Insurance companies calculate home insurance costs based on the likelihood that something bad will happen. The more likely it is that a harmful event can damage your house, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Oklahoma is compared to the rest of the country.
The burglary rate in Oklahoma is significantly higher than the national average. Be sure to protect your property by keeping doors and windows securely locked, keeping entryways well-lit and unobstructed from view, and installing a home security system. Taking extra steps to safeguard your house can often result in reduced prices on your homeowners insurance.
- Average number of burglaries per 1,000 homes in OK: 6.81
- Average number of burglaries per 1,000 homes in the U.S.: 3.76
Damaging weather events, such as severe storms and tornadoes, can wreak havoc on residential properties in this state. In 2013, a nearly 2-mile wide twister was on the ground for about 39 minutes. It caused more than $2 billion in damage.
Be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property before disaster strikes.
- Number of federally declared disasters since 1953: 171
- Most common causes of disasters in the state: Wildfires, severe storms, and floods
- Average number of tornadoes per year in the state: 65.4
- Amount paid in home insurance claims in 2016: $638,506,000
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Oklahoma, the average home value is lower than the national average. This helps to keep insurance rates affordable despite the many weather-related risks in this state.
- Average home value in OK: $137.400
- Average home value in the US: $188,900