How to Reduce Homeowners Insurance Premiums in Oklahoma
Oklahoma homeowners insurance costs are some of the highest in the country. Hail, wind, and tornadoes drive up claims, and those claims drive up rates. The good news is you have more control over your premium than you might think.
Here's how to reduce homeowners insurance premiums without leaving your home underinsured.
Why Is Homeowners Insurance So Expensive in Oklahoma?
Oklahoma sits in the middle of Tornado Alley and hail country. Insurers pay out a lot of storm claims here, so they charge more to cover that risk.
Your own rate depends on several things:
- Your home's age, size, and rebuild cost
- Your roof's age and material
- Your claims history
- Your credit-based insurance score
- Your deductibles and coverage limits
- How close you are to a fire station and hydrant
You can't move your house out of hail country. But you can change many of the other factors.
How to Reduce Homeowners Insurance Premiums: 9 Ways That Work
1. Compare Homeowners Insurance Rates Every Few Years
Rates change often, and every company prices risk in its own way. The same home can get quotes that differ by hundreds of dollars a year. That's why it pays to compare homeowners insurance rates at least every two or three years, or any time your renewal jumps.
An independent agent can shop many carriers at once with the same coverage, so you see a fair comparison.
2. Raise Your Deductible
A higher deductible means a lower premium. Moving from a $1,000 to a $2,500 deductible can cut your rate a lot. Just pick an amount you could pay tomorrow if a storm hit.
Also look at your wind and hail deductible. In Oklahoma, it's often a percentage of your dwelling limit, like 1% or 2%. A higher percentage saves money but means a bigger bill after a hail claim.
3. Bundle Home and Auto
Most carriers give a discount when you insure your home and cars with them. Bundling discounts often run from 5% to 25%. Adding an umbrella policy can boost the savings.
4. Install an Impact-Resistant Roof
This is the biggest of the home improvements to lower insurance costs in Oklahoma. Class 4 impact-resistant shingles stand up to hail far better than standard shingles. Many carriers offer a large discount for them, and some offer better claim terms too.
Ask your agent how big the discount is with each carrier. Keep your installer's paperwork so you can prove the roof rating.
5. Make Other Home Improvements to Lower Insurance Costs
Other upgrades can also earn discounts or keep claims away:
- Update old wiring, plumbing, and heating systems
- Add a monitored security system
- Install smoke detectors, fire extinguishers, and a water shutoff valve
- Build or add a storm shelter or safe room
- Trim trees that hang over your roof
6. Improve Your Credit
In Oklahoma, insurers can use a credit-based insurance score to set your rate. Paying bills on time and keeping balances low can lower your premium over time.
7. Avoid Small Claims
Filing several small claims can raise your rate or even get your policy dropped. For minor damage, it often makes sense to pay out of pocket and save your insurance for big losses.
8. Ask About Every Discount
Many people miss discounts they qualify for. Ask your agent about:
- New home or newly renovated home discounts
- Claims-free discounts
- Paid-in-full and automatic payment discounts
- Loyalty discounts
- Retiree or senior discounts
9. Review Your Coverage Each Year
Don't pay for coverage you no longer need. If you sold valuable jewelry or removed a pool, update your policy. But don't cut your dwelling limit below your rebuild cost just to save money. Being underinsured can cost far more after a loss.
What Should You Never Cut to Save Money?
Some savings aren't worth it. Keep these in place:
- Enough dwelling coverage: It should match the full cost to rebuild your home.
- Replacement cost coverage: With actual cash value, you get a much smaller check after a loss.
- Liability coverage: Lawsuits can cost far more than your premium savings.
How Can a Local Agent Lower Home Insurance Costs?
A local independent agent knows which carriers are competitive in your part of Oklahoma. We can lower home insurance costs by matching your home to the right company. We also find discounts and help you pick smart deductibles.
Frequently Asked Questions
What is the fastest way to lower my homeowners insurance premium?
The fastest ways are usually to raise your deductible and shop your policy with several carriers.
Does a new roof lower homeowners insurance in Oklahoma?
Yes. A new roof, especially a Class 4 impact-resistant roof, can lower your premium and improve how hail claims are paid.
How often should I compare homeowners insurance rates?
Compare rates every two to three years, and any time your renewal premium goes up a lot.
Will filing a claim raise my rates?
Yes, it can. Several claims in a short time are more likely to raise your rate than one large claim.
Get a Free Quote From Miner Family Insurance
We're a local, independent agency in Edmond. We compare more than 50 carriers to help Oklahoma families save on home insurance. Call (405) 724-2389 or request a home insurance quote online.
