Getting a Condo Insurance Quote in Oklahoma
Oklahoma residents often choose condos over apartments when renting, but choosing the right condo insurance can be confusing. So we have listed some key things to keep in mind when negotiating your condo insurance to make sure that you get the policy you need for the right price. There are a lot of factors that affect the estimated price of your yearly Oklahoma condo insurance, so we've made it our goal to help make the condo insurance purchasing process as uncomplicated as possible.
Oklahoma Condo Insurance Statistics at a Glance
Given the numerous factors that can affect the purchasing price of condo insurance, and taking into account rising property values, Oklahoma condo insurance coverage for renters can be expensive. Oklahoma is ranked as the 3rd most expensive state in the country for condo insurance, with residents paying an average of $178 a month or $2,133.00 annually in condo insurance premiums. Despite these rates becoming more affordable over time they can be detrimental to renters with low incomes. Overall most cities in Oklahoma have similar average monthly rates, but Bartlesville, OK was shown to be the cheapest city at $1054.50 annually or $87.88 a month. By contrast, Midwest City, OK sees the highest condo insurance rates in the country at $1552.50 annually or $129.38 a month. Different insurance companies have significant differences in rates so it's important to shop around if you're searching for condo insurance in Oklahoma.
$926
Average Annual Cost of Condo Insurance in Oklahoma
The average cost of condo insurance in Oklahoma on an annual basis is $926.
$77
Average Monthly Cost of Condo Insurance in Oklahoma
The cost of condo insurance in Oklahoma is roughly $77 per month.
22%
Percentage of Income on Ownership for Condos in Oklahoma
Residents of Oklahoma spend an average of 22% of their income on condo ownership.
26 years
Median Age of a Property Which Requires Oklahoma Condo Insurance
The average age of a property requiring condo insurance in Oklahoma is roughly 26 years.
What Affects the Costs of Your Condo Insurance in Oklahoma
Several factors can cause condo insurance coverage in Oklahoma to vary in price. Insurance companies take many factors into account when calculating your individual risk and policy requirements to determine a quote for your condo insurance coverage. But many external factors can influence the purchase price of your condo insurance in Oklahoma, including the location of your condo, the age of your condo, and its building quality. There are benefits to this as agents can see if you're entitled to discounts. And you can influence the final pricing of your condo insurance by monitoring your credit history, claims history from other insurance providers, your driving record, calculating the price of personal belongings that will be held on the premises, the details of tenants, and if you own or rent the condo. To get the best insurance quote possible, we strongly recommend you have as much of this information prepared as possible before obtaining a condo insurance quote for your Oklahoma property.
Average Cost of Condo Insurance in Oklahoma by City
The most common type of condo insurance in the state of Oklahoma is an HO6 insurance policy. Whether you're enjoying city life in Oklahoma City or Tulsa, or own a condo in a smaller city like Sapulpa, you'll likely require a H06 insurance plan for your condo. We've compiled several projected condo insurance quotes for your Oklahoma city so you know the average cost of insurance where you are before you start looking for a quote. These averages are based on all insurance costs for your respective town or city in Oklahoma, so the quote you receive from insurers could differ dramatically from what is quoted below depending on your exact location.
| City in Oklahoma | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Oklahoma City, OK | $127 | $1,525 |
| Tulsa, OK | $92 | $1,110 |
| Norman, OK | $119 | $1,433 |
| Broken Arrow, OK | $92 | $1,108 |
| Edmond, OK | $124 | $1,483 |
| Lawton, OK | $111 | $1,335 |
| Moore, OK | $125 | $1,504 |
| Midwest City, OK | $129 | $1,553 |
| Stillwater, OK | $104 | $1,250 |
| Enid, OK | $105 | $1,263 |
| Muskogee, OK | $91 | $1,086 |
| Owasso, OK | $91 | $1,088 |
| Bartlesville, OK | $88 | $1,055 |
| Shawnee, OK | $110 | $1,324 |
| Yukon, OK | $126 | $1,507 |
| Bixby, OK | $94 | $1,124 |
| Ardmore, OK | $99 | $1,186 |
| Ponca City, OK | $107 | $1,280 |
| Jenks, OK | $94 | $1,122 |
| Duncan, OK | $114 | $1,373 |
| Mustang, OK | $125 | $1,498 |
| Del City, OK | $127 | $1,525 |
| Sapulpa, OK | $100 | $1,205 |
Choosing the Best Condo Insurance Company in Oklahoma for Your Needs
Putting in the time to find a condo insurance company that meets your needs is worth the effort as it will provide you peace of mind in the long run. Don't short change your Oklahoma condo and its contents by settling for the most affordable option on the market. You're insuring your space, yourself, and your valuables, so spend some extra time to look for the most extensive insurance coverage plan that you can find. Comparing several businesses and what they can offer you before making your final choice is crucial when trying to find the best deal. Do not let yourself be coerced into signing for an insurance package, companies that use these tactics are often unreliable and provide poor service. Look for condo insurance providers that reward their long-term customers with discounts or provide package insurance reductions. Be sure your provider is accredited. Check the Oklahoma Department of Insurance website to find the licensing status, fiscal stability, and complaint history of your chosen insurer.
