Coming from the Choctaw words “okla” and “humma,” Oklahoma roughly means “honored people.” Those who choose to live in the state may feel that way living among the mountains, cities and waterways that make up the Sooner State.
Beyond the natural beauty of the Ouachita Mountains and the 77-foot waterfall located in Natural Falls State Park, there are also many unique activities for city dwellers to participate in. From watching the Oklahoma City Thunder score three-pointers, gambling at the Choctaw Casino or taking in a concert at Cain’s Ballroom in Tulsa (also known as the “Carnegie Hall of Western Swing”), the diverse menu of activities in the state attracts many different types of people.
With so much to do and see, it makes sense that people may want to settle down in Oklahoma. That’s why we’ve prepared a guide to home insurance for Oklahomans or those who want to learn more about homeownership in the state.
Oklahoma’s average home insurance premium is $2,119, coming in at almost $1,000 more than the national average of $1,200 per year. Compared to the neighboring states of Texas and Kansas, Oklahoma’s average is just lower than the Texas average of $2,128 and quite a bit higher than the Kansas average of $1,780.
Home insurance prices may vary among the types of homes in Oklahoma. Eighty-six thousand farms cover over 35 million miles in the Sooner State — given the upkeep and potential for accidents on a farm, home insurance for farmers may be just a bit higher. But even for those residing on a suburban cul-de-sac, rates are likely to be higher than the national average.
The short answer: Oklahoma is host to many extreme weather events, making home insurance premiums higher. Located in the heart of Tornado Alley, Oklahoma is one of the most dangerous states in the U.S. because of the frequency of tornadoes and the amount of tornado damage that occurs in the state. Since 1950, there has been an average of 53 tornadoes per year in Oklahoma, spawning a movie that is aptly titled “Twister,” set in the state.
Oklahoma home insurance policies cover the same basic items as other states’ insurance policies. That means the structures on your property, belongings on your property and any accidents that occur on your property or accidents that are your fault on someone else’s property, will be covered.
And while Oklahoma is unique in that property managers don’t require renters insurance, you’ll most likely need homeowners insurance if you’re purchasing a home and need to work with a lender.
Sooners may decide to invest in supplemental home insurance that can cover issues specific to their state. For example, windstorm or catastrophe insurance can help in the event that a tornado runs through your town.
When your state is in the top 10 most expensive premiums in the country, you’ll most likely want to get the best possible deal. Luckily, there are several ways Oklahomans can lower their premiums.
The first way is to shop smart. Buying a newer home that is more likely to resist weather damage can help lower your premium. You should also try to buy a home away from flood or tornado zones and close to first responder stations. All of these things can help make your premium a little less expensive.
Suppose you want to purchase a digital personal assistant device that you can voice command to play the “Oklahoma!” soundtrack while you reside in Oklahoma. In that case, you might also save yourself some money. Arming your home with smart technology like security systems, smart thermostats, and more can help with your premium cost.
You can also evaluate how much home insurance you have vs. how much you need. Check your declaration page to find out what you’re getting coverage for and make adjustments as necessary.
Sooners have a few ways to learn more about insurance options. The Oklahoma Insurance Department can help residents navigate options and learn about the state’s insurance requirements. When it comes to buying a policy, however, Oklahoma residents will have to find a provider that works for them, as the state doesn’t have a Fair Access to Insurance Requirements Plan.
Oklahomans have received almost $200 million in payments from the National Flood Insurance Program (NFIP). The NFIP is a program managed by FEMA that provides flood coverage to residents in participating communities. To find out if your community participates in Oklahoma’s NFIP, visit the community handbook.
Home insurance in the heart of Tornado Alley can be a whirlwind. But don’t let your shot at good coverage blow away — get a homeowners insurance quote from Hippo today to make sure your home and belongings are protected.