The average cost of homeowner’s insurance in OK is $2,559 annually. One significant factor that raises the cost of homeowner’s insurance is the local weather conditions. That’s why you will find that Oklahoma has the highest average homeowner’s premiums in the country. Here is a breakdown of what contributes to the cost of homeowner’s insurance and what prices you can expect throughout the state of Oklahoma.
Factors That Influence The Cost Of Homeowner’s Insurance
Homeowners insurance helps you protect one of your most valuable financial assets, your home. If your home or its contents are destroyed, damaged, or stolen, your homeowner’s policy can help you repair or replace it as needed. Several factors come into play when pricing homeowner’s insurance.
● The size and cost of the home
● The building materials of the home
● Items inside the home you want to be insured
● Location of the home ● Neighborhood crime
● Fire safeguards within the home
● Condition and age of the home, sometimes the type of wiring
● Frequency of claims made
● Customer’s credit score
● The deductible amount you elect to take out
● Flood plains
● Local weather or environmental conditions (important for Oklahoma)
Why Oklahoma’s Weather Makes It The Most Expensive State For Insurance
On average, Oklahoma experiences more severe weather than other parts of America. Homeowners in OK can expect to see extreme thunderstorms, hail, sleet, snow, and tornados. Thunderstorms with damaging winds and hail cause a lot of property damage in the area. It would be safest to take out a policy with enough coverage to replace your home if it was badly damaged. The hail can create a problem with frequent smaller claims or needed your roof repaired or replaced several times. Having a lot of claims will raise your rates significantly in the future even if it is beyond your control.
Homeowner’s Insurance In Claremore and Tulsa Oklahoma
Both Tulsa and Claremore are fantastic places to live in Oklahoma but are also among the most expensive for homeowner’s insurance. Both are around $3,500 average per year. While you can get cheaper insurance in some zip codes with less expensive houses, the higher end is the average for the area due to nicer homes and volatile weather conditions.
One way to have some control over the cost of your homeowner’s insurance premium is by selecting your deductible carefully. The higher your deductible (the amount you pay out of pocket before insurance kicks in) the lower your monthly premiums. If you don’t expect to have a lot of claims you can opt for a high deductible plan. However, many people with homes in Tulsa and Claremore will have multiple claims due to weather alone so you might want to consider that before making a choice. Select a home insurance company that has the right blend of coverage and discounts that will keep you protected at the best possible cost. Also, make sure to check out a company’s customer satisfaction ratings before making your final choice.