How much is flood Insurance in Oklahoma Flood insurance Oklahoma | Oklahoma flooding | Oklahoma flooding map

This blog will answer common questions that we get about How much  flood insurance in Oklahoma, we will also share some statistics and links if you get really into the research for flood insurance in Oklahoma, This is our attempt to pull all the information you could be interested in specifically the cost of flood insurance in Oklahoma, we will also review the difference in Oklahoma NFIP policies and Oklahoma Private flood Insurance Market and finish up with Oklahoma Lloyd of London Flood Insurance companies. We would like to hear your thoughts so please share, comment, ask questions or if you want us to explore a topic further let us know. To keep it easy we have some quick jumps to sections that you might be interested in. Enjoy. Your flood Nerd. 
Yes Please shop my flood insurance

Does my Oklahoma homeowners insurance cover flooding?
Do I need flood insurance in Oklahoma?
What are my flood insurance options in Oklahoma?
Oklahoma NFIP flood insurance
Oklahoma private flood insurance market
How much does flood Insurance cost in Oklahoma?
5 things you need to know about flood insurance in Oklahoma City and Tulsa?
Oklahoma Flood Insurance calculator
Cost of flood insurance in Oklahoma?

Does my Oklahoma homeowner insurance cover flooding? 

A typical Oklahoma homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.   

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.  

Do I need flood insurance in Oklahoma? 

It is important to have flood insurance coverage in Oklahoma because our beloved Cowboy State has seen a fair share of flooding, and there is likely more coming.   

We believe that most homeowners think about Flood insurance in Oklahoma at some point, maybe before buying a home, or during the closing process.  However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening currently too close to our home.  

Yes Please shop my flood insurance

Oklahoma flooding map

If your home or business is in a flood zone, that is considered low flood risk area.

Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some insurance agents may even say you don’t need it.  

I ask you to consider the facts: 20-percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas.  In 80 percent of these individuals, they had water in their home or building and didn’t have flood insurance coverage.  

Oklahoma flooding 

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.  

We hear often that people believe that the government will help, and this is true.  However, there are a few things that must align for you to get government assistance.  

  1. The president of the United States must declare the flooding event a state of emergency.  If this doesn’t happen, then there won’t be assistance.  

  2. The average amount of assistance that homeowners get after a flood, when they do not have flood coverage, is $5,000.  The average cost of damage to one’s property after a flood is $38,000+.  That $5K you get from the government?  It comes in the form of a loan and you will need to pay it back.  Are you willing to gamble away your financial future by forgoing flood insurance coverage? 

https://www.bloomberg.com/graphics/2017-fema-faulty-flood-maps/ 
Yes Please shop my flood insurance

Oklahoma flood insurance Rate MapsOne more note on these low-risk flood zone maps. Many of these maps are over 40-years old. If the area has been developed, then there is likely more concrete, creating a barrier for land that previously, might have absorbed the massive downpour.  

Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea for part of the risk. Our recent storms are facts that it can rain anywhere within Oklahoma, and you should consider getting flood coverage, so you are not uninsured when you need it most.    

FEMA flood zone maps often take years to go into effect after the terrain was studied, this gives the impression that the area is “more up to date” then it really is. 

How much is flood insurance in Oklahoma

Yes Please shop my flood insurance

The average cost for Oklahoma flood insurance in these Low-risk areas is $595 per year.    

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Oklahoma flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an areas flood risk can leave property owners under or uninsured.  

Oklahoma NFIP flood insurance.

There are many options available in Oklahoma regarding flood insurance, but they basically fall into two main categories.  

NFIP/FEMA or Government policy  

Or 

Private flood insurance 

The National Flood Insurance Program (NFIP), also known as FEMA, which is the government option for flood insurance.  The NFIP has enjoyed a 50-state monopoly on the flood insurance market.  

Not “private flood insurance” but NFIP Resellers 

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy. 

https://www.fema.gov/wyo_company

Progressive Flood Insurance

Yes Please shop my flood insurance

Oklahoma private flood insurance market 

Llloyds of London Flood Insurance ShopperThere are alternatives to the NFIP or government insurance.  It  is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in Oklahoma. We shop all the options for your property in your region to ensure you are getting the best premium.  If you are ready to have us do the work for you, please click here.  

Our shopping does include the NFIP because sometimes we find that with government subsidies you can get a much better premium.  

Lloyds of London Flood Insurance Oklahoma Market 

Oklahoma is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds flood insurance companies will have you assume that there is only one option, nothing could be further from the truth. 

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body.  This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.  

I have two blog posts that take a deep dive into Lloyds of London and what they mean to Oklahoma’s flood insurance market.  If you are interested, the links are below.  

Lloyds of London Flood Insurance   

NFIP vs Private flood Insurance 

Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe.  You see the “game” of insurance is to spread your risk since Lloyds is worldwide. 

Lloyds of London Private Market Flood InsruanceMy joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim. 

