If your homeowners insurance renewal arrived and you nearly choked on the number — you’re not alone. Oklahoma homeowners are facing some of the steepest homeowners insurance rate increases in the country, and many are struggling to keep up.

Here’s the hard truth: Oklahoma now holds the #1 spot for the highest average homeowners insurance premiums in the entire United States. The average Oklahoma homeowner pays around $5,298 to $6,133 per year — more than double the national average of roughly $2,800. And rates have climbed more than 50% since 2019, outpacing the national average increase of 40%.

So what’s actually driving these increases — and what can Oklahoma homeowners realistically do about it? This guide breaks it all down.

How Much Have Oklahoma Homeowners Insurance Rates Increased?

The numbers are striking. According to a LendingTree analysis of homeowners insurance data, Oklahoma tops the national rankings with an average annual premium of $5,298 — roughly 121% above the national average. Other analyses put the figure even higher, with some estimates reaching $6,133 to $7,762 per year depending on home value and coverage level.

Nationally, homeowners insurance rates rose 12.7% in 2024 — the steepest single-year jump in recent memory — before easing slightly to 6.0% in 2025. Oklahoma’s increases have been even sharper, with rates climbing 50.8% from 2019 through 2024.

To put that in real terms: an Oklahoma homeowner paying $350 per month for coverage in 2019 could now be paying $500 or more per month for the same policy — a scenario that’s already playing out for many across the state.

5 Reasons Homeowners Insurance Rate Increases Keep Climbing in Oklahoma

1. Oklahoma Is One of the Most Weather-Exposed States in the Country

Oklahoma sits squarely in Tornado Alley. In 2024 alone, the state recorded 152 tornadoes — a record high. Add in hail, high winds, wildfires, and flooding, and Oklahoma insurers are paying out claims at a staggering rate.

According to the Oklahoma Insurance Department, Oklahoma’s top 20 homeowners insurers paid out $129 in claims for every $100 of premium collected in 2023. Even after some improvement in 2024, insurers were still paying out $97 in claims for every $100 collected — essentially breaking even before any operating costs. When insurers lose money in a state, they raise rates or leave the market entirely.

Wind and hail claims alone account for 85% of all homeowners insurance claims in Oklahoma, according to Insurance Commissioner Glen Mulready.

2. Inflation Has Driven Up the Cost of Every Repair

When your roof is damaged, the cost to replace it isn’t just about shingles — it’s labor, materials, contractor availability, and supply chain conditions. Overall inflation ran about 19.6% from January 2020 through December 2023, according to the U.S. Bureau of Labor Statistics. Building materials and skilled trades rose even faster.

When it costs more to rebuild, it costs more to insure. Insurance premiums are essentially a reflection of replacement costs, so when those costs surge, premiums follow.

3. Reinsurance Costs Have Skyrocketed

Most homeowners don’t think about reinsurance — the insurance that insurance companies buy to protect themselves from catastrophic losses. But reinsurance rates have spiked dramatically in recent years as global weather events have battered the industry. When reinsurers raise their prices, those costs get passed directly down to homeowners through higher premiums.

4. Oklahoma’s Regulatory Environment Gives Insurers More Freedom to Raise Rates

Oklahoma is one of 38 states that operate under a “file-and-use” model, meaning insurance companies can file a rate increase and put it into effect immediately — without waiting for state approval. The Oklahoma Insurance Department has limited authority to challenge rate increases unless they cross into clearly illegal territory.

This is a meaningful difference from states with stricter prior-approval requirements, where regulators can push back on excessive rate filings before they reach consumers.

5. More Severe Weather Is Becoming the New Normal

Between 2020 and 2024, the U.S. experienced an average of 23 weather disasters per year causing at least $1 billion in damage — up sharply from an average of 15 per year in the previous five-year period. The number of severe storms increased from roughly 9 per year between 2015–2019 to more than 14 per year between 2020–2024.

For a state already sitting in the bull’s-eye of severe weather, these national trends hit Oklahoma especially hard.

What You Can Do About Homeowners Insurance Rate Increases

Homeowners insurance rate increases in Oklahoma are real and significant — but there are concrete steps you can take to manage your costs without sacrificing the coverage your home actually needs.

1. Shop Your Coverage Every Year

The Oklahoma Insurance Department notes that over 50 companies are actively writing new homeowners policies in the state. That means competition exists — but only if you use it. Working with an independent insurance agent like Rich & Cartmill gives you access to multiple carriers at once, so you can compare rates without doing the legwork yourself.

