Everything You Need to Know about Home Insurance in Oklahoma

Oklahoma is considered an affordable place to put down roots. Median home prices are in the $200,000s, lower than the national average of almost $390,000. The cost of living is likewise considered low, with costs for transportation, healthcare and other essentials coming in lower than many more expensive places to live.

There’s plenty to do for those who love the outdoors, including hiking, camping and fishing at spots such as Beavers Bend State Park and Natural Falls State Park. Golf courses abound and, for a large part of the year, it’s possible to enjoy being outdoors.

There is a vibrant arts and cultural scene with plenty of museums that feature well-known local Western artists, as well as Native American art celebrating this region’s rich past.

Unfortunately, Oklahoma is also home to natural disasters, including tornadoes. It is imperative for homeowners here to purchase top-rated home insurance from a well-known company. At InsureOne, we can help you find that coverage at a price you’ll love.

How Much Does Homeowners Insurance Cost in OK?

Homeowners in Oklahoma pay an average of $4,161 per year for $300,000 worth of dwelling coverage, significantly higher than the national average of $1,820. This huge increase is due to the state’s tendency to experience wildfires and storms, but especially tornadoes.

Dwelling coverage is the amount your insurer agrees to pay to rebuild the physical structure of your home in a covered event.

Although Oklahoma homeowners have much higher rates than many, there are steps you can take to lower your premium. Keep reading to find out the details.

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How Do Home Insurance Deductibles Affect Rates in Maine?

How much of the financial burden are you willing to take on in the event of an approved claim? This is the amount you should select for your plan’s deductible. The more you take on, the less your insurer has to pay out, meaning you could see a break on your plan’s cost if you choose a higher deductible.

Your deductible is the financial amount you agree to assume in an approved claim. For example, replacing an asphalt roof in Oklahoma averages somewhere between $5,000 and $15,000, depending on the size and architectural features. If your roof is damaged in an approved claim and costs $7,500 to replace, you’ll be responsible for your deductible amount. A typical deductible is $1,000. So, your insurer would pay $6,500 and you would pay $1,000.

The more financial burden you assume, the lower your annual premium. It’s always best to choose the highest deductible you can afford since it will lower your overall policy cost.

Compare Home Insurance Rates by Coverage Levels in Oklahoma

The following table shows the average annual premiums in Oklahoma for different levels of dwelling coverage.

Dwelling Coverage (Oklahoma) Average Annual Insurance Cost
$100,000 $1,916
$200,000 $3,029
$300,000 $4,161
$400,000 $5,334
$500,000 $6,528

Oklahoma’s tendency to experience tornadoes contributes to high home insurance costs. InsureOne can help you find a flexible plan to meet your specific needs at a price you can handle.

Is Home Insurance Tax Deductible in OK?

There are a few times when you can deduct part of your home insurance from your taxes. For example, if you have a home office, you may be able to deduct some of those expenses. Or if your home is used for more than a primary residence, say for a rental property.

Another example is if you filed a home insurance claim that was only partially approved, so you paid more out of pocket than you expected. You may be able to find some recourse in your taxes.

However, it’s a good idea to get professional advice on tax questions.

Does Oklahoma Have the 80% Homeowners Insurance Rule?

The 80/20 homeowner’s policy clause is specific to insurance companies. Since many of them use it, be sure and check your contract carefully so you understand what it means. In simplified terms, it means your insurance company can refuse to pay out your full coverage amount on an approved claim if your home is covered for less than 80% of its replacement cost value (RCV).

For example, if it will cost $325,000 to replace your home, you should have, at the least, $260,000 (80%) in dwelling coverage. If you carry less than this, your insurer may not pay out for the full amount of the claim. This caveat is in the language of your contract, which is why it’s a great idea to go over your contract with your agent so you have a full understanding.

Keep in mind if you make improvements to your property, your RCV may increase. Inflation also plays a part. It’s important to check in with your agent on a regular basis to ensure you have the proper amount of coverage.

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Bundling Home and Auto Insurance in Oklahoma

Home insurance is expensive in Oklahoma. This is due to natural events with a history of causing extreme destruction. You want the best coverage you can get, but you also want to cause less stress on your bank account. You can do this through discounts, such as bundling.

Bundling, a multi-policy discount, can earn you up to 25% off your annual premium when you combine your home insurance with your auto insurance under one company. This is seen as a sign of trust and loyalty and most insurers are happy to reward their policyholders who choose to bundle.

Not only that, but it’s easier for you to deal with paying premiums and managing your policies when they are all under the same roof. Perhaps you enjoy taking your family and friends out for some crappie fishing on Lake Eufaula. Don’t forget to purchase affordable boat insurance in Oklahoma before hitting the water!

If you like the wind in your hair, you may be familiar with some of Oklahoma’s famous motorcycling routes, such as Talimena Scenic Byway, which offers exciting turns, switchbacks and awesome scenery, or Medicine Park for a nice day trip and great food. Don’t forget to get the best motorcycle insurance in Oklahoma before you leave home.

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What Weather Events Affect Home Insurance Costs in OK

As we’ve discussed, Oklahoma is part of the infamous Tornado Alley. Combine that with increased wildfires and you’ve got a recipe for some higher-than-normal home insurance costs.

Oklahomans know they need to be prepared for a tornadic event, but the destructive nature of these natural disasters is hard to overcome.

Other weather events that affect your home insurance prices include severe thunderstorms with lightning and hail, and flash flooding.

Oklahoma emergency experts recommend having an emergency kit in case you lose power. This kit should include bottled water, nonperishable food, flashlights, batteries and blankets. Don’t forget your battery-operated radio. During tornado season, residents should also have a go-bag ready, with important items.

What are the Different Types of Home Insurance?

Just as there are many different types of housing, there are different types of home insurance policies to cover them.  So, whether you have a split-level in Stillwater, a bungalow in Bartlesville or a manufactured home in Muskogee, there’s a home insurance for you.

It’s vital to choose the right type of home insurance. You can trust the team at InsureOne to help you find a flexible policy from a top-rated carrier that meets your individual needs.

What is the Most Common Homeowners Insurance in Oklahoma?

Most single-family homes use the HO-3 style policy, which is also the most common policy written in the U.S. Homeowners in this Midwestern state tend to prefer the Craftsman style home, although simple ranch styles are also popular.

Whichever type of home fits you best, you’ll need to take into account the weather in Oklahoma, including tornadoes and serious thunderstorms. Have a lightning rod on your roof and a safe room where you can shelter during the worst of these events.

By understanding the coverage you need, you can ensure your home is adequately protected with the right insurance policy.

Get the Best Homeowners Insurance in Oklahoma Today

Oklahoma culture revolves around its Native American and pioneer spirit. Hospitality and hard work are some characteristics of these plains people, who like to play just as hard. Homeowners here need hard-working insurance solutions, too.

At InsureOne, we listen to your needs and do the research for you, offering a variety of customizable options from top-rated carriers. Give InsureOne a call at (800) 836-2240 or check their online site today. Or, if you are in the neighborhood, take time to stop in for a one-on-one visit.