Last Updated on September 29, 2020 by Andrew Lee
There are many different ways to protect your home and everything it contains. Some of them active, while others fall under the passive category. All these will help you make certain this largest investment you’ve ever made will continue giving you, your family, and your other valuable personal property a safe haven.
And with a robust Oklahoma homeowners insurance policy, you can rest easy knowing that you have adequate protection. To help you understand this better, here are several facts and figures about it that you’ll find really interesting.
Why it’s important you know these things
Now that you know what determines your insurance rates, you can now start organizing a plan to lessen your expenditures. This is especially true since the State of Oklahoma has some of the highest homeowners insurance premiums in the country.
Homeowners paid an average of $1,428 compared with the national annual average of $952
From these numbers, you should already realize just how crucial it is for you to do your part in ensuring you have adequate protection without overpaying.
Insurance rates 101
According to the Oklahoma Insurance Commissioner, insurance companies use a variety of factors to determine the rates they charge their customers. Knowing more about these will provide you with ways to cut back on your homeowners insurance related costs.
The following are the variables that influence the rates for this specific type of insurance:
- If you have made claims in the past
- If you have good credit history and standing
- If your house makes use of quality construction materials
- If your home is nearby local fire departments
Insurance companies also take a closer look at your property’s specific location (the city/country) when determining your rates.
Key Facts and Market Trends in Oklahoma: In a 2013 study conducted by the National Association of Insurance Commissioners (NAIC), the Oklahoma’s yearly average was at $1,654, compared to the national median of $1,096.
Money-saving strategies smart policyholders implement
Yes, it is true that Oklahoma does have high homeowners insurance premiums. Know though, that this is primarily due to the state’s history of severe weather. This is also one of the biggest reasons that 65.3% of all homes in the state remain insured, a number taken from a study conducted by the ORC International and published by the Insurance Information Institute.
Fortunately, because of the tight competition in the insurance market, insurers have begun to come up with ways to help their existing and potential customers reduce their expenditures. A lot of them offer various discounts and money-saving deals, many of which you can qualify for so you can enjoy lower premiums.
Ask your insurance company or the insurer you want to work with about the following discounts:
- Roofing systems specially designed for impact and hail protection
- Security devices such as deadbolts and alarms
- Fire prevention systems including sprinklers, fire extinguishers, and fire alarms
- Updates to your heating, ventilation, and air conditioning (HVAC) system as well as your house’s plumbing system
- Improvements in your credit score
- Renewal of your policy
- Getting other types of insurance service with the same company
The bottom line
You don’t necessarily have to pay for premiums within or above the state average just to make certain you have sufficient Oklahoma homeowners insurance coverage. With the right tactics and strategies, you can get extensive coverage without having to worry about your wallet. And as long as you work with a highly reputable insurer, you can rest assure you’ll receive quality services.