Oklahoma City, the largest city in Oklahoma, has unique risks that influence home insurance costs. These risks include severe weather conditions like tornadoes, hailstorms, and high winds, making home insurance more expensive than in many other areas. The national average cost for home insurance is $1,428 per year, while homeowners in Oklahoma City typically pay around $2,050 per year due to the high risk of weather-related events.
Local Factors Impacting Home Insurance Costs in Oklahoma City
Tornado Alley: Oklahoma City is located in Tornado Alley, where tornadoes are common and significantly raise insurance premiums.
Hailstorms: Frequent hailstorms lead to roof damage, further increasing insurance costs.
High Winds: The city often experiences high winds, which contribute to structural damage risks, impacting insurance rates.
Urban Development: Densely populated areas and property crime rates in specific neighborhoods also affect premiums.
Home Insurance Rates by Home Age in Oklahoma City
The age of your home plays a significant role in determining your insurance premiums. Older homes tend to have higher insurance costs due to outdated materials and increased repair costs.
Home Age
Average Annual Premium
0-10 years
$1,950
11-25 years
$2,000
26-50 years
$2,150
51+ years
$2,300
Home Insurance Rates by Credit Tier in Oklahoma City
Your credit score also influences home insurance premiums. Insurance companies often use credit-based insurance scores to determine premiums, with lower credit scores resulting in higher rates.
Excellent Credit (750+): $1,950 per year
Good Credit (700-749): $2,050 per year
Fair Credit (650-699): $2,200 per year
Poor Credit (Below 650): $2,450 per year
Cheapest Home Insurance Providers in Oklahoma City
Despite the high average cost, some providers offer competitive home insurance rates in Oklahoma City. Below are the cheapest providers available:
Provider
Average Annual Premium
State Farm
$1,975
Allstate
$2,000
Farmers
$2,050
Liberty Mutual
$2,100
Home Insurance Rates by Deductible Amount in Oklahoma City
Choosing a higher deductible can help lower your premium, but it will also increase your out-of-pocket costs when filing a claim. Here’s how different deductible amounts affect home insurance rates in Oklahoma City:
$500 deductible: $2,200 per year
$1,000 deductible: $2,050 per year
$2,500 deductible: $1,850 per year
Types of Homeowners Insurance in Oklahoma City
HO-3: The most common homeowners insurance policy covering the structure, personal belongings, and liability.
HO-5: A premium policy offering broader protection for high-value homes and personal property.
HO-4: Renters insurance, covering personal belongings and liability for tenants.
Additional Coverage Options
Windstorm and Hail Coverage: Given Oklahoma City’s vulnerability to high winds and hailstorms, this coverage is highly recommended.
Flood Insurance: While Oklahoma City is not prone to coastal flooding, flash floods from heavy rains can occur, making flood insurance valuable for some homeowners.
Tornado Insurance: Tornado coverage is typically included in standard policies, but additional windstorm coverage may provide extra protection.
Frequently Asked Questions (FAQs) about Home Insurance in Oklahoma City
How does Oklahoma City’s weather impact home insurance premiums? The risk of tornadoes, hailstorms, and high winds significantly increases the cost of home insurance in Oklahoma City.
Is tornado insurance required in Oklahoma City? Tornado coverage is typically part of standard home insurance policies, but it’s essential to confirm that windstorm damage is included.
