Expert discusses home insurance costs rising in Oklahoma

Home insurance costs are expected to continue to rise for Oklahomans in 2025. When looking to buy or sell, realtors say there are a few things to keep in mind.

Rising home insurance costs in Oklahoma

Oklahoma has long ranked among the most expensive states in the country when it comes to the cost of home insurance, and experts say recent storms seasons are going to drive the cost even higher.

“Within the last year, we have seen insurance rates almost nearly double,” Jessica Thompson, an Oklahoma City realtor, said.

Numbers from BankRate show the average premium cost for a $300,000 home in Oklahoma is $4,643 dollars, which is more than $2,000 dollars above the national average.

Those numbers are expected to rise more in 2025.

Why is home insurance so expensive in Oklahoma?

“We have a lot of natural disasters," Thompson said.

Tornadoes, hailstorms and earthquakes all contribute to making the Sooner State an expensive place to live.

The 2024 tornado season shattered state records with more than 150 tornadoes.

“That means insurance companies are having to pay out more and they've got to cover their loss. So that means your premium goes up,” Thompson said.

Experts project Oklahoma insurance premiums will increase 4 to 6% in 2025, according to Thompson.

Homebuyers and homeowners need to be prepared

Thompson said there are a few things folks should keep in mind, whether they're a first time homebuyer or a long time homeowner.

“Some of the things that we look for is what age is the home? Where age is the roof? Has the electrical been updated? Has the plumbing been updated?” Thomspon said.

All of these are factors insurance companies use to determine a premium and are good questions for homebuyers to ask their realtor and for homeowners to ask themselves.

“Depending on the age, do we need to go ahead and replace it? And if we are going to replace it, are we going to upgrade that?” Thompson said.

Thompson recommends shopping around for the insurance rate that fits your long term budget.