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Having a comprehensive insurance policy is an absolute must for any homeowner, but finding the right policy isn’t always easy. Fortunately, Obrella takes the stress out of choosing a home insurance policy. When you use Obrella, you can connect with professional insurance experts who will put their in-depth knowledge of Oklahoma home insurance to work for you. They’ll help you review options from multiple providers and customize your coverage depending on your needs. In one easy phone call, you can choose a policy and even get it bound—hassle-free!

How much does Oklahoma home ownership cost?

The average home insurance premium in Oklahoma is $1,501 per year, which is about $470 more than the national average of $1,034. At that amount, Oklahoma ranks fourth in the nation for how much is spent each year on homeowners insurance premiums.

  • Median Home Value: 125,600
  • Household Income: 47,199
  • % of Income on Home Ownership: 24.20%

The median household income in Oklahoma is $45,690, leading residents to spend just over 24% of their income on home ownership. As a resident of the Sooner State, you enjoy the seventh lowest home ownership costs in the country and the median home value in the state is $112,800.

With more than 65% of all homeowners living in their properties, we know homeowners coverage is important to Oklahomans. Call [mapi-phone-link /] and speak with an insurance expert to compare homeowners insurance quotes in Oklahoma.

How are premiums calculated for homeowners insurance in Oklahoma?

An insurance company looks at a variety of components to determine the cost of your home insurance premium. The process starts with an evaluation of your home and region, including local building costs, crime rates, the size of your home, and the year it was built. Premiums can also be affected by environmental factors, such as the likelihood of floods, tornadoes, or earthquakes in your region. A range of other factors can also impact your insurance premiums like your credit score or home add-ons such as a swimming pool, guest house, or private deck.

What do all of these details have in common? These elements combine to determine the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your annual premium. You have the ability to reduce these risks, however. For instance, homeowners insurance discounts are offered for installing extra security features like motion-sensor lights, burglar alarms, or surveillance cameras. These devices make it less likely that your insurance company will have to reimburse you for stolen property, which in turn results in lower premiums for you.

You might also get a discount from your insurance provider if you bundle your auto insurance policy with your homeowners insurance.

What kind of homeowners insurance is available in Oklahoma?

Many home insurance companies in Oklahoma give you a range of coverage options to choose from; here are a few examples:

  • HO-1: Limited Coverage
    • An HO-1 policy offers coverage in the event of any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this basic policy is no longer available in most states.
  • HO-2: Basic Policy
    • In the event of any of the 16 classified disasters, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • With very few exceptions, this policy offers comprehensive coverage, making it pretty much standard amongOklahoma customers.
  • HO-8: Older Home
    • As homes age, the cost of repairs to the house may exceed the actual market value of the house. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Moreover, older houses may not be eligible for plans that cover the full replacement cost of the home in the event of a total loss.

What is standard homeowners insurance coverage in Oklahoma?

Standard home insurance policies dictate specific situations that grant you coverage for damages. In general, however, your provider will not reimburse you for damages to your home caused by situations that are not explicitly covered in writing. So, if there is an earthquake and your policy does not specify that you have earthquake coverage, any damage to your home will not be covered. Here are some common home insurance coverage definitions to help you determine the coverage you need:

  • Coverage A – Dwelling
    • Coverage A, also called dwelling coverage, deals with damage to the home itself, to any structures attached to the home, and to the home’s plumbing, heating, permanent air-conditioning system, or wiring.
  • Coverage B – Other Structures
    • Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • Personal Property coverage reimburses homeowners for the value of possessions, like electronics, furniture, and clothing items that are lost or damaged, even if the damage did not occur on the homeowner’s property such as items in a storage unit.
  • Coverage D – Loss of Use
    • While a home is being repaired, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability coverage covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • Takes care of the medical costs of anyone injured by the homeowner’s pets or anyone injured on the homeowner’s property.

The standard policy is not enough for everyone. If you live in a high-risk area or have a high-value home or expensive items in your home, you may require additional coverage. For instance, if you live in Tornado Alley, you may need to buy tornado insurance to have your storm damages covered. You don’t want to wait until after you’ve filed an insurance claim to learn you don’t have the right coverage for your flood damage to be paid for.

What additional Oklahoma insurance resources are available?

Oklahoma Insurance Department:Provides the resources needed to help you make sound decisions about home insurance products and services. The department regulates insurers in the state and offers consumers extensive information about insurance, rate comparisons, checklists, and how to file claims and complaints. If you have questions, concerns, or complaints, contact the Consumer Assistance Division toll free at 1 (800) 522-0071 or locally at 1 (405) 521-2828. If you want to visit the office, it is located at:

Five Corporate Plaza
3625 NW 56th, Suite 100
Oklahoma City, OK 73112

Overwhelmed by your home insurance coverage choices? Don’t be! A simple phone call to an insurance agent can help make your policy options crystal clear. The experienced insurance professionals will work with you to understand your situation, review your options, and help you find affordable coverage. Best of all, insurance agents can bind your policy over the phone.

Get all the information you need about Oklahoma home insurance policy options by contacting an insurance expert today at [mapi-phone-link /].

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