Does Oklahoma really have the highest insurance in the nation?

Question

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.

Chad G. · Answer

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.

JD Martin · Answer

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.

Rhett Tullis · Answer

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)

JD Martin · Answer

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.

Rhett Tullis · Answer

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.

Rhett Tullis · Answer

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.

Aaron Letzeiser · Answer

Expensive, yes. But certainly not the most expensive in the country.

Patrick Gabriel · Answer

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.

Does Oklahoma really have the highest insurance in the nation?

Most Popular Reply