Oklahoma Home Insurance

If you’re a resident of Oklahoma, you’re well aware of the tumultuous weather. The Sooner State records an average of 54 tornadoes per year and is home to the Storm Prediction Center, the National Severe Storms Laboratory, and the Warning Decision Training Branch. With that in mind, buying a hefty home insurance policy comes highly recommended for residents.

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Stats in Your State

Between renting, owning, and buying a home, Oklahoma has a smattering of factors that contribute to an interesting real estate landscape. Frequent and dangerous weather patterns drive up premiums for both owning and renting while the median price of a home in Oklahoma this year is only $100,000. Take a look at the data below to best understand the factors that make up the state's home insurance market.

Homeowner Insurance Premiums

With three branches of the weather service located in this state, it should come as no surprise that Oklahoma home insurance premiums are high. Prices consistently sit $100-200 above the national average.

Renter Insurance Premiums

The same pattern emerges for renters insurance — the average premium is roughly $50 more per year than the national average. This high rate is due to the inclement weather of this state, which classifies many Oklahomans as “high risk” in the eyes of insurance companies.

Existing Home Sales

Home sales in Oklahoma followed the predictable bell curve of the nation’s housing bubble-and-bust. The data shows a steady increase in homes sold from 2000 to a peak in 2006, followed by a rapid downturn in subsequent years.

Flood Insurance in Region

Flood insurance claims and payments in Oklahoma significantly outpaced the neighboring states of Arizona, Nevada, New Mexico, and Texas. Between October 2011 and September 2012, there were 127 claims and $2,635,000 paid out. In comparison to national data, Oklahoma is not a particularly flood-prone region.

Homes Built

Between 1960 and 1990, nearly half of all homes in the state of Oklahoma were built. With this influx of aging homes, be sure to schedule a thorough home inspection before you sign on the dotted line.

Rules in Your State

Understanding home insurance regulations in Oklahoma could prevent a financial headache. Do you have flood insurance? How about a deductible for hail or storm damage? Harsh weather in Oklahoma is commonplace, so be sure to investigate what your policy specifically covers before making any long-term insurance commitments.

Cancellations and Non-Renewals

Cancellation: Insurance companies can cancel a policy for the following reasons:

  • Failure to pay the premium
  • You’ve committed fraud
  • You willfully act in a way that increases an hazard the policy insures against
  • You violate local fire, health, safety, building, or construction regulation
  • The continuation would place the insurer in violation of Oklahoma insurance laws
  • The insured party is convicted of a crime with one of its necessary elements an act increasing any hazard the policy insures against.

Non-renewal:

  • Either you or your insurance company can decide not to renew the policy upon expiration.
  • Companies shall give policyholders a 10 days notice prior to cancellation and 20 days prior to the date of non-renewal

Representatives & Resources in Your State

Homeowners insurance is tough to navigate, even if you’ve had a policy in place for decades. The following resources and representatives can aid in complaints or simply help those who want to learn more about their coverage.

Oklahoma Department of Insurance
Five Corporate Plaza
3625 NW 56th, Suite 100
Oklahoma City, OK 73112-4511
Phone: (405) 521-2828
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File a Complaint

Home Insurance Consumer Basics
Your source for understanding and comparing rates, and what you need to know before buying a policy.