Does Oklahoma really have the highest insurance in the nation?

Rental Property Investor · Los Angeles, CA · Member since 2024 · 101 posts · 134 votes

I'm seeing a bit of data from Insurance.com and NerdWallet that suggests Oklahoma has the worst insurance prices in the nation. Are there any investors or insurance brokers that can say otherwise? Maybe I'm naive, but I always expected Florida's rates to be worse. Maybe hail (and tornadoes) really do a number.

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Rhett TullisBusiness Member

Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes

we are pretty high that is for sure. I have a feeling Florida will catch up soon after these last storms. there are ways to get around the highest and you also need to take into account the savings you will generally have on the purchase side when compared to other regions.

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Rhett TullisBusiness Member
Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
1y
we are pretty high that is for sure. I have a feeling Florida will catch up soon after these last storms. there are ways to get around the highest and you also need to take into account the savings you will generally have on the purchase side when compared to other regions.
[email protected]405-283-6522
Integrity Oklahoma
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
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Rhett TullisBusiness Member
Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
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Quote from @Russell Brazil:

yep that does it, we lost our home in 99 in an f5 when I was younger, no close calls recently in OKC though, also seems like tornado alley has shifted a bit to the east but who knows.
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
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I would have to see actual data on a median & value adjusted basis to believe that OK is anywhere near Fl on a dollar for dollar comparison. I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600).
The problem with averages is that a large number of high or low value properties can skew the figures either way. FL has a ridiculous number of low-value properties, everything from essentially campers on 55+ lots to MH parks everywhere to run-down shacks in much of the rural areas, all of which is going to drag down the average premium. I'm sure OK has its share of dumps but you really have to drive around FL to truly appreciate how much low-cost housing there is.
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Austin WolffPro Member
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Rental Property Investor · Los Angeles, CA · Member since 2024 · 101 posts · 134 votes
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Quote from @Rhett Tullis:

Quote from @Russell Brazil:

yep that does it, we lost our home in 99 in an f5 when I was younger, no close calls recently in OKC though, also seems like tornado alley has shifted a bit to the east but who knows.
I actually have heard of this in my research, that tornado alley is (slowly) shifting away from the Great Plains and into more of the Midwest—although I haven’t seen the underlying data to verify this myself.
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Austin WolffPro Member
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Rental Property Investor · Los Angeles, CA · Member since 2024 · 101 posts · 134 votes
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Quote from @JD Martin:

I would have to see actual data on a median & value adjusted basis to believe that OK is anywhere near Fl on a dollar for dollar comparison. I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600).
The problem with averages is that a large number of high or low value properties can skew the figures either way. FL has a ridiculous number of low-value properties, everything from essentially campers on 55+ lots to MH parks everywhere to run-down shacks in much of the rural areas, all of which is going to drag down the average premium. I'm sure OK has its share of dumps but you really have to drive around FL to truly appreciate how much low-cost housing there is.
Definitely all great points!
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Rhett TullisBusiness Member
Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
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well ignore everything I said lol. we just got a few tornadoes early this morning. no one killed that we know of so far but several injuries and a few neighborhoods hit pretty badly. we are still assessing the rentals we manage but overall are just finding a few minor issues so far. some roofs, tree damage and trash strewn around. it may get worse though as folks get out and check things out.
[email protected]405-283-6522
Integrity Oklahoma
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Rhett TullisBusiness Member
Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
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Quote from @JD Martin:

I would have to see actual data on a median & value adjusted basis to believe that OK is anywhere near Fl on a dollar for dollar comparison. I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600).
The problem with averages is that a large number of high or low value properties can skew the figures either way. FL has a ridiculous number of low-value properties, everything from essentially campers on 55+ lots to MH parks everywhere to run-down shacks in much of the rural areas, all of which is going to drag down the average premium. I'm sure OK has its share of dumps but you really have to drive around FL to truly appreciate how much low-cost housing there is.

