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Home insurance in Oklahoma has totally changed in the last 6 months.  Not only are prices going up but now companies are starting to restrict how many home policies they offer.  We are seeing limitations on prior claim activity, credit scores, roof age and geographical area.

Many consumers think that insurance companies always make money and they don’t.  Most companies in Oklahoma are currently losing 10 to 20 cents on every dollar.  As a result, there is some panic and desperation that we have not seen in the past 40 years and probably never before.  Different people have varying opinion on why the southern half of the U.S. is seeing more hail storms; however, the fact is that the number of damaging hail storms is much higher than any other time in the last 50 or more years.

State Farm lost over $12 Billion dollars last year.  Most companies would be panicked with this type of loss and would move aggressively to eliminate further losses or take large rate increases.   However, I have been told that State Farm has around $150 Billion dollars in cash and other liquid assets.  Eventually State Farm will have to fix their loss problems or take large rate increase but for now they are a strong competitor most of the time.

Most all of the other quality companies like Travelers, Progressive, Safeco, Farm Bureau, AAA and Farmers are priced similar some of the time and far apart some of the time….it is totally unpredictable so you’ll have to shop around to find a company that wants your business.  That is why shopping through an Independent Insurance Agency like Statewide Insurance Agency makes so much sense.  We represent multiple insurance companies to find the best one for you!

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January 8th, 2023

Home insurance cost in Oklahoma started rising dramatically in the early part of 2022.  I have to stress that no one company is best for all consumers and that is why an Independent Insurance Agent representing multiple companies has the best chance of saving you money without sacrificing quality coverage.  With that said, here is my current ranking of home insurance companies in Oklahoma.

#1:  United Home Insurance Company (UHIC).  UHIC is a smaller, regional company out of Arkansas that has been around for over 100 years.  They do an excellent job with claims and they are an excellent solution for homes built after 1970 and Dwelling Coverages under $600,000.  UHIC oftentimes has great car insurance rates to go with their good home rates.

#2: “Openly” aka Rock Ridge Insurance Company.  This is a relatively new company; however, they have very strong financial backing, their coverage’s are superior to almost all other companies and, oftentimes,  they have the best rate.  It would be fair to question the long term ability of Openly to price this competitively; however, all companies seem to have this struggle in Oklahoma with regard to home insurance.  Openly likes high value homes and they are sometimes an excellent solution for homes that are over 2500 s.f.  They are very particular on who they insure so they are not a solution for everyone.

#3:  Travelers Insurance

#4:  State Farm

#5:  AAA Insurance

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Oklahoma Home Insurance Cost Update:  August 4, 2020

Two very important things have happened in the last 60 days.  First, Safeco Insurance has introduced lower pricing on their home insurance and second, Progressive Insurance implemented a fairly large rate increase.  As a result, this is the way I now view the competitive position of home insurance companies in Oklahoma…

1.  Safeco Insurance:  Strong home insurance price, excellent coverages and their claim service is doing great.  The Safeco car insurance is competitive also so bundled deals are good.
2. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
3. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
4. Progressive Insurance:  They will still be the best on a few home insurance deals and their car insurance is usually the best for drivers with excellent records!
5. Travelers Insurance:  They have excellent coverages and claim service and are competitive on many home and car insurance bundles in Oklahoma.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Travelers but not State Farm or Allstate.

Update: February 23, 2020

Here is my latest update for home insurance in Oklahoma….*

1.  Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers
2. Safeco Insurance (a Liberty Mutual Company):  This is, by far, the biggest change on my update.  Bundling discounts with Safeco pretty much require you to place your home and car insurance with them; however, their package is going to be very strong for consumers with good credit and good loss history.
3. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
4. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
5. Encompass Insurance (an Allstate Insurance Company):  For many years Encompass was the “high value home” solution offered by Allstate.  Now Encompass is available for dwelling coverage as low as $150,000 and as high as $3M.  They have excellent coverages and they are becoming increasingly competitive.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Encompass but not State Farm or Allstate.

Update: February 23, 2020

Here is my latest update for home insurance in Oklahoma….*

1.  Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers
2. Safeco Insurance (a Liberty Mutual Company):  This is, by far, the biggest change on my update.  Bundling discounts with Safeco pretty much require you to place your home and car insurance with them; however, their package is going to be very strong for consumers with good credit and good loss history.
3. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
4. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability and consumers should ask about discounts that diminish or totally go away after the first year!
5. Encompass Insurance (an Allstate Insurance Company):  For many years Encompass was the “high value home” solution offered by Allstate.  Now Encompass is available for dwelling coverage as low as $150,000 and as high as $3M.  They have excellent coverages and they are becoming increasingly competitive.

• Disclosure – Statewide Insurance Agency represents Progressive, Safeco and Encompass but not State Farm or Allstate.

Update: October 13, 2019

1.  Progressive Insurance:  Their home and car insurance continues to dominate the Oklahoma market for preferred home insurance customers.  They have the best coverage/price combination for about 60% of Oklahoma consumers.
2. Allstate Insurance:  Their pricing continues to be strong is some areas of the state.  Some of their discount diminish over time so ask about that.
3. State Farm Insurance:  Their car insurance pricing is usually competitive….their home insurance is usually 20% over other companies but they are reliable.
4. All Others:  I don’t have a 4th favorite right now.  There are several good companies that occasionally have good solutions for consumers, like Safeco, Travelers, United Home Insurance, AAA, Shelter and Encompass but, for one reason or another, they are not a key player right now.  There are also several companies that have great pricing but they have proven to be unreliable in the Oklahoma market.

Update: 1-12-2019

The Oklahoma homeowners insurance market continues to change in Oklahoma so I’m going to revise my ranking of companies….

