Getting Home Insurance in Oklahoma City
According to the Insurance Information Institute, the state of Oklahoma is ranked fifth highest in the nation for homeowners insurance premiums, averaging $1,123 per household. A major contributing factor for this high average is the likelihood of homes sustaining damage from natural causes, mainly tornadoes, hail, and thunderstorms.
The price of homeowners insurance in Oklahoma City varies, depending on the company you choose. For example, when comparing rates for a framed home worth $100,000 with $50,000 worth of contents, $100,000 in personal liability coverage, $1,000 for medical expenses, and a $500 deductable, the Oklahoma Insurance Department shows that Allstate Insurance Co. will have a $2,352 premium, North Star Mutual Insurance Co. will have a $1,392 premium, and Shelter Mutual Insurance Co. will have a $2,003 premium. However, it is best to contact insurance companies yourself to find out exactly what your premium will be.
Factors of Home Insurance Rates in Oklahoma City
Where your home is located will be a factor when determining what your premium in Oklahoma City will be. This has a lot to do with the crime rate in your area. Most plans will cover things such as theft, vandalism, and damage caused by civil commotion. Therefore, homes that are located in high-crime areas will have higher rates than those located in areas with less crime. The following chart lays out crime rate statistics for Oklahoma City:
Location also comes into play when considering the risk of damage resulting from natural disasters. Most plans will cover damage from things such as wind, hail, and lightning. Oklahoma is considered to be a hot spot for tornadoes, which result in extreme wind damage, as well as hail damage in many cases. Another factor that can affect home insurance rates is whether or not you have pets, and the type of pets you have because many insurance plans will not cover damage caused to your Oklahoma City home by your pet(s).
Insurance plans will also cover damage caused by fire and smoke. Fortunately, Oklahoma City Fire Department has 44 stations throughout the city, so because of the likelihood that emergency response will be able to make it to your home in a short amount of time, chances are that your rates may not increase to compensate for the risk of fire damage.