The Top Rated Condo Insurance Companies in Oklahoma Based off Consumer Ratings
With over 50 years of experience in the insurance industry State Farm is one of the most popular insurance providers in the USA. In Oklahoma, a study conducted by JD Power revealed that State Farm scored an average of 3 out of 5 for their coverage options, billing and payment services, customer support services, and claims. In Oklahoma, State Farm also obtained a NAIC complaint ratio of 0.19. Like many condo insurance companies in Oklahoma, they offer premium discounts on renovated condos and dwellings that have been made to better withstand any natural disasters which might happen in The Sooner State. When looking at metrics of condo insurance companies in Oklahoma alone, USSA gets the greatest JD Power rating in the country at 5 while AAA gets the lowest at 2. These statistics are reflected in complaints ratios, with the NAIC complaint ratio in for USSA at 0.14 while AAA again sees the highest NAIC complaint ratio at 1.27.
| Oklahoma Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Oklahoma | 3/5 | 0.19 |
| Farmers Ratings for Condo Insurance in Oklahoma | 3/5 | 0.47 |
| Allstate Ratings for Condo Insurance in Oklahoma | 3/5 | 0.29 |
| USAA Ratings for Condo Insurance in Oklahoma | 5/5 | 0.14 |
| AAA Ratings for Condo Insurance in Oklahoma | 2/5 | 1.27 |
| Oklahoma Farm Bureau Ratings for Condo Insurance in Oklahoma | N/A | 0 |
| American Farmers & Ranchers Mutual Ratings for Condo Insurance in Oklahoma | N/A | 1.11 |
| Travelers Ratings for Condo Insurance in Oklahoma | N/A | 0.28 |
| American National Ratings for Condo Insurance in Oklahoma | N/A | 0.69 |
Oklahoma Condo Insurance Requirements
Under the Unit Ownership Estate Act, a condo unit owner in Oklahoma is permitted to purchase insurance for his or her own benefit but isn't required to do so. The Act states, that if at a time of loss the unit owner has an insurance policy that covers exactly the same danger as the coverage of the association, then the institutions' policy will provide the insurance that is key and will take precedence. Oklahoma law requires condominium institutions to obtain insurance for the condominium construction as a whole. But, condo unit owners should still consider purchasing insurance policies to cover their liability, their possessions, any developments they install, or for coverage for any loss or event not covered by the coverage of the association.
What's Covered with Your Condo Insurance in Oklahoma
When searching for a condo insurance policy, you will notice that the majority of condo insurance companies in Oklahoma will provide standard coverage which can include construction property policy, private property policy, loss of use coverage, and liability policy. Building property policy provides coverage for any damage to the interior of your condo (floors, walls, tiles) and loss of permanent fixtures resulting from a covered event, such as a fire. Personal property policy protects your personal belongings, such as furniture, electronics, and clothing, from a covered event. With liability policy, if you're held accountable for physical injury or property damage liability policy offers financial protection for you. Normally a condo insurance policy in Oklahoma insures you for $100,000 in liability damages. With lack of use policy: If your condo becomes uninhabitable and you want to live outside of your residence due to a covered event and are paying more than you would to live on your condo then this will cover you for the increased living expenses.
