On a median-priced house in Lawton, insurance is about a sixth of the whole payment. In a lot of states it is half that. If you run your budget on a national rule of thumb, you will come up short here.
What it costs
The Lawton average works out to about $19.28 for every $1,000 of coverage on the house, per year. Every calculator on this site uses that number.
| Coverage on the house | Per year | Per month |
|---|---|---|
| $150,000 | $2,892 | $241 |
| $200,000 | $3,856 | $321 |
| $250,000 | $4,820 | $402 |
Two things about that figure. It is an average, so a house with a new roof and a buyer with clean credit can come in under it. And it is a planning number. Your own quote is the one that counts.
Why it is high
Weather. The Oklahoma Insurance Department lists hail, windstorms, tornadoes, freezes and wildfires, plus what it costs to rebuild. Insurers here pay out on a lot of roofs.
What a company looks at when it prices your house:
- Where the house is
- The age of the roof and what it is made of
- What it would cost to rebuild, which is not the same as what you paid
- The age of the house and how it is built
- Your claims history and your credit
- The deductible you pick
The roof is most of the conversation
Ask how old the roof is before you write an offer.
- An old roof costs you twice. The quote is higher, and some companies will only pay the depreciated value of an older roof after a storm. That is called actual cash value. Replacement cost coverage pays for a new roof. Ask which one the policy uses.
- Impact-resistant shingles can earn a discount. Class 4 shingles hold up better to hail. Whether you get a discount, and how much, depends on the company.
- A FORTIFIED roof can earn a bigger one with some companies. The Insurance Commissioner has said it saves the average homeowner around $720 a year. The state's Strengthen Oklahoma Homes program has paid grants of up to $10,000 toward one. It requires a homestead exemption on file, which means Oklahoma residency, so ask before you count on it.
A roof at the end of its life is also something a VA appraiser can flag. If the roof is in question, we deal with it in the offer.
Wind and hail deductibles
Read this part of the quote. Many policies here carry a separate deductible for wind and hail, and it is usually a percentage of the coverage on the house instead of a flat amount.
At 1% on a $200,000 house, you pay the first $2,000 of a hail claim. At 2% you pay the first $4,000. A higher percentage lowers the premium. Make sure you could actually write that check, because in Oklahoma there is a fair chance you will have to someday.
What a standard policy does not cover
- Flood. It is a separate policy. If the house is in a flood zone your lender will require it.
- Earthquake. Also separate. The Insurance Department says it typically runs $50 to $300 a year here.
When to get the quote
Inside the inspection period. The standard Oklahoma contract gives you ten days for inspections unless we write in something different. Whether the house can be insured at a price you can live with is one of the things you check in that window. Once it closes, a bad quote does not get you out of the contract.
So the order is: get under contract, call for quotes that day, and have numbers in hand before the inspection period runs out. Give each company the same coverage amount and the same deductible so you are comparing the same thing.
At closing you pay the first year's premium up front, and the lender collects a few months more to start your escrow account. After that it is part of your monthly payment.
How to bring it down
- Get quotes from several companies. Around a hundred insurers write home and auto policies in Oklahoma and they do not price alike.
- Ask what a higher wind and hail deductible saves, and decide if it is worth the risk.
- Ask about discounts for the roof, for bundling with your car insurance, and for military service.
- Favor the house with the newer roof when two houses are otherwise close.
- Ask the seller for the roof's age and any paperwork on it before you offer.
I am not an insurance agent and I do not sell policies. What I do is make sure the insurance question gets asked while you can still do something about the answer.
Common questions
How much is homeowners insurance in Lawton, Oklahoma?
The Lawton average works out to about $19.28 per $1,000 of dwelling coverage per year. On a $200,000 house that is roughly $3,850 a year, or about $321 a month. Your quote depends on the roof, the deductible, your claims history, and your credit.
Why is home insurance so expensive in Oklahoma?
Weather. The Oklahoma Insurance Department points to hail, wind, tornadoes, freezes and wildfires, along with higher rebuilding costs. Oklahoma premiums are among the highest in the country.
When should I get an insurance quote when buying a house in Oklahoma?
During the inspection period, which is ten days on the standard Oklahoma contract unless you negotiate something else. Whether the house can be insured at a price you can live with is one of the things you are checking in that window. After it closes, a bad quote is no longer a way out of the contract.