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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.

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.

Update:  November 15, 2019

Keep in mind that no one company is the best for all consumers and that is why we represent multiple name brand insurance companies.  HOWEVER, with that said, I will also tell you that Progressive Insurance is dominating new business sales for Oklahoma homeowners insurance and Oklahoma car insurance.  They are the best solution for about 65% of our new policies.  Furthermore, they are strong in car insurance as well as home insurance.  Progressive is also very conservative in their underwriting which gives us confidence that they will be competitive provider long term for preferred customers.  10 years ago, many consumers saw Progressive as a “high risk” company….that has changed in the last 5 to 10 years and they are focused on the preferred home and car insurance markets in Oklahoma and across the U.S.

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 30% during a 5 year period ending in 2017 despite the fact that our weather was pretty good in 2014 – 2017.

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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 5 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  5 of these companies offer outstanding coverage, excellent claims service,  they usually have a lower cost than competitors and they offer good rates on car and home insurance bundles.  

     1.  Progressive Insurance

     2.  Safeco Insurance ( a Liberty Mutual Company)

     3.  Travelers Insurance

     4.  State Farm Insurance

     5. Allstate Insurance   

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

Statewide Insurance Agency

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