Oklahoma Renters Insurance

Renters Insurance 101 - How to Get Prepared in Oklahoma

Oklahoma City, OK has been named one of the top 10 places in the United States to rent a home, with Oklahoma City being the most affordable metro city around. While renting has an average price tag of $583 per month, the average household income is more than $52,000, making renting your house or apartment extremely affordable. That doesn't mean you can't be significantly set back financially if you forgo renters insurance, however.

When deciding to rent a home or apartment in Oklahoma, it's important to consider how this coverage can protect you and your belongings. Before you search for quotes, there are several things you should consider.

Why Do I Need Renters Insurance?

  • In 2012, there were 129,739 property crimes, including 35,889 burglaries, 82,288 larcenies, and 11,562 auto thefts.
  • Oklahoma is the 4th most likely state to be hit by a tornado
  • The average renter possesses $20,000 worth of personal assets and property.
  • Rented homes carry a 50 percent increased risk of theft.

While homeowners are required to carry insurance, renters are not. However, renters usually have many of the same possessions as homeowners, and run the risk of losing valuable assets in the case of a fire, theft or burglary. While a landlord carries insurance on the structure, the possessions and fixtures in the rental lay on the shoulders of the renter to repair in case of disaster.

What Does Renters Insurance Cover?

Typically, a renters insurance policy from one of Oklahoma's providers will come with these types of coverage options:

  • Renters liability insurance: This covers any damages you do to someone else's property, or if someone is hurt in your unit or rental home.
  • Renters property insurance: This insures your items from disasters like fire, theft, or vandalism.
  • Relocation assistance: If damage occurs on your property, and you are unable to live there, this coverage kicks in to help you find another place to rent.

Typically, a renters insurance policy will cover everything from "the studs in." This policy will cover walls, fixtures, furniture, pipes, and personal belongings from disasters such as fire and wind, along with theft or vandalism.

The easiest way to get an approximate value of what you need to cover is to take a home inventory when you are unpacking, or packing from your previous residence. Give everything you own a value, mark down any serial numbers, and take photos or video of any expensive items or special heirlooms. Then, once you have an estimated value of your possessions, you can talk with insurance agents about coverage options and deductibles.

What's an Average Renters Insurance Quote?

Renters insurance rates can depend on a variety of factors, including:

  • Where in Oklahoma you rent
  • The amount of possessions you have
  • Whether you smoke
  • If there is a deadbolt/security system
  • Any previous renters insurance policies you have carried
  • Details on size/amenities of the property you're renting
  • The type and amount of coverage needed
  • Your credit history

On a national average, renters insurance costs $20-$30 a month, but these can be higher or lower depending on your personal situation. Rates will also depend on whether you opt for actual cash value coverage or replacement cost coverage. Actual cash value coverage reimburses you at a depreciated rate for the lost items, and replacement cost coverage will reimburse you in order to purchase a new item of the same type. Your unique situation will determine which type of renters insurance to carry.

Common Renters Insurance Discounts

Typically, every insurance policy is eligible for discounts. Talking to an agent is the best way to determine which discounts you can take advantage of, but these are just a few that may apply:

  • Bundled policy discounts - apply when you have more than one insurance policy with the same company (i.e. auto and renters)
  • Security system discounts - apply when your unit has certain security features that lower the risk of claims; this varies by insurer
  • Claims-free discounts - remaining claims free for a period of time
  • Military/Industry affiliation discount - depending on where you're employed, there may be some discounts available

Always get multiple quotes to be sure you're getting the right coverage at the right price for you.

How Do I Get Renters Insurance in Oklahoma?

Oklahoma is a great place to live, and protecting your rental investment is an important part of maintaining a residence. Renters insurance is an affordable way to get prepared for any mishap that might come your way.

A Trusted Choice® Agent is always available to help search different coverages, recommend policy changes, or even file a claim. Find an agent in your area to get covered and get peace of mind.

Now, who's ready to get their insurance problems solved?