| Average Costs of Condo Insurance in Oklahoma by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Adair County, OK | $75 | $903 |
| Alfalfa County, OK | $90 | $1,082 |
| Atoka County, OK | $79 | $951 |
| Beaver County, OK | $94 | $1,131 |
| Beckham County, OK | $92 | $1,108 |
| Blaine County, OK | $94 | $1,132 |
| Bryan County, OK | $81 | $973 |
| Caddo County, OK | $94 | $1,127 |
| Canadian County, OK | $98 | $1,178 |
| Carter County, OK | $83 | $996 |
| Cherokee County, OK | $75 | $896 |
| Choctaw County, OK | $78 | $941 |
| Cimarron County, OK | $88 | $1,056 |
| Cleveland County, OK | $96 | $1,152 |
| Coal County, OK | $84 | $1,006 |
| Comanche County, OK | $89 | $1,071 |
| Cotton County, OK | $92 | $1,105 |
| Craig County, OK | $77 | $929 |
| Creek County, OK | $83 | $994 |
| Custer County, OK | $82 | $979 |
| Delaware County, OK | $75 | $901 |
| Dewey County, OK | $93 | $1,122 |
| Ellis County, OK | $94 | $1,130 |
| Garfield County, OK | $88 | $1,054 |
| Garvin County, OK | $85 | $1,014 |
| Grady County, OK | $95 | $1,138 |
| Grant County, OK | $89 | $1,069 |
| Greer County, OK | $93 | $1,114 |
| Harmon County, OK | $89 | $1,065 |
| Harper County, OK | $94 | $1,124 |
| Haskell County, OK | $80 | $960 |
| Hughes County, OK | $85 | $1,019 |
| Jackson County, OK | $91 | $1,088 |
| Jefferson County, OK | $91 | $1,090 |
| Johnston County, OK | $84 | $1,007 |
| Kay County, OK | $87 | $1,047 |
| Kingfisher County, OK | $96 | $1,155 |
| Kiowa County, OK | $91 | $1,094 |
| Latimer County, OK | $79 | $945 |
| Le Flore County, OK | $79 | $943 |
| Lincoln County, OK | $87 | $1,047 |
| Logan County, OK | $95 | $1,138 |
| Love County, OK | $89 | $1,072 |
| Major County, OK | $91 | $1,095 |
| Marshall County, OK | $85 | $1,022 |
| Mayes County, OK | $76 | $916 |
| McClain County, OK | $94 | $1,130 |
| McCurtain County, OK | $78 | $939 |
| McIntosh County, OK | $81 | $969 |
| Murray County, OK | $83 | $996 |
| Muskogee County, OK | $77 | $926 |
| Noble County, OK | $89 | $1,071 |
| Nowata County, OK | $77 | $924 |
| Okfuskee County, OK | $85 | $1,024 |
| Oklahoma County, OK | $98 | $1,178 |
| Okmulgee County, OK | $81 | $973 |
| Osage County, OK | $80 | $961 |
| Ottawa County, OK | $75 | $902 |
| Pawnee County, OK | $83 | $1,002 |
| Payne County, OK | $82 | $989 |
| Pittsburg County, OK | $79 | $950 |
| Pontotoc County, OK | $84 | $1,006 |
| Pottawatomie County, OK | $88 | $1,053 |
| Pushmataha County, OK | $80 | $960 |
| Roger Mills County, OK | $91 | $1,098 |
| Rogers County, OK | $75 | $903 |
| Seminole County, OK | $87 | $1,041 |
| Sequoyah County, OK | $77 | $919 |
| Stephens County, OK | $91 | $1,087 |
| Texas County, OK | $92 | $1,099 |
| Tillman County, OK | $92 | $1,104 |
| Tulsa County, OK | $76 | $912 |
| Wagoner County, OK | $77 | $920 |
| Washington County, OK | $75 | $897 |
| Washita County, OK | $94 | $1,125 |
| Woods County, OK | $91 | $1,096 |
| Woodward County, OK | $92 | $1,103 |
How to Get Oklahoma Condo Insurance Discounts
Each insurance company in Oklahoma has its very own reduction or dedication program. Make sure to ask insurers about any discounts that may be available for yourself or your family members when shopping around for your condo insurance. Normally, you will find many discounts that are relevant for you, the most common discounts awarded to insurance seekers are new client discounts, loyalty discounts for returning customers, and multi-policy or bundled discounts.
| Condo Insurance Deductible | Average Oklahoma Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $318 |
| $1,000 | $291 |
| $1,500 | $272 |
| $2,000 | $256 |
| $5,000 | $225 |
Getting the Best Oklahoma Condo Insurance Rates
Shopping around for estimates on your condo insurance policy is critical if you want to find the best policy for you at the right price. Take a few minutes out of your day to call us so we can help you find the best deal for your insurance. Ask a friend to refer you to their condo insurance provider; you may receive a referral reduction. The higher your deductible, the lower the price of your insurance. However, you must ensure that your deductible is not too high as in the case of a loss you are responsible for the costs. You should contact as many insurers as possible and start a discussion about discounts for their insurance policies and any insurance packages they can provide so you can get the best deal. For example, talk to your car insurance provider and ask them if they can decrease your premium if you buy condo insurance from them. Providers often reduce the insurance premiums of their loyal customers as an incentive to stay with this company. Some of these discounts can save you an average of 10% on your yearly premiums.