Homeowners Insurance in Oklahoma

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To insure a home in Oklahoma, you’ll want a homeowners policy that covers tornadoes and ice storms in addition to other perils. Finding your perfect plan is as simple as comparing quotes from several companies. 
Your home is an investment in your future. Homeowners insurance helps you protect that investment, whether it’s from natural disasters, theft, or other perils. 
Before choosing a plan, it’s important to understand what goes into your homeowners’ policy and how you can save money on this essential coverage. Home and car insurance broker and comparison app Jerry is here to break down everything you need to know about homeowners insurance in Oklahoma.
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What is homeowners insurance? 

Homeowners insurance is coverage that protects your home and its contents. Homeowners insurance policies usually offer financial protection against home loss, property damage, and personal liability.
The average cost of homeowners insurance in the United States is $1,387 per year or $115 per month, but homeowners in Oklahoma should expect to pay more due to the extreme weather and frequent natural disasters in the region. 

Basic components of homeowners insurance

A typical homeowners insurance policy consists of the following: 
  • Coverage A (Structure): Pays to repair or replace the house itself. 
  • Coverage B (Additional structures): Pays to repair or replace other structures on the property, such as fences, pools, or sheds. 
  • Coverage C (Personal property): Provides financial protection against the loss or destruction of certain items of personal property (think furniture, electronics, jewelry, and more). 
  • Coverage D (Additional expenses): Also called loss of use. Pays for temporary living expenses (e.g. a hotel, rent, etc.) incurred as a result of losing the use of all or part of your home. 
  • Coverage E (Personal liability): Covers the cost of litigation when someone is injured on your property (or by your pet or family member). 
Some policies cover the actual cash value (ACV) of your property at the time of loss, while others cover the replacement cost, or the amount it would cost to replace the property, regardless of actual value. Typically, companies require homeowners to purchase at least 80% of the replacement cost.

Named perils

Certain home insurance policies cover more types of damage than others, so it’s important to evaluate your options carefully. When considering a plan, look at the named perils—the specific circumstances outlined in the policy—that are covered. These generally include: 
  • Fire
  • Lightning 
  • Wind
  • Hail
  • Hurricanes
  • Damage caused by vehicles
  • Theft
  • Vandalism
  • Riots
  • Falling objects
  • Explosions
Review your policy to ensure you understand what is and isn’t covered. 

Is homeowners insurance required in Oklahoma? 

Oklahoma does not require homeowners to buy insurance, but if you’re taking out a mortgage on your home, your lender will probably want you to have a policy to protect their investment in your property. 

How to get homeowners insurance

The Jerry app makes it easy to compare quotes from several companies. This should be your first step if you’ve just bought a home or are shopping for a new homeowners policy. Instead of taking the first referral that comes your way, consider various options to ensure you don’t miss out on savings for the sake of convenience.
Bundling your home and auto policies might allow you to save money, even if the actual premium is higher. Bundling discounts usually range from 5% to 15% or higher, so you should always get a quote from your car insurance carrier to see what your options are.
For homeowners in Oklahoma, tornadoes, ice storms, and hail storms are among the primary perils to insure against. While most insurance policies contain language covering the damage typically caused by tornadoes, like wind, wind-driven rain, and falling objects, it’s important to clarify what exclusions may exist in your policy.
Homeowners coverage in Oklahoma does not include floods or backup of sewer water. Here are three strategies that can help you protect your home against possible flood damage: 
  • Water backup coverage can pay for water removal and repairs following a burst or backed-up pipe.
  • Flood insurance protects your home from flooding from a source outside of your home. You can get it through FEMA’s National Flood Insurance Program (FLIP) or a referral. 
  • An HO-5 or open perils policy covers any peril unless it’s specifically listed as an exclusion in your policy

Why is homeowners insurance in Oklahoma so expensive? 

Homeowners insurance in Oklahoma will likely be more expensive than the average national cost of $1,387 per year due to the prevalence of extreme weather in the Sooner State. In particular, tornadoes can cause serious damage to a home.
During a tornado, heavy winds might cause debris or tree limbs to hit your roof. This can expose your home’s interior to leaks and even create damage that requires the entire roof to be replaced. The high rate of claims in Oklahoma caused by tornadoes and other natural disasters can contribute to higher premiums across the state. 

Homeowners insurance discounts in Oklahoma

Insurance carriers typically offer many discounts for various customers and actions. Check out the table below for examples of common homeowners insurance discounts:
DiscountHow to get it
BundlingBundling home and auto insurance could earn you a steep discount on both policies.
First-time homeownerMost companies will offer you a discounted policy if it’s your first time purchasing a home.
Claims-freeIf you maintain a certain period (typically a few years) without any claims on your policy, you may be eligible for a discounted rate.
Security systemIf you’ve got a security system to prevent theft, your insurance company might discount your homeowners insurance rate.
Upgraded fire alarmSet up your fire alarm to contact the fire department directly—your insurance company may give you a discount for a shorter fire response time.

How to save on home and auto insurance

Shopping for a homeowners insurance policy doesn’t have to be stressful because Jerry is here to simplify the process.
Through the app, you can compare rates from more than 50 top insurance companies and pick the policy that best fits your needs. You can even search for a lower rate on car insurance at the same time! Once you’ve chosen your plan, Jerry will take care of the paperwork.
As a licensed insurance broker, Jerry makes it easy to shop for plans. Whether you’re insuring your first home or just looking for a new lower rate, you can trust you’re in expert hands.
“I just moved out of my parents’ house, so this was my first time having to buy insurance. Jerry made it simple and painless to find a plan. Yay!” —Vic L.
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FAQs

Homeowners coverage does not include floods, earthquakes, backup of sewer and water, home businesses, home daycare, identity theft, nuclear accidents, or war. Therefore, you might consider additional coverage for perils.
The average cost of Oklahoma homeowners insurance varies based on demographics and other factors, but you can expect to pay between $2500 and $4000 a year.

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