Whether you are a professional leasing an apartment in Tulsa or a student renting a house near Oklahoma State University, if you are a tenant, you can benefit from having renters insurance. Unfortunately, too many renters in the Sooner State don’t realize the value of having this coverage until it is too late.
Local independent insurance agents can help you find the right renters insurance policy. These agents do not work for a particular insurance provider, so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to get started.
Oklahoma Rental Statistics
- Oklahoma residents pay an average of $810 per month in rent.
- Around 34.4% of all homes in Oklahoma are occupied by renters.
- An estimated 39.5% of renters in Oklahoma spend more than 30% their income on rent and utilities.
How Much Does Renters Insurance Cost in Oklahoma?
The average renters insurance policy in Oklahoma costs just $236 a year. That’s less than $20 a month for the peace of mind that having a policy can afford you.
Some factors that can make your actual cost higher or lower than this average rate include:
- The amount of property coverage you are purchasing
- The crime rate and weather risks where you live
- Your claims history
- The size of your deductible
- Whether you are bundling your coverage with another policy like car insurance
When you take the time to contact a few competing insurance companies to request customized quotes, you can choose the policy that is offered at the best price. Independent agents make comparison shopping easy.
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What Does Oklahoma Renters Insurance Cover?
Insurance is very important in Oklahoma, which is located in the infamous Tornado Alley. In fact, this state was ranked by WorldAtlas as the 3rd most disaster prone state in the country.
Renters insurance can protect you with three different types of coverage. You can expect your renters insurance policy to include:
- Contents coverage: This can cover repair or replacement costs if your personal belongings are lost or damaged due to covered hazards like:
- Property crimes, including burglary and vandalism
- Fire and smoke, whether the fire started in your home or a neighboring unit or was caused by a wildfire
- Severe weather events, such as tornadoes, thunderstorms, windstorms, and harsh winter weather
- Loss of use coverage: This can cover your costs if you are displaced from your home due to damage caused by a covered event. It can continue to cover your additional living expenses until your landlord has brought your rental home back up to code or you have moved to a new home.
- Liability coverage: This can cover your financial responsibilities and legal representation if you accidentally cause someone else to experience injuries, property damage, or financial harm.
When you buy your policy, you will want to be sure that you are purchasing a suitable amount of contents coverage. That way, if all of your personal property is destroyed in a disaster, you will have the funds necessary to replace it.
What about Coverage against Floods in Oklahoma?
It is important to be aware that renters insurance does not cover property damage caused by floods. This can be problematic, since this state experiences more than $10 million in flood damage in an average year.
If you rent upper floor apartment, you probably don’t need to worry much about flood damage. However, if you are renting a house, mobile home, or ground-level apartment, you may want to seriously consider supplementing your renters insurance policy with flood insurance.
The National Flood Insurance Program (NFIP) is a program run by FEMA. Its goal is to ensure that all Americans have access to affordable flood insurance for their homes. As a renter, you can purchase a contents-only flood insurance policy through the NFIP for a very reasonable price.
How Can an Independent Insurance Agent Help?
If you are ready to purchase a renters insurance policy, a local independent agent can be a wonderful resource for guidance and information. These agents can save you money by shopping around to find you the coverage you want at the most competitive price.
Best of all, it doesn’t cost anything to get information from an independent agent. There are more than 400 independent insurance agencies located in Oklahoma, so it should be easy find an experienced insurance agent near you.
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