Oklahoma Renters Insurance
Your Oklahoma renters insurance will cover property damage and personal liability.
Written by Nick Kunze
Reviewed by Melanie Reiff
On average, Oklahoma renters insurance costs $153 a year. For this low price, you’ll get coverage for all your personal property, personal liability, and medical payments for accidents in your home, plus loss of use coverage.
Renters insurance is easy to get, cheap and offers a great range of coverage. All Oklahoma renters should consider getting a renters policy to give them financial and legal protection when renting.
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What is renters insurance?
Renters insurance is an insurance policy that covers your possessions and offers personal liability coverage for those renting. Unlike homeowners insurance, renters insurance never covers the physical structure of the rental or the property.
Most rental insurance policies will provide the following coverages:
- Property coverage (Coverage C): This covers your possessions if they’re destroyed, damaged, or lost after a named peril. Your property is either insured for its actual cash value (ACV) or its replacement cost.
- Loss of use coverage (Coverage D): This covers you for any expenses you have while displaced from your rental after it has been deemed unlivable by a named peril. Expenses include housing, food, and more.
- Personal liability (Coverage E): If someone is injured or their property is damaged while at your rental, your policy can cover legal fees and medical expenses.
- Medical payments (Coverage F): This covers the medical expenses of anyone injured on your property.
You’ll need to inventory your possessions to figure out how much property coverage you’ll need. Tally up the ACV or replacement cost of your furniture, electronics, art, and other personal belongings.
Your landlord may require a set amount of liability coverage in your policy, usually between $300,000 and $500,000.
Key Takeaway Renters insurance protects you for far more than just lost or damaged items.
What does renters insurance cover?
Similar to a homeowners insurance policy, renters insurance only covers you from unexpected, sudden damages and losses. These are known as named perils and will be specifically listed in your policy.
While the exact coverage varies from policy to policy, expect to be covered for:
- Fire
- Theft
- Frozen plumbing
- Windstorm
- Vandalism
- Hail
- Lightning
- Impact by a vehicle
- Falling objects
- Explosion
Make sure you know what you’re covered for. You don’t want to find out after an incident that you’re not covered for what you thought you were.
What does renters insurance not cover?
While renters insurance offers a wide range of coverage, it won’t keep you protected from everything. Here are a few things you won’t ever be covered for:
- Valuables: Extremely expensive or rare items may not be covered. Make sure you check if your collectibles or fine jewelry are covered before deciding on a policy. You can often add additional collectibles coverage for an added cost.
- Work items: Renters insurance is only for personal possessions. Any work-related possessions—like a work laptop or your company’s inventory—won’t be covered.
- Your car: Even if it's parked on the rental property, your car isn’t covered by renters insurance. That’s whatcar insuranceis for!
Is renters insurance required in Oklahoma?
Renters insurance is not legally required in any part of Oklahoma. Your landlord may require you to get a policy to sign the lease, however.
Required or not, renters insurance is a great investment. It covers a ton of potential costs and is inexpensive. In fact, the average Oklahoma renters insurance policy only costs $153 a year. That’s $6 less than the national average.
How to build an Oklahoma renters insurance policy
The first step when creating a renters insurance policy is inventorying your personal assets. Go room to room and take stock of your possessions. For all furniture, electronics, and appliances, make note of their:
- Quantity
- Purchase date
- Purchase price
- Brand number
- Serial number (if available)
When inventorying, take photographs of everything. This will be helpful if you ever need to make a claim.
Next, you’ll need to choose a personal liability limit. Your landlord may have specific requirements—usually $300,000 or $500,000—but you can set it much lower if there’s no requirement.
Also, make sure you’re properly covered. Check if you’ve got coverage for windstorms and earthquakes. If not, you may need to pay extra or find an additional policy.
Actual cash value vs. replacement cost
Renters insurance policies are either based on actual cash value (ACV) or replacement cost. For ACV, you’ll be reimbursed for your possessions' depreciated worth. With replacement cost, you’ll be given the actual amount it’ll take to replace everything, regardless of its former condition.
While replacement cost will usually give you larger payouts, you’ll also