1. Progressive Insurance:  They still offer an excellent value and are a good long term choice for many consumers.
2. Travelers Insurance:  Conservative underwriting practices has resulted in fewer rate increases relative to their competition….stable and committed to Oklahoma.
3. Allstate Insurance:  They have aggressive growth strategies in Oklahoma and so their pricing is good in some areas for some consumers…I’m not sure about their rate stability.
4. State Farm Insurance:  They offer excellent service and good long term value for some consumers.  Their pricing varies quite a bit but they are worthy of consideration.
5. Safeco Insurance ( a Liberty Mutual Company):  They offer excellent claim service and they are very friendly to do business with.  Some of their pricing on new policies is a challenge;  however, Safeco’s car insurance is sometimes tough to beat.  As a result, auto and home bundles can still be very competitive with Safeco Insurance.

Oklahoma home insurance rates increased roughly 50% during a 5 year period ending in 2015 as homeowners embraced continuous wind and hail storms, especially within the western one-half of the state.  

These increases have Oklahoma homeowners scrambling to find quality home insurance with stable companies without the high cost that many insurers are still trying to charge.

In our opinion, the following 4 companies offer the greatest home insurance value in Oklahoma and, in our opinion, these companies will have the best chance of saving Oklahoma consumers money as you seek quotes for your homeowners insurance needs. All  4 of these companies offer outstanding coverage, excellent claims service and they usually have a lower cost than competitors.  

      1.   Safeco Insurance ( a Liberty Mutual Company)

      2.  Travelers Insurance

      3.  State Farm Insurance

      4. Allstate Insurance

May 5, 2018 Consumer Update:  3 of the last 4 years have been very profitable for the companies offering home insurance quotes in Oklahoma.  As a result, we are starting to see some companies offer better rates in many situations.  Also, Progressive Insurance has come into Oklahoma offering an excellent home insurance policy and oftentimes the rate is outstanding.  I have confidence that Progressive will be consistent and provide and excellent home insurance value for Oklahoma customers.  As a result, here is my new, updated rankings….

1. Progressive Insurance
2. Safeco Insurance ( a Liberty Mutual Company)
3. Travelers Insurance
4. Allstate Insurance
5. State Farm Insurance

I have moved Allstate above State Farm because Allstate has a better home insurance cost right now.  However, long-term, State Farm will provide good value relative to other premium cost carriers, in my opinion.

Statewide Insurance Agency represents Progressive, Safeco Insurance and Travelers Insurance but not State Farm or Allstate.  

CLICK HERE TO REQUEST A HOME INSURANCE QUOTE FROM STATEWIDE NOW

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Even a small leak can become a major problem, so knowing what you’re covered for and how to prevent water damage are equally important.  The below tips should help uncover any potential water problems down the road and keep your property dry this summer.

• Check appliance hoses.
  • Standard hoses are not as durable as they used to be. 
  • Replace rubber hoses with steel-braided hoses.
  • This is a low cost fix that can save thousands in water damage. 
• Broken tiles in the shower can allow water to leak into the walls or on the floor.
  • Replace cracked tiles and re-grout when needed. 
• Run dishwasher and washing machine only when you are home. 
  • If a leak occurs, you can turn the appliance off right away. 
• When on vacation, turn off the main water supply to your house. 
• Keep storm drains near your house clear of leaves. 
• Install a gutter guard.
  • This can prevent a rooftop disaster caused by drain clogs, and also prevents flooding by water that isn’t carried away from the house. 
• Install a water pressure gauge.
  • An inexpensive gauge can prevent damage caused by water pressure that’s too high. 
  • Pressure should be between 60 and 80 PSI. 
• Have the correct insurance coverage.
  • We currently represent and offer free Home, Auto & Renters insurance quotes from over 10 different companies!
  • By doing so, we are able to find the company that is best for you.

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Downtown Edmond Business Association

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The National Storm Damage Center has a number of resources and tips for homeowners.

Here are 4 major things this agency, and we here at Statewide, recommend you check after a storm:

1. Your roof: If you see holes, split seams or missing shingles on your roof or if you notice leaking inside or out, it’s a good idea to have a qualified inspector come assess the situation.

2. Your exterior: Siding, brick and stucco are all vulnerable to storm damage. You’ll want to look for cracking, chipping or dings and dents in siding, and for holes in stucco. Look closely and at different times of the day. Some homeowners don’t notice damage until it’s too late to file a claim, and different lighting can reveal damage you didn’t see before.

3. Driveways and walkways: Cracking and splitting can create safety hazards, as well as reduce the lifespan of the concrete.

4. Trees: According to the National Storm Damage Center, fallen trees and limbs cause more than $1 billion in damage annually. Check roofs, vehicles, fences and machinery for fallen limbs that may have caused damage or could pose a risk. Clean up what you safely can and rely on a reputable tree removal service to handle the rest. Depending on the circumstances, your homeowners insurance policy may help with tree removal and damage repair costs – if you experience a covered loss, that is.

A few more helpful tips:

• Keep trees well maintained and trimmed. Also notify neighbors if you see any overhanging branches on any of theirs.
• Know your insurance. Take a look at your policy so you know what’s covered, what your limits and deductibles are, etc. This will prevent any surprises during the claims process.
• Take pictures. Photographs can help you show the cause and extent of any storm damage that occurs.
• Talk to your agent. Make sure to take some time to talk to your agent for any questions or concerns.

Of course, if you’ve suffered through a major storm, don’t hesitate to call us for help with your policy or with finding a professional property inspector.

The post Assessing a Home Insurance Claim After a Storm first appeared on Statewide Insurance Agency.