Oklahoma Homeowners Insurance Guide
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The Sooner State is inundated with natural beauty. Tucked in the south central of the United States, Oklahoma is home to the Wichita Mountains and several state parks filled with lakes, rivers and waterfalls. Although completely landlocked, the state’s history is riddled with natural disasters. In fact, its often considered the third most dangerous state when comparing frequency and susceptibility to natural catastrophic events. Texas and California are the only states consistently listed above Oklahoma; and those two are significantly larger.
Due to the consistent nature of the disasters that plague the Sooner State, homeowners and renters insurance is a necessity. If its not wind or hail from terrible storms or tornadoes, its flooding. In either case, significant property damage is typically levied in their wake.
Oklahomans pay the fourth and second most in homeowners and renters insurance, respectively, when compared to the rest of the country. This reflects the inherent risk for property located in the Sooner State. Oklahoma averages about 55 tornadoes per year, and is home to the most vicious tornado on record (Bridge Creek and Moore region, 1999), which had winds that topped 300 mph. Thankfully, in addition to the normal perils of fire, vandalism and theft (among others), standard homeowners and renters insurance policies also cover property damage resulting from wind and hail. Essentially, aiding in the recovery efforts for those regions where a tornado may have touched ground.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2017)
Oklahoma’s climate and tendency to experience powerful storms, coupled with the lakes and rivers within the region, present a flood risk for several property owners. In order to obtain adequate coverage, Oklahomans should look to augment their standard property insurance policy with flood coverage from the National Flood Insurance Program (NFIP).
The property insurance market in the Sooner State is overwhelmingly concentrated. The top two insurance carriers, as measured by market share, control close to 45% of the market. This lack of competition is driven by the inherent risk of insuring property within the region. The probability of enduring a catastrophic property loss is fairly high, which deters many insurance carriers from actively insuring property in the region. As a result, Oklahomans pay some of the highest rates in the country for homeowners and renters insurance.
Top 5 Home Insurance Carriers in Oklahoma
|Farmers Insurance Group||16.7%|
|USAA Insurance Group||8.0%|
Source: Insurance Information Institute (2019)
When looking for the right coverage package and property insurance partner, make sure to consider the carrier’s financial stability and track record with paying claims. Also, remember to add flood coverage either through the surplus markets or NFIP, to any standard homeowners insurance package you choose.
Oklahoma provides breathtaking landscapes and views to its residents and visitors. Unfortunately, this unprecedented beauty comes at the cost of experiencing quite a few natural disasters. As a result, securing adequate property insurance in the Sooner State can be quite expensive.
Oklahoma Department of Insurance
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