What's behind Oklahoma's skyrocketing home insurance costs?

Oklahoma has claimed the top spot in the U.S. for the most expensive home insurance rates, with an average rate of $6,133. Homeowners in Oklahoma pay 119% more than the national average of $2,801.

According to Lending Tree Analyst Rob Bhatt, Oklahoma’s insurance rates have increased by 51% in the last 5 years, and a 9% increase the last year.

These numbers are specifically for single-family homes.

Bhatt said there are many reasons for this number, but one of the main factors that insurance companies blame rate increases on is the weather that we experience, such as tornadoes, wind damage, and hailstorms.

“You know it’s always a combination of factors, and one of the big factors that the insurance company blames is the thunder and hail storms and tornadoes that cause all the damage," Bhatt said. "Certainly, these events that cause mass destruction, they require the insurance company to pay a lot of money to rebuild these houses."

Other severe weather states similar to Oklahoma, like Nebraska and Kansas, are ranked 2nd and 3rd.

Another factor, Bhatt says, is inflation. 

"The other complicated factor is inflation, where not only do insurance companies have more houses to rebuild, but the cost of rebuilding them is also getting a lot higher for each house because of inflation,” Bhatt said.

There are some things you can do to minimize your rates so you aren’t overpaying, Bhatt said. Shopping around is a good first step; get quotes and compare the quotes before picking your insurance company.

Bhatt also said to ask your insurance company or insurance agent about discounts.

According to Lending Tree, nearly 1 in every 5 homes in Oklahoma is uninsured.