Yes I spend time in Florida on a regular basis. north of Tampa is an interesting area (about an hour or two) and there are a lot of low end places. Florida also have many more high end places than Oklahoma (we are much more of a blue collar city in my experience). hard to compare both exactly but I would say we may be higher on the scale overall than many areas (and maybe moving on up further after this morning and this afternoon)
[email protected]405-283-6522
Integrity Oklahoma
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Austin WolffPro Member
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Rental Property Investor · Los Angeles, CA · Member since 2024 · 101 posts · 134 votes
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Quote from @Rhett Tullis:

well ignore everything I said lol. we just got a few tornadoes early this morning. no one killed that we know of so far but several injuries and a few neighborhoods hit pretty badly. we are still assessing the rentals we manage but overall are just finding a few minor issues so far. some roofs, tree damage and trash strewn around. it may get worse though as folks get out and check things out.
Oh man. I hope everyone is okay.
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Rhett TullisBusiness Member
Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
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Quote from @Austin Wolff:

Quote from @Rhett Tullis:

well ignore everything I said lol. we just got a few tornadoes early this morning. no one killed that we know of so far but several injuries and a few neighborhoods hit pretty badly. we are still assessing the rentals we manage but overall are just finding a few minor issues so far. some roofs, tree damage and trash strewn around. it may get worse though as folks get out and check things out.
Oh man. I hope everyone is okay.

no reports of incidents with our residents but there were some people injured and some homes damaged. not sure on full extent yet. more storms tonight and a few tomorrow but should calm down after that hopefully.
[email protected]405-283-6522
Integrity Oklahoma
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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Quote from @JD Martin:

I would have to see actual data on a median & value adjusted basis to believe that OK is anywhere near Fl on a dollar for dollar comparison. I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600).
The problem with averages is that a large number of high or low value properties can skew the figures either way. FL has a ridiculous number of low-value properties, everything from essentially campers on 55+ lots to MH parks everywhere to run-down shacks in much of the rural areas, all of which is going to drag down the average premium. I'm sure OK has its share of dumps but you really have to drive around FL to truly appreciate how much low-cost housing there is.

I heard but don't know the veracity of this claim, However FLA suffers from a lot of fraudulent claims there by also causing rates to be higher..
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
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Quote from @Jay Hinrichs:

Quote from @JD Martin:

I would have to see actual data on a median & value adjusted basis to believe that OK is anywhere near Fl on a dollar for dollar comparison. I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600).
The problem with averages is that a large number of high or low value properties can skew the figures either way. FL has a ridiculous number of low-value properties, everything from essentially campers on 55+ lots to MH parks everywhere to run-down shacks in much of the rural areas, all of which is going to drag down the average premium. I'm sure OK has its share of dumps but you really have to drive around FL to truly appreciate how much low-cost housing there is.

I heard but don't know the veracity of this claim, However FLA suffers from a lot of fraudulent claims there by also causing rates to be higher..

No doubt; both of my neighbors at my vacation house got "free" roofs from guys who roam around after any storm and document that whatever storm damaged their roof - despite the fact they both had 15+ year old 3 tab asphalt shingles in the central Florida sun.
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Chad G.
Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
1y
I live in FL and have properties in OK. The properties in OK, which are roughly 30-40% smaller than my personal residence are only about $400-$600 cheaper than my FL insurance. That is to say, OK insurance is pretty darn expensive.
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Patrick Gabriel
Member since 2023 · 1 post · 0 votes
1y
Hail is the big culprit, tornadoes to a lesser degree. Not sure if OK is most expensive, but it's not cheap. A bit of a money grab. For reference personal rez is 3K sq ft. with 4K deductible home owners is $5300. 1600 sq ft rental, $2400.
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Aaron Letzeiser
Chicago, IL · Member since 2023 · 28 posts · 20 votes
1y
Expensive, yes. But certainly not the most expensive in the country.
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