Homeowner insurance coverage in Oklahoma is in the Top 10 of states with the most expensive insurance rates for mobile homes, condos, and stick built houses in the U.S. Ranked at No. 4, annual premiums in the state cost between $984 and $1,018.
Why is homeowner insurance in Oklahoma so costly? The main reason is that the state is prone to violent weather in the form of tornadoes, which could cause great property damage in a matter of minutes. It is because of the threat posed by twisters that Oklahoma homeowners avail of “home insurance” (as it is called in the state instead of “homeowners insurance) despite the higher cost. Also, mortgage lenders would require homeowners to purchase even a basic home insurance policy before approving loan applications.
Home insurance in the state is denoted by code numbers. The various types of coverage in Oklahoma are the following…
° HO-1: The most basic home insurance policy, it protects the actual structure of the home, detached structures (like garages and sheds) and personal belongings from eleven primary perils. These eleven perils are…
1.Fire or lightning
2.Sudden or accidental damage from smoke
3.Windstorm or hail
5.Damage caused by vehicles
6.Damage caused by aircraft
7.Riot or civil commotion
9.Vandalism (also called “malicious mischief)
11.Damage by glass or safety-glazing material that is part of a building
° HO-2: Aside from the perils mentioned in HO-1, six more perils are added in HO-2, namely…
1.Objects from the sky, including airplanes, meteorites, etc.
2.Weight of snow, ice or sleet
3.Water damage from home utilities or appliances
4.Accidental water discharge or water overflow from plumbing
5.Damage from frozen plumbing
6.Sudden accidental cracking, splitting, burning, or distension of steam or hot water heating system
° HO-3: The most expensive and broadest coverage, HO-3 covers all types of perils, EXCEPT flood, earthquake, war and nuclear accident.
° HO-4: Also known as Renters Insurance, it covers the contents of the apartment and liability
° HO-6: Also known as Condominium Insurance, it protects the contents of the condo units and any modifications made, as well as liability.
° HO-8: This particular coverage is exclusively for homes with historic or architectural value. The perils listed in this policy are the same as in HO-1. The difference between HO-8 and HO-1 is that HO-8 covers replacement at actual cash values, with rebuilding costs deducted. In this policy, the level of financial coverage for replacement costs also increases.
Since twisters may also bring heavy rainstorms, flash floods may occur in the state. Flood coverage should be added as a special rider to the basic policy at extra cost or bought as a separate policy from the National Flood Insurance Program.
Although a homeowner insurance policy in the state may be expensive, there are several types of policies which the homeowner could choose from based on his/her budget and coverage needs. For inquiries on homeowner insurance in Oklahoma, one could contact the Oklahoma Insurance Department via their website.
Find homeowner insurance rates in each of these Oklahoma cities or counties:
Ada – Altus – Anadarko – Ardmore – Bartlesville – Bethany – Bixby – Blackwell – Broken Arrow – Chickasha – Choctaw – Claremore – Clinton – Coweta – Cushing – Del City – Duncan – Durant – Edmond – El Reno – Elk City – Enid – Glenpool – Guthrie – Guymon – Henryetta – Idabel – Jenks – Lawton – McAlester – Miami – Midwest City – Moore – Muskogee – Mustang – Norman – Oklahoma City – Okmulgee – Owasso – Pauls Valley – Ponca City – Poteau – Pryor Creek – Sallisaw – Sand Springs – Sapulpa – Seminole – Shawnee – Stillwater – Tahlequah – Tecumseh – The Village – Tulsa – Vinita – Wagoner – Warr Acres – Weatherford – Woodward – Yukon
Homeowner insurance in Oklahoma provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Oklahoma above.