $100 each year (max $500).

    *J.D. Power 2020 U.S. Home Insurance Study, based on a 1,000-point scale

    Further Reading on Allstate:

    State Farm

    State Farm offers above-average customer support along with competitive pricing and solid coverage options. For those new to home ownership, its Simple Insights blog can tell you everything you need to know about home ownership in general.

    State Farm

    Best Online Experience

    Why we chose it

    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 that has a great online quote tool that is fast and easy to use.
    • 3.75 Reviews Score
    • A++ AM Best Rate 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.
    • 829* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    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 that has a great online quote tool that is fast and easy to use.

    Pros

    • Wide range of policy offerings
    • Strong mobile app
    • Great online quote tool

    Cons

    • Limited discounts
    • Higher premiums
    • Customer satisfaction should be higher
    Read More

    Discounts available

    • Multiple line discount
    • Home alert protection discount (fire, smoke, or burglar alarms)
    • Roofing discounts based on the type of roofing products on the house

    Unique features

     State Farm offers a lot of flexibility when it comes to policy options and customization. Additionally, the company offers a ton of helpful resources for educating homeowners in Oklahoma on how policies work and how to get the most out of yours.

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on State Farm:

    Chubb

    Chubb specializes in high end homes, so it’s a good option for homeowners who are looking for high coverage limits for their dwelling, personal property, and liability.

    Chubb

    Best for Added Perks

    Why we chose it

    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.
    • 3.75 Reviews Score
    • A++ AM Best Rate 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.
    • 778* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    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.

    Pros

    • Save big with multiple discounts
    • Wildfire defense service
    • Identity theft protection for all members

    Cons

    • No online quote tool
    Read More

    Discounts available

    • Gated community discounts
    • House upgrade discounts
    • Masonry construction discount

    Unique features

    If you choose Chubb as your homeowner’s insurance provider, some unique features can come with your policy. These include things like extended replacement cost coverage, risk consultation, cash settlements for covered total losses, and more.

    *J.D. Power 2020 U.S. Property Claims Customer Satisfaction Study, based on a 1,000-point scale

    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.

    Earthquake Coverage

    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.

    Flood Insurance

    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

    Tornado Coverage

    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.

    Wildfire Protection

    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

    The Cheapest Homeowner Insurance Companies In Oklahoma

    Homeowner  Insurance CompaniesAverage Annual Premium
    Farmers Insurance $1,843
    American Farmers & Ranchers Mutual insurance$2,046
    Allstate$2,074
    State Farm$2,259
    Chubb$2,267
    USAA$2,345
    Garrison Property & Casualty Insurance Company$2,383
    American National$2,488
    Travelers$2,704
    Oklahoma Farm Bureau Mutual Insurance Company$3,095
    Armed Forces Insurance Exchange$3,422

    Cost of Homeowners Insurance by Age of Home

    Age of HomeAverage Annual Premium
    5$2,720
    20$3,932
    35$3,978
    50$4,009
    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.  

    Helpful Resources for Oklahoma Homeowners

    If you need some extra help in understanding the information and picking out the best homeowners insurance policy for you, there are state-specific resources available to help Oklahoma homeowners. These resources can be especially helpful if you’re new to the state or planning to buy a home there. The Oklahoma Insurance Department (OID), a state-run agency, provides plenty of guides and detailed information to help you select the right level of coverage.

    Homeowners Insurance FAQ

    Is homeowners insurance required in Oklahoma?

    As of now, the government in the state of Oklahoma doesn’t require homeowners to carry an insurance policy on their property. However, if you have a mortgage on your home, your lender is most likely going to require you to protect the asset with homeowners’ insurance.

    What is the cheapest homeowners insurance in Oklahoma?

    As homeowner’s insurance in Oklahoma is considerably expensive, it’s understandable that residents like to look for a good mix of adequate coverage and affordability. Currently, the three least expensive providers as of our last test are Farmers, American Farmers and Ranchers, and Allstate. Your exact rate will depend on your home and your needs, though.

    Methodology

    We evaluated the companies based on their customer rating and experience, financial stability, and coverage to determine the best providers. To compare home insurance companies across the board, we then calculated a Reviews.com score based on the following:

    • Customer Ratings — Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
    • Coverage — As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options and add-ons available. 
    • Confidence — It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best’s ratings, which specializes in assessing the financial strength of insurance companies.
    • Customer Experience — The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.

    About the Authors

    Jason Lee is a seasoned writer with a passion for writing about insurance, banking, and personal finance. As a Las Vegas local and area business owner for a decade, he knows the ins and outs of the city better than anyone.

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