Home Insurance in Velma, Oklahoma
With a median home value of $111,500, Velma is 23% lower than the Stephens County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Velma was built around 1974. About 19% of homes were built before 1960, about 8 points below Stephens County's 27%.
The housing stock in Velma is 83% single-family homes, 2% apartments in buildings with 5+ units and 6% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
In Velma, about 35% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Velma has an owner-occupancy rate of 74% and a vacancy rate of 10%; unoccupied homes typically need a different coverage form.
In Velma, 57% of homes are primarily heated with electricity.
Stephens County had 66 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is hail (Relatively Moderate). See the full Stephens County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Oklahoma, the statewide average premium for a standard HO-3 homeowners policy is $2,486 per year (NAIC, 2023 data).
Key figures
| Median home value | $111,500 |
|---|---|
| Median year built | 1974 |
| Owner-occupied share | 74% |
| Share of owner-occupied homes with a mortgage | 35% |
| Top county hazard | Hail (Relatively Moderate) |
| Active NFIP policies in Stephens County | 66 |
| Home insurance premium | $2,486 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)