What is a landlord insurance policy?
Landlord insurance, commonly known as a dwelling fire policy, is insurance for a property that isn’t your primary residence and rented out to others. This policy provides coverages tailored to the needs of most landlords. The key coverages included in a dwelling fire policy are for the dwelling, other structures, personal property, loss of rental income, liability and medical payments. Additional coverages may be added as endorsements to tailor to the needs of the landlord. Flood and earthquake coverages are not included on a standard landlord policy but may be added separately.
Why would you need landlord insurance in Oklahoma?
Landlord or dwelling fire insurance covers a landlord from unexpected and often very expensive damages to their dwelling and their personal property. Accidents happen, so it’s important to be prepared. Landlord insurance can cover more than just the dwelling, including:
- Property damage – A landlord policy can help pay to repair or rebuild the rental property if it is damaged or destroyed by fire, tornado, hail, lightning or other disasters listed in your policy. This can also include detached structures such as a fence, garage, tool shed or gazebo.
- Personal belongings – A landlord’s furniture, appliances, lawnmower and other personal items left on-site can be covered if they are stolen or destroyed by fire, tornado or other insured disasters. Note: Landlord insurance does not cover the tenant’s personal belongings.
- Liability protection and medical expenses – A landlord policy can help protect against lawsuits for bodily injury or property damage if a tenant or their guest is injured on the property. Landlord policies may also provide no-fault medical coverage, so if a tenant or their guest is injured on the property, he or she can simply submit reasonable medical bills to the landlord’s insurance company.
- Loss of rental income – If a tenant cannot continue to stay at a rental property due to damage from an insured disaster, a landlord policy may compensate the landlord for lost rental income while the dwelling is being rebuilt.
How can you get the best landlord insurance and lowest premiums in Oklahoma?
There are many factors that determine an insured’s premium rate. Some factors are out of your control, such as your age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of your life decisions can make an impact on your insurance premiums, such as your credit rating, driving record and recent insurance claims. Below are a list of several ways you can get the best rates in Oklahoma:
- Shop multiple insurance carriers at once with an independent insurance agency like Scherer Insurance
- Having good credit history
- Having a good driving record
- No recent insurance claims
- 3+ years with your current insurance carrier
- 3+ years with continuous insurance coverage
- Newer dwelling
- Located near a fire hydrant
- Located near a fire station
- Located within a fire department district
- Located inside city limits
- Located in a low crime ZIP code
- Located in a retirement community
- Located in a gated or limited access community
- Located in a community with manned security
- No swimming pool, but if there is, have a fence and no diving board or slide
- No trampoline, but if there is, have a safety net
- No dogs on the banned breeds list
- No dogs with bite history
- No unusual or exotic animals that would increase liability concerns
- No wood burning stoves
- No fireplace
- Not used for student housing
- Not used for business, farming or ranching
- Scheduling multiple dwellings on the same policy
- Opt for a higher deductible
- Owning the dwelling property instead of financing
- Paying your premium in full
- Paying via EFT payments as opposed to mailing checks
- Impact-resistant (hail-resistant) roof
- Dead-bolt locks or certain other security measures
- Approved electronic burglar alarms
- Smoke alarms, interior sprinkler systems or other fire prevention systems
- Smoke detectors and carbon monoxide detectors
- Recent heating, electrical, plumbing or roof updates
- Dwelling is in good condition and properly maintained
- Property managed by a management company
- Belonging to a landlord association
- Tenant screenings (credit check, criminal background, eviction search, skip search)
- Tenant renters policy on file
- Advance quote or early-signing discount
- and many more
When you request a quote from Scherer Insurance, you can be confident that every possible credit and discount will be requested.
How can you buy landlord insurance in Oklahoma?
There are three easy ways to get a quote or request more information for landlord insurance in Oklahoma:
- Call/Text (405) 605-9891
- Email jp@schererinsurance.com
- Fill out the convenient online form below. You will be contacted shortly after it is received.