What is a renters insurance policy?
A renters insurance policy, sometimes called tenant insurance, is a packaged insurance policy providing property and liability coverages tailored to the needs of most renters. The key coverages available for a renters policy include personal property, loss of use, personal liability and medical payments.
Additional coverages may be added as endorsements to tailor to the needs of the renter. Flood and earthquake coverages are not included on a standard renters policy but may be added separately.
What does a renters insurance policy cover?
Personal Property: This coverage can help provide reimbursement for damage to the insured’s personal property, such as furniture, clothes and sports equipment. The best way to determine how much personal property coverage is needed is by conducting a home inventory.
Expensive items like gun collections, jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits in these categories. To insure these items to their full value, purchase a special personal property endorsement, or floater, and insure these items for their officially appraised value.
Loss of Use or Additional Living Expenses Coverage: This coverage can help provide reimbursement for additional costs of living away from home while it’s being repaired or rebuilt after a covered catastrophe.
Personal Liability: This coverage can help cover you against lawsuits for bodily injury or property damage that you, your family members or even your pets cause to other people. For example, if your child or dog accidentally ruins a neighbor’s expensive rug, you are covered. The liability portion of your policy can pay for both the cost of defending you in court and any court awards, up to the limit stated in your policy.
Medical Payments Coverage: This coverage can help pay for reasonable medical expenses to others. If a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for you, your own family or your 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.
What disasters are and aren’t covered by renters insurance?
Renters insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage (such as from a burst pipe or when the tenant upstairs leaves the water running in the bathtub and floods your apartment).
Most renters insurance policies do not cover losses from floods or earthquakes. Flood coverage can be purchased as a separate policy. Earthquake coverage can be added as an endorsement (for an extra cost) to your renters policy or purchased as a separate policy.
Why do I need renters insurance in Oklahoma?
Accidents happen, so it’s important to be prepared. Renters insurance can protect a renter 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
A landlord’s policy will only cover the dwelling and other structures on the property. Renters insurance covers the tenants personal property. Rental properties, particularly apartments, are considered risky when it involves potential claims. Tenants share buildings with plenty of individuals where fires, theft and water harm are sometimes frequent. There are many potential risks and your property is in danger. The items you own are valuable and you should shield them from a loss. Besides, renters insurance in most cases is extremely affordable.
Who needs renters insurance in Oklahoma?
Although there is no law requiring renters insurance, anyone who rents a house, condo, townhome or apartment in Oklahoma should have renters insurance. Landlords commonly require tenants to carry renters insurance when securing a lease. Even without this requirement, many tenants still carry renters insurance to protect their property and finances.
Am I covered by my renters insurance policy while traveling or away from home?
Most renters policies include what is called off-premises coverage, which means belongings that are outside of your home are covered against the same disasters listed in your policy. For example, property stolen from your car or a hotel room while you’re traveling would be protected.
How much renters insurance do I need?
The amount of renters insurance you need depends on the cost to replace your personal property; how much alternate living expenses and personal liability protection you would need; and medical expenses you think your guests would need.
How much does renters insurance cost in Oklahoma?
According to data from 2018 published by the Insurance Information Institute, Inc. (Triple-I), Oklahoma ranked the second highest in the nation for average renters insurance premiums. Back in 2018, the average annual renters insurance premium in Oklahoma was $236, compared to the national average of $179. Today’s premiums are higher due to inflation, an increase in building materials and employee shortages. The top three most expensive states were (1) Mississippi, (2) Oklahoma and (3) Louisiana.
One of the largest factors that affect the cost of renters insurance is the exposure to risk. Renters in Oklahoma have a higher than average exposure to a variety of perils, such as fire, wind/hail, tornados, earthquakes and theft.
How can I get the lowest renters 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
- Having a college degree
- Being married
- 3+ years at your residence
- 3+ years at your workplace
- 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 wood burning stoves
- No fireplace
- Not used for business, farming or ranching
- Companion “bundling” policies such as your condo and auto policies with the same insurance carrier
- Opt for a higher deductible
- Paying your premium in full
- Paying via EFT payments as opposed to mailing checks
- Retired or a senior citizen
- 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
- Fire extinguisher(s)
- 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 renters insurance in Oklahoma?
There are two easy ways to get a quote or request more information for renters insurance in Oklahoma:
- Call/Text (405) 605-9891
- Email jp@schererinsurance.com