Yes Please shop my flood insurance

How much does flood insurance cost in Oklahoma? 

There are many factors that go into getting the cost of flood insurance for Oklahoma. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.  

Oklahoma flood insurance low-to Moderate Risk rate and cost. 

Yes Please shop my flood insurance


This is Flood Zone X, which is not lender required flood zone.  

This is usually identified as an X-flood zone.  Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below): 

Flood insurance rate map Oklahoma

Here a link if you want to really dig into this one. Be ready for an eye chart because every option is public record and should be standardized accost whoever writes these policies.  

The average cost for flood insurance in Oklahoma with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.   

https://www.fema.gov/media-library-data/1523307331106 4cf9726b2eb04c3471a3e9d37a58fa6a/09_prp_508_apr2018.pdf
A flood zone and SHFA rate maps
FEMA High-risk Rates

If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Oklahoma depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in Oklahoma with a crawlspace foundation.  

We will look at the Oklahoma cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.  

We will be rating this example on the NFIP, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Oklahoma.  

Cost of Flood Insurance in OKLAHOMA in high-risk flood zone AE  

Yes Please shop my flood insurance

Food insurance Oklahoma city

Our example is in Oklahoma City, but the premiums will be the same if in Norman, Moore, Lawton, Tulsa, and many other Oklahoma flood zones.

How much does flood insurance cost in Oklahoma?

Base Flood elevation OregonNFIP option in Oklahoma Flood Zone AE 

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible 

NFIP Annual premium in High-Risk flood zone is $2,515.00 

This option is what we see if the property has had a flood loss before, and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property 

Yes Please shop my flood insurance

Oklahoma Private flood insurance – Lloyds of London Flood Insurance (option 1) 

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 1) Annual premium in High-Risk flood zone is $835.00 

This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate. 

  

Oklahoma Private flood insurance – Lloyds of London Flood Insurance (option 2) 

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible 

Lloyds of London (option 2)  Annual premium in High-Risk flood zone is $1,078.36 

This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE.  In our example, with our BFE being 5368, if the lowest floor is 5364, then they will not accept this risk.  They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.  

Yes Please shop my flood insurance

Private Flood insurance option (option 3)  Not Lloyds

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible 

Private flood insurance (option 3) Not Lloyds,  

Annual premium in High-Risk flood zone is $3,075.98 

This option will take properties that have had one flood loss as long as it has been more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.  

Private Flood insurance –  Lloyds of London (option 4)  

This option must be written on the Replacement Cost Value (RCV) of the building, otherwise there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option 

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible 

Annual premium in High-Risk flood zone is $2,622.00  

This options rating system is all over the board.  Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is a bit different from some of our other Lloyd’s flood options.  We usually reserve this one if the property doesn’t fit into any of our options above. We can adjust coverages to control premium. As mentioned before, this underwriters’ rates are all over the board.  It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate. 

Yes Please shop my flood insurance

Private Flood insurance –  Lloyds of London (option 5)  

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible. 

Annual premium in High-Risk flood zone is $1,605.00   

This option came out of the company that used to run the NFIP program, so the coverage almost exactly matches the NFIP coverage with two differences. They offer living expenses which will cover your cost, when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage. 

Private Flood insurance –  Lloyds of London (option 6)  

Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible. 

Annual premium in High-Risk flood zone is $555.00 (great price). 

This options rating system is also all over the board. Sometimes we get a crazy low price; other times the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years or sometimes they jack the price way up so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also seems to be a glitch sometimes.   

There are more options coming online every day, and we are working to be looking into every viable option. 

Yes Please shop my flood insurance

Oklahoma flood Insurance rate

Hello, Oklahoma!  Thanks for visiting our page for all your flood insurance needs.  Let’s start with Oklahoma City, which has the highest number of flood policies in the state – 1,828!  The average flood premium here is $745 which includes $1,362,460 in written premiums.  

Flood Insurance Oklahoma City

In Yukon, Oklahoma, there are 97 active flood policies.  This allows the average flood rate for Yukon to be $1,224 which includes $118,736 in written premiums.  

210 flood policies are in effect in Moore, Oklahoma.  There are $133,033 in premiums in Moore which allows the average flood rate to compute at $633. 

There are $371,285 in flood premiums in Norman, Oklahoma.  The average flood rate for Norman is $737 which includes 504 active policies. Thanks for stopping by Norman! 

In Comanche, Oklahoma, the average rate is a little higher than Norman, coming in at $831.  This includes 166 active flood policies and $137,866 in premiums.  

Lawton, Oklahoma has 504 active flood policies.  The average flood premium in Lawton is $865 which includes $494,175 in written premiums.  

Yes Please shop my flood insurance

 

Let’s look at Creek and Sapulpa, Oklahoma.  In these areas, there are 186 active flood policies.  Creek and Sapulpa have $170,097 in written premiums which allows the average flood rate to be $915. 

316 total policies are found in Delaware and Enid, OklahomaThe average rate for Delaware and Enid is $935 which includes $295,321 in written flood premiums.  

