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Homeowners insurance is not required by the state of Oklahoma. However, purchasing this type of insurance policy is considered one of the major ways to protect a homeowner from liabilities associated with their property and is also one way to ensure that their property or home can be repaired back to its prior condition in case damages do occur.

To this end, insurance consumers within the state are advised to approach only duly licensed insurance providers and companies to transact with and obtain they most suitable homeowners insurance policy there is. Prior to purchase, a homeowner needs to determine the exact perils, or causes of damages, the home or property is most vulnerable to. This is to determine the exact type of coverage needed for the property and is a good starting point when shopping around for the best price. It would also be good for consumers to know the factors influencing premium rates, such as the location of the property, the homeowner’s credit history, the quality of local fire department, the construction materials of the house, and the replacement costs that the consumer is seeking coverage for.

It is also important for the potential policyholder to determine the extent of their coverage. Most homeowner’s insurance policies offered in Oklahoma do not provide coverage for earthquakes, flood, and home businesses. Homeowners, therefore, may need to shop around and purchase additional coverage addressing these scenarios and events.

Under state law, there are only few instances in which insurance providers are allowed to cancel a certain homeowner's insurance policy. These reasons include nonpayment, misrepresentation in the part of the policyholder, violations of local building regulations, substantial changes in the risk associated with insuring the home, conviction of the policyholder, and when the Insurance Commissioner rules the cancellation of the policy if the office determines the risk in the part of the insurer to violate state insurance laws. These reasons may also be invoked to non-renew a certain policy. In both cases, insurance providers are required to give written notice to the policyholder. For cancellations, a 10-day notice is required while a 20-day notice must be done in the case of non-renewal.

The state has created the Oklahoma Market Assistance Program in order to assist those who have difficulty obtaining homeowners insurance policies from private insurance. This scheme aims to help consumers find the right insurance agents or companies who are willing to provide coverage for their homes.