Get the Best Landlord Insurance in Oklahoma

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.

What does a landlord insurance policy cover?

Dwelling: This coverage can help provide reimbursement for damage to the rental property. The coverage needed is the total cost of removing the damaged debris plus rebuilding a new comparable structure.

Other Structures: This coverage can help provide reimbursement for damage to the insured’s detached structures, such as a fence, garage, tool shed or gazebo. Depending on the carrier, other structures coverage is usually set at a default percentage of the dwelling coverage, but can be customized as needed.

Personal Property: This coverage can help provide reimbursement for damage or theft of the insured’s personal property. If a landlord’s furniture, appliances, lawnmower and other personal items left on-site, they can be covered. Depending on the carrier, personal property coverage is usually set at a default percentage of the dwelling coverage, but can be customized as needed. Landlords usually don’t keep much personal property on the premises of a rental property, so the default coverage is nominal. The best way to determine how much personal property coverage is needed is by conducting a home inventory. Note: Landlord insurance does not cover the tenant’s personal belongings.

Loss of Rental Income – This coverage can help provide reimbursement for lost rental income if a tenant cannot continue to stay at a rental property due to damage from a covered disaster.

Personal Liability: This coverage can hep cover a landlord against lawsuits for bodily injury or property damage if a tenant or their guest is injured on the rental property.

Medical Payments: This coverage can help pay for reasonable medical expenses to others. If a tenant or their guest is injured on the rental property, he or she can simply submit medical bills to the landlord’s insurance company. This way, expenses can be paid without a liability claim being filed against the landlord. It does not, however, pay the medical bills for the landlord, their family or their pet.

Endorsements:

Endorsements are optional coverages that can be added to an insurance policy. Endorsements can help cover additional or unexpected expenses not covered by the standard coverages.

Why do I need landlord insurance in Oklahoma?

Accidents happen, so it’s important to be prepared. Landlord insurance can protect a landlord from financial ruin caused by unexpected and often expensive lawsuits, accidents and perils, such as:

  • Fire, lightning and smoke damage
  • Wind and hail
  • Snow, ice or sleet and frozen pipes
  • Falling objects
  • Explosions
  • Vandalism, theft, riots and unrest
  • Lawsuits for libel, slander and other bodily injury claims

What does landlord insurance not cover?

Generally, landlord insurance doesn’t cover the tenant’s personal property, normal maintenance or wear and tear. Coverages for flood, earthquake and water/sewer backup can be added separately to the policy and are not included as a standard coverage.

Who needs landlord insurance in Oklahoma?

Although there is no law requiring landlord insurance, anyone who rents out their property to others in Oklahoma should have landlord insurance. Home equity or mortgage loan companies will likely require that a dwelling is insured before a loan is financed. Many landlords without mortgages still carry landlord insurance to protect themselves and their property.

How much landlord insurance do I need?

At a minimum, most mortgage companies will require that a landlord policy covers 100% of the replacement cost of the property.

The amount of landlord insurance you need depends on the cost to repair or replace your dwelling, other structures on your property and your personal property; how much loss of rental income and personal liability protection you would need; and medical expenses you think your tenants and their guests would need.

How can I get the lowest landlord insurance premiums in Oklahoma?

There are many factors that determine an insured’s premium rate. Some factors are out of our control, such as our age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of our life decisions can make an impact on our insurance premiums, such as our 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 I buy landlord insurance in Oklahoma?

There are two easy ways to get a quote or request more information for landlord insurance in Oklahoma: