Oklahoma Home Insurance Rates

Consumers may be surprised to learn that home insurance rates in Oklahoma are fairly high when compared to the rest of the country. In fact, for a state where the cost of living is relatively low, Oklahoma has home insurance rates that are comparable to those in California. However, it is still possible to obtain extremely competitive home insurance rates in Oklahoma, and the best way to reduce these rates is to understand how providers calculate their quotes.

There are four different types of home insurance coverage available in Oklahoma for houses, and these are denoted by code numbers: HO-1, HO-2, HO-3, and HO-8. There are also two additional types of coverage, one which is aimed at apartments, HO-4, and another for condos and co-ops, HO-6.

HO-1
This is the most basic home insurance policy available, and will cover your house, surrounding buildings, and any incidental property inside or on the property. There are 11 primary perils that are covered according to the Oklahoma insurance Department – fire or lightning, windstorm or hail, explosions, riot or civil commotion, damage caused by aircraft, damage caused by vehicles, sudden or accidental damage from smoke, vandalism or malicious mischief, theft, volcanic eruption, and damage by glass or safety glazing material that forms part of a building.

HO-2
This is the next level up in coverage, which includes the 11 perils mentioned above, plus 6 additional possible perils – objects falling from the sky, including meteorites, aeroplanes, etc., water damage from home utilities or appliances, weight of ice, snow, or sleet, damage from frozen plumbing, accidental discharge or overflow of water from plumbing, sudden accidental splitting, cracking, burning, or distension of a steam or hot water heating system.

HO-3
This is the highest level of coverage available for an average home, and will cover all the 17 perils listed, and also any peril that hasn’t been identified specifically in the policy, although flood, earthquake, war, and a nuclear accident are the exceptions to this rule.

HO-8
There are also 11 perils covered in this policy, just as with an HO-1 policy, but HO-8 is considered to be far more valuable. This is specifically because it is almost exclusively offered for heritage homes that have certain historic value or which may contain architectural features of historic value.

The average cost of buying a home in Oklahoma is relatively modest, and as this is one of the determining factors in calculating home insurance rates, it is difficult to understand why there is such a high price to insure these properties. However, the real reason that Oklahoma home insurance rates are so high is because of the risks posed by the weather conditions.

Oklahoma has an extremely high frequency of high winds, tornadoes, hail, and other risk factors. This, unfortunately, means that most home insurance companies will provide quotes and rates that are higher than average. It is important to remember that insurance is provided through evaluating risk, and as there is a high risk of damage to properties in Oklahoma, home insurance rates reflect this.

Although there is nothing that you can do about the weather conditions in Oklahoma, there are a number of ways in which you can lower home insurance rates. Many consumers often look at either increase their deductible (the amount they have to pay in out-of-pocket expenses if any damage occurs) or reducing their level of coverage. However, both of these options may cause serious problems if your home is damaged, and therefore it is a good idea to look into the other methods of lowering your home insurance rates.

There are also a number of discounts given on Oklahoma home insurance, and these include: installing an approved burglar alarm, updating certain home components, such as plumbing and electrical wiring, installing smoke detectors, sprinklers, and any other fire safety equipment. Residents of Oklahoma may also wish to use weather and dent resistant materials on their home’s exterior, and even something as simple as raising your credit score can lower your home insurance premiums.

It is also advisable to compare quotes from a number of different home insurance providers, as home insurance companies are likely to offer different rates in the same situation. This can, of course, mean that you could save yourself hundreds of dollars a year by simply choosing a different home insurance company. Possibly the easiest way to compare a number of quotes from different providers is through the various price comparison tools available online.

A price comparison website will merely require you to enter a few basic details about yourself and your property, and will then produce a number of quotes from many different home insurance providers. Once you have a number of quotes available to you it will be far easier to see who offers the most favorable home insurance rates.

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