2. Raise Your Deductible Strategically

Increasing your deductible from $1,000 to $2,500 or higher can meaningfully lower your annual premium. This makes the most sense for homeowners who have the savings to cover the higher out-of-pocket cost if a claim occurs. About 1 in 10 homeowners nationally have already taken this step to manage rising costs.

3. Ask About the Oklahoma Strengthen Homes Grant Program

Oklahoma’s Strengthen Oklahoma Homes Grant Program provides grants to help homeowners fortify their roofs against wind and hail damage. Since most insurance claims in Oklahoma are wind and hail related, a fortified roof can qualify you for meaningful premium discounts from many carriers — while also reducing the likelihood of a claim in the first place.

4. Bundle Your Policies

Bundling your homeowners insurance with your auto insurance — or other policies like umbrella coverage — with the same carrier typically unlocks multi-policy discounts. For many Oklahoma homeowners, bundling can offset a portion of recent rate increases.

5. Review Your Coverage for Gaps and Overlaps

Rising premiums are a good opportunity to sit down with your agent and review what you’re actually paying for. Many homeowners are over-insured in some areas and underinsured in others. A coverage review can identify adjustments that right-size your policy — and potentially lower your premium without leaving you exposed.

6. Improve Your Home’s Resilience

Beyond the Strengthen Homes program, other upgrades can reduce your risk profile in the eyes of insurers: impact-resistant roofing materials, storm shutters, updated electrical systems, and security systems can all contribute to lower premiums depending on your carrier.

Should You File a Claim or Pay Out of Pocket?

One of the most important — and often overlooked — factors affecting your long-term insurance costs is your claims history. Filing smaller claims can trigger rate increases that cost you more over time than simply paying for the repair yourself.

A general rule of thumb: if a repair costs less than twice your deductible, it’s worth considering whether to pay out of pocket and keep your claims history clean. Your agent can help you think through this calculation for your specific situation.

Frequently Asked Questions About Homeowners Insurance Rate Increases in Oklahoma

Why did my homeowners insurance go up if I never filed a claim? Rate increases aren’t always tied to your personal claims history. Insurers raise rates based on the overall risk profile of your area, the cost of weather-related claims across Oklahoma, inflation, and reinsurance costs — all of which have risen significantly. Even perfect policyholders are seeing increases.

Is Oklahoma really the most expensive state for homeowners insurance? Yes, by most current measures. Multiple analyses — including LendingTree, Oklahoma Watch, and the Oklahoma Voice — place Oklahoma at or near the top nationally for average homeowners insurance premiums, with averages ranging from $5,298 to over $6,100 per year depending on the data source and coverage level.

Can the Oklahoma Insurance Department stop rate increases? The OID has limited authority over rates under Oklahoma’s file-and-use model. The department can investigate complaints, enforce laws, and ensure insurers treat consumers fairly — but it cannot reject rate filings the way prior-approval states can. In 2024, the OID returned over $12 million to consumers through its Consumer Assistance division.

How much have Oklahoma homeowners insurance rates gone up? Oklahoma homeowners insurance rates climbed approximately 50.8% from 2019 through 2024, compared to a national average increase of 40.4% over the same period, according to a LendingTree analysis.

What is the Strengthen Oklahoma Homes Grant Program? It’s a state-funded grant program that helps Oklahoma homeowners pay for roof fortifications designed to withstand wind and hail damage. Many insurers offer discounts for fortified roofs, so the program can help reduce both your exposure to damage and your insurance premiums over time. Ask your agent for details.

Should I switch insurance companies to get a lower rate? It’s worth exploring. With over 50 companies actively writing new policies in Oklahoma, there can be meaningful price differences for the same coverage. An independent insurance agent can shop multiple carriers on your behalf and find the best combination of price and coverage.

How Rich & Cartmill Can Help

Homeowners insurance rate increases in Oklahoma aren’t going away overnight — but working with the right insurance advisor can make a real difference in what you pay and what you’re protected against.

Rich & Cartmill has been helping Oklahoma homeowners navigate coverage since 1922. As an independent agency, we work with multiple carriers to find competitive rates, identify discounts you may be missing, and make sure your home is properly covered — not just cheaply covered.

Whether you’re facing a renewal increase, shopping for the first time, or just want a second opinion on your current policy, our team is here to help.

Contact Rich & Cartmill today for a free coverage review and see if we can find you a better rate.

Author: Ryan Teubner, VP | Rich & Cartmill Insurance