Wind and tornadoes. They’re among the problems that Oklahoma homeowners have to deal with, along with floods, wildfires and earthquakes.

Good home insurance is crucial in a state like Oklahoma. Here’s how to get the right coverage.

Wind and tornadoes

Wildfires

  • Standard home insurance also covers fire damage, whether it’s from a wildfire or a kitchen fire.

Floods

  • Home insurance usually won’t cover flood damage, such as floods from heavy rain or overflowing rivers. To be properly protected consider flood insurance, which is available through the National Flood Insurance Program (NFIP). Your Oklahoma home insurance agent can help you get an NFIP policy.

Earthquakes

  • Oklahoma earthquakes are frequently blamed on fracking, a process where wastewater is injected underground during drilling for oil and natural gas. Tulsa World reports that earthquakes in Oklahoma are on a four-year decline, possibly due to limits that state regulators have imposed on the number of disposal wells.

Still, damaging quakes are possible, and home insurance generally doesn’t cover earthquake damage. For that, you’d need earthquake insurance.

Oklahoma home insurance

What does Oklahoma homeowners insurance cover?

Here are the six main coverage types within a standard Oklahoma home insurance policy:

  1. Dwelling coverage in case your house is damaged or destroyed by problems such as fire, tornadoes and vandalism.
  2. Personal property coverage for your belongings that are damaged or stolen.
  3. Other structures coverage for things that aren’t attached to your house, such as garages, sheds and fences.
  4. Loss of use coverage for additional living expenses you have to pay if you can’t live at home due to damage to the house.
  5. Personal liability coverage if you or your household members are legally responsible for someone else’s injury or property damage.
  6. Medical payments to others coverage for people hurt on your property or away from it.

How much is Oklahoma home insurance?

The average Oklahoma home insurance premium is $1,875 a year for a typical policy, according to the National Association of Insurance Commissioners. That’s significantly more than the nationwide average of $1,192 a year.

20 largest Oklahoma homeowners insurance companies

Rank in Oklahoma Company Market share % in the state
1 State Farm 28.09
2 Farmers Insurance 16.9
3 Liberty Mutual 9.8
4 Allstate Corp. 7.34
5 USAA 7.25
6 CSAA Insurance Exchange 5.11
7 Oklahoma Farm Bureau Insurance 2.43
8 Shelter Insurance 2.3
9 American Farmers & Ranchers 2
10 Progressive 1.74
11 Chubb 1.39
12 Travelers 1.38
13 Munich Re 1.28
14 American National 1.06
15 Assurant 0.94
16 American Family Insurance 0.93
17 North Star Mutual Insurance Co 0.81
18 The Hanover Insurance Group 0.78
19 COUNTRY Financial 0.77
20 MetLife 0.58
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.