Get the Best Homeowners Insurance in Oklahoma

What is a homeowners insurance policy?

A homeowners insurance policy is a packaged insurance policy providing property and liability coverages tailored to the needs of most home owners. The key coverages available for a homeowners policy include dwelling, other structures, personal property, loss of use, personal liability and medical payments.

Additional coverages may be added as endorsements to tailor to the needs of the homeowner. Flood and earthquake coverages are not included on a standard homeowners policy but may be added separately.

What does a homeowners insurance policy cover?

Dwelling Coverage: This coverage can help provide reimbursement for damage to the insured’s home. It covers damages caused by fire, theft or vandalism and weather, such as hail and lightning. The coverage limit needed is the total cost of removing the damaged debris plus rebuilding a new comparable structure.

Other Structures: This coverage can help provide reimbursement for damage to the insured’s structures not attached to the dwelling, such as a fence, detached garage, tool shed, gazebo, dock, swimming pool, tree house, hot tub, driveway, pond, etc. It covers damages caused by fire, theft or vandalism and weather, such as hail and lightning. Depending on the carrier, the limit for other structures coverage is usually set at a default percentage of the dwelling coverage, but it can be customized as needed.

Personal Property: This coverage can help provide reimbursement for damage to the insured’s personal property, such as furniture, clothes and sports equipment. It covers damages caused by caused by fire, theft or vandalism and weather, such as hail and lightning. Depending on the carrier, personal property coverage is usually a default percentage of the dwelling coverage, but it can be customized as needed. The best way to determine how much personal property coverage is needed is by conducting a home inventory.

Expensive items like gun collections, jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits in these categories. To insure these items to their full value, purchase a special personal property endorsement, or floater, and insure these items for their officially appraised value.

Loss of Use or Additional Living Expenses Coverage: This coverage can help provide reimbursement for additional costs of living away from home while it’s being repaired or rebuilt after a covered catastrophe.

Personal Liability: This coverage can help cover you against lawsuits for bodily injury or property damage that you, your family members or even your pets cause to other people. For example, if your child or dog accidentally ruins a neighbor’s expensive rug, you are covered. The liability portion of your policy can pay for both the cost of defending you in court and any court awards, up to the limit stated in your policy.

Medical Payments Coverage: This coverage can help pay for reasonable medical expenses to others. If a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for you, your own family or your pet.

Endorsements:

Endorsements are optional coverages that can be added to an insurance policy. Endorsements can help cover additional or unexpected expenses not covered by the standard coverages.

What is not covered by a homeowners insurance policy?

  • Floods. Flood damage is not covered by a standard homeowners insurance policy. However, flood insurance can be purchased separately in addition to a homeowners policy to cover this gap in coverage.
  • Earthquakes. Earthquake damage is not covered by a standard homeowners insurance policy. However, earthquake insurance can be purchased separately in addition to a homeowners policy to cover this gap in coverage.
  • Home maintenance. Homeowners insurance is designed to cover accidents, not issues caused by a lack of home maintenance.

Why do I need homeowners insurance in Oklahoma?

Oklahoma is known in the insurance industry as a “cat” state, meaning there’s an above average rate of catastrophes in Oklahoma. Oklahoma is known for hail storms, tornadoes and ice storms. These perils cause a high number of insurance claims, which in turn causes the insurance rates in Oklahoma to be higher than the national average.

Accidents happen, so it’s important to be prepared. Homeowners insurance can protect a home owner from financial ruin caused by unexpected and often expensive accidents, lawsuits and perils, such as:

  • Fire, lightning and smoke damage
  • Wind and hail
  • Snow, ice or sleet and frozen pipes
  • Falling objects
  • Explosions
  • Vandalism, theft, riots and unrest
  • Lawsuits for libel, slander and other bodily injury claims

Who needs homeowners insurance in Oklahoma?

Although there is no law requiring homeowners insurance, anyone who owns a home in Oklahoma should have homeowners insurance. Home equity and mortgage loan companies will likely require that a home is insured before a loan is financed. Many home owners without mortgages still carry homeowners insurance to protect themselves and what is likely their most valuable asset.

How much homeowners insurance do I need?

At a minimum, most mortgage companies will require that a homeowners policy covers 100% of the replacement cost of the home.

The amount of homeowners insurance you need depends on the cost to replace your home, other structures on your property and your personal property; how much alternate living expenses and personal liability protection you would need; and medical expenses you think your guests would need.

How much does homeowners insurance cost in Oklahoma?

According to data from 2018 published by the Insurance Information Institute (Triple-I), Oklahoma ranked the fourth highest in the nation for average homeowners insurance premiums. Back in 2018, the average annual homeowners insurance premium in Oklahoma was $1,944, compared to the national average of $1,249. Today’s premiums are higher due to inflation, an increase in costs of building materials and employee shortages. The top three most expensive states were (1) Louisiana, (2) Florida and (3) Texas.

One of the largest factors that affect the cost of homeowners insurance is exposure to risk. Homeowners in Oklahoma have a higher than average exposure to a variety of perils, such as fire, wind/hail, tornados, earthquakes and theft.

How can I get the lowest homeowners insurance premiums in Oklahoma?

There are many factors that determine an insured’s premium rate. Some factors are out of our control, such as our age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of our life decisions can make an impact on our insurance premiums, such as our credit rating, driving record and recent insurance claims. Below are a list of several ways you can get the best rates in Oklahoma:

  • Shop multiple insurance carriers at once with an independent insurance agency like Scherer Insurance
  • Having good credit history
  • Having a good driving record
  • No recent insurance claims
  • Having a college degree
  • Being married
  • 3+ years at your residence
  • 3+ years at your workplace
  • 3+ years with your current insurance carrier
  • 3+ years with continuous insurance coverage
  • Newer home
  • Located near a fire hydrant
  • Located near a fire station
  • Located within a fire department district
  • Located inside city limits
  • Located in a low crime ZIP code
  • Located in a retirement community
  • Located in a gated or limited access community
  • Located in a community with manned security
  • No swimming pool, but if there is, have a fence and no diving board or slide
  • No trampoline, but if there is, have a safety net
  • No dogs on the banned breeds list
  • No dogs with bite history
  • No wood burning stoves
  • No fireplace
  • Not used for business, farming or ranching
  • Companion “bundling” policies such as your home and auto policies with the same insurance carrier
  • Opt for a higher deductible
  • Owning your home instead of financing
  • Paying your premium in full
  • Paying via EFT payments as opposed to mailing checks
  • Retired or a senior citizen
  • Impact-resistant (hail-resistant) roof
  • Dead-bolt locks or certain other security measures
  • Approved electronic burglar alarms
  • Smoke alarms, interior sprinkler systems or other fire prevention systems
  • Smoke detectors and carbon monoxide detectors
  • Fire extinguisher(s)
  • Recent heating, electrical, plumbing or roof updates
  • Advance quote or early-signing discount
  • and many more

When you request a quote from Scherer Insurance, you can be confident that every possible credit and discount will be requested.

There are two easy ways to get a quote or request more information for homeowners insurance in Oklahoma:

How can I buy homeowners insurance in Oklahoma?