The most affordable house insurance in Oklahoma City

Introduction

Oklahoma City homeowners insurance for a $250,000 house costs, on average, $4,230 per year. It is high, if that makes sense. According to a 2022 Bankrate survey of quoted yearly premiums, the average cost of home insurance in the US is $1,383 for the same amount of coverage. Due to the possibility of storm damage, Oklahoma’s house insurance prices, including the average rates for the state’s capital city, are among the most expensive in the country.

However, Oklahoma City does offer affordable house insurance options. The largest home insurance providers in the state as measured by market share were examined by Bankrate’s team of insurance editors. To assist you in identifying the best options for your house and your budget, we evaluated average premiums, coverages, discounts, policy features, and third-party scores.

Best affordable home insurance providers Oklahoma City

According to Bankrate’s review of average rate information from Quadrant Information Services, USAA, Allstate, and Farmers offer some of the most affordable homeowners insurance rates in Oklahoma City. We looked at the most recent J.D. Power customer satisfaction scores, AM Top financial strength scores, coverage options, and average premiums to identify the best affordable home insurance in Oklahoma City.

These elements were used by Bankrate to give each company a Bankrate Score on a 5.0 scale, which will allow you to more easily compare your options. The organization performed better in each of these categories during our examination when the Bankrate Score was greater. According to our study, some of Oklahoma City’s top affordable house insurance providers include:

HOME INSURANCE COMPANY	BANKRATE SCORE	AVERAGE ANNUAL PREMIUM FOR $250K DWELLING COVERAGE	J.D. POWER SCORE
USAA*	4.8	$2,130	893/1,000
Allstate	3.9	$2,303	870/1,000
Farmers	3.8	$3,334	884/1,000
AAA	3.6	$3,478	845/1,000
Travelers	3.7	$3,649	852/1,000

USAA

The United States Automobile Association, also known as USAA, is a provider of banking, investment, and insurance services to members of the armed forces. Even while not everyone is eligible for coverage, those who are might wish to look into USAA’s insurance estimates. The company offers competitive average rates, high customer satisfaction ratings, and great financial stability.

You must be an active-duty, retired, or separated member of the armed forces with the discharge designation “Honorable” in order to be eligible for membership with USAA. Other family members, such as wives and kids, may also be eligible. In addition to Washington, D.C., all 50 states provide their products. To assist you in determining if USAA is the best option for you, Bankrate examined the company’s insurance offerings.

Allstate

With an average yearly premium of $2,303, Allstate provides some of the most affordable average homeowners insurance rates in Oklahoma City. While Allstate provides the usual selection of coverage options, such as dwelling coverage, personal property coverage, liability coverage, and guest medical protection, it really distinguishes out when it comes to supplemental coverage choices. You might think about customizing your coverage to suit your requirements with features like commercial property, electronic data recovery, and reimbursement for green improvement.

Farmers

Farmers provide Oklahoma City residents with inexpensive rates at an average yearly cost of $3,334, but the variety of policies offered are what really set this company’s homes insurance apart. The business offers a falling deductible option, a discount for not filing any claims, a program that forgives claims, and a coverage choice for aesthetic damage. By combining a homeowners policy with an auto insurance policy from Farmers, you may also be able to reduce your yearly insurance expenses. Oklahomans should have little to no issue locating a Farmers agent nearby with 50 of them located in and around the city.

AAA

The organization is a solid candidate for the finest affordable home insurance in Oklahoma City, despite the fact that AAA is more closely linked with roadside assistance than with homes insurance. The average rate for AAA is significantly lower than the city’s average, coming in at $3,748 annually for $250,000 in dwelling coverage. A deal-breaker for homeowners looking for ways to save money on their homeowners insurance plans could be the company’s decision to not offer coverages or discounts on its website.

Travelers

While travelers’ average rates may not be the lowest on our list, they are still relatively affordable when compared to the city’s average premium. Policyholders may feel more confident that Travelers is a financially strong company with the ability to pay claims because of the company’s more than 160 years in operation and A++ (Superior) AM Best financial strength rating. Additionally, Travelers offers a number of ways for clients to save money. For instance, a multi-policy discount, a loss-free discount, or a green house discount could all lower your rate. To assist you tailor your coverage, Travelers also offers a wide variety of optional policy types, such as identity fraud protection and water backup coverage.

Home insurance coverage options in Oklahoma City

Not every homeowner requires each additional form of coverage that is offered. However, homeowners in Oklahoma City might want to think about the following:

Insurance against flooding: A lot of Oklahoma is thought to be in a flood-prone area. Your homeowners insurance company will most likely deal with the National Flood Insurance Program (NFIP) on your behalf to get flood insurance, but it’s conceivable that you could discover a lower premium with a private firm. Each homeowner will pay a different amount for flood insurance depending on a variety of factors, including the home’s risk of flooding and its replacement cost.

earthquake coverage: Since 2009, the number of earthquakes in Oklahoma has increased. You might wish to include earthquake coverage in your house insurance policy so that your funds are safeguarded against the possibility of paying to repair earthquake damage. Some businesses provide this as an endorsement, or you might need to buy a different policy.

Identity theft protection is a common endorsement offered by homeowners insurance providers. This insurance is intended to cover the expenses related to recovering your lost identity.

Home insurance discounts in Oklahoma City

In general, Oklahoma City homeowners insurance premiums are higher than those in the rest of the nation. However, you might be able to reduce your premium if you take advantage of company discounts. In Oklahoma City, some frequent specials include:

• Multi-policy: Purchase two types of coverage — like your auto and home insurance — through the same insurance company, and you could save on both policies.
• Burglar alarm: Many companies will give you a discount for having an alarm system, as it could lessen your risk of being burglarized.
• Renovation discount: If you have recently updated the major systems in your home, such as plumbing or electrical, you may qualify for a home renovation discount from certain companies. Many homeowners insurance companies offer additional savings to homeowners who have made specific improvements to their homes.
• Eco-friendly discount: If you use green or certified eco-friendly materials to build or update your home, you may qualify for additional savings from certain insurance companies.

The multi-policy, burglar alarm, and renovation reductions are typically the most significant of the aforementioned discounts. Your insurance provider has an incentive to provide you a discount for defending your house against covered risks like fire and burglary. It makes sense, too, because the likelihood that your home will suffer a covered loss decreases the likelihood that your homeowners insurance will be required to pay out claims.

Even while discounts are provided by the majority of insurance providers, not all of them do. The greatest method to find ways to save is frequently to speak with an agent.