Pauls Valley, Oklahoma has 169 active flood policies.  The written premium in Pauls Valley is $304,537 which allows the average flood rate to be $1,802.  

In Chickasha, Oklahoma, the flood rate average is $1,382.  There is a total of 178 active flood policies in Chickasha.  The total written premiums include $245,918. 

135 flood policies are active in Kay and Ponca City, Oklahoma.  The total premiums for these areas are $113,278.  The average flood rate in Kay and Ponca City is $839. 

Le Flore, Logan, and Mayes, Oklahoma have an average flood rate of $710.  This includes 246 active policies in this area.  The total written premiums for Le Flore, Logan, and Mayes are $174,615. 

$856 is the average flood insurance rate for Muskogee, Oklahoma.  We get these by looking at 140 active flood policies and $119,881 in total premiums.  

Hello Del City, Oklahoma!  You all have 211 active flood policies.  Your average flood rate is $1,067 which includes $255,150 in flood premiums.    

The average flood rate map drops dramatically down to $507 when we look at Edmond, Oklahoma.  There are 271 active flood policies and $137,365 in premiums in Edmond.  

Yes Please shop my flood insurance

We get closer to the state average in Midwest City, Oklahoma with $855 as their average.  There are 215 active flood policies with $183,787 in premiums.     

In Oklahoma County and Okmulgee, Oklahoma, there are $121,677 in written premiums.  The average flood rate here is $828 with 147 active flood policies.   

Thanks for stopping by Bartlesville, Oklahoma!  You all have an average flood rate of $1,036.  This includes 233 active policies and $241,481 in flood premiums.    

Better Flood Insurance is the best shopper for you.
Let us to the flood insurance shopping for you – Save time.

Tulsa flood Insurance

Tulsa, you all have a lot of flood policies – one of the highest in the state with 1,407 active policies.  Tulsa’s average flood insurance rate is $745 with $1,047,815 in written premiums.  

Miami, Oklahoma has 221 active policies with $249,322 in flood premiums.  The average flood rate for Miami, OK is $1,128. 

The rate drops a little when we visit Stillwater, Oklahoma.  Their average rate comes in at $795.  This includes 153 active policies in Stillwater with $121,583 in premiums.   

167 flood policies are in effect in Pottawatomie and Shawnee, OklahomaThe average flood rate for these two areas is $869 which includes $145,142 in written premiums.  

$615 is the average flood rate for Rogers, Oklahoma.  The premiums written in Rogers total $166,627 with 271 active flood policies.  

In Duncan, Oklahoma there are 91 active flood policies. The average flood rate in Duncan, Oklahoma is $934. This includes $84,950 in written premiums for Duncan.  

Yes Please shop my flood insurance

Bixby, Oklahoma has 279 active flood policies which includes $266,040 of written flood premiums. The average flood rate for Bixby is $954. 

Hello Broken Arrow, Oklahoma! You all have an average flood rate of $603. The total number of active flood policies in Broken Arrow is 293 with $176,800 in written premiums. Thanks for stopping by Broken Arrow!  

The average flood rate in Sand Springs, Oklahoma is $1,029. This includes 115 active flood policies with $118,316 in written flood premiums.  

$860 is the average flood insurance rate for Tulsa County, Oklahoma. The number of active flood policies in Tulsa is 334. The total number of written flood premiums in Tulsa is $287,151. 

In Wagoner, Oklahoma the average flood rate is $841. Wagoner has 167 active flood policies with $140,497 in written premiums. Thanks for stopping by Wagoner!  

Finally, let’s look at Woodward, Oklahoma.   The average flood rate is $832. The total number of flood policies in effect in Woodward is 185. This includes $153, 949 in written premiums.    

Thanks for checking out all the flood information on Oklahoma!! 

Yes Please shop my flood insurance

Better Flood Insruance TeamBest place to get flood insurance in Oklahoma 

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.   

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. In fact, a recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers. 

Buy flood insurance Oklahoma

Yes Please shop my flood insurance


References
 
the following documents contain additional hydrologic data, flood photos, historic flood descriptions, floodplain delineations and other pertinent information, and should be considered supplemental to this flood warning plan: 
https://bsa.nfipstat.fema.gov/reports/1011.htm#COT 
https://www.fema.gov/average-claim-payments-date-loss 
https://www.fema.gov/national-flood-insurance-program 
https://www.fema.gov/media-library-data/1486576697135-ac6348fb2a3d98ceba33cf3f38422dbc/Claim_Loss_Counts_Sept2016.pdf  
https://www.fema.gov/media-library-data/1458666638945-d752cb148ef1348b4b1c22acec66a0bd/Claim_loss_count2015.pdf   
https://www.fema.gov/media-library-data/1393877884619-3091f75bf9d46a26f5beb7d423c34529/Total_Claim_Count_fy2013.pdf 
https://www.weather.gov/safety/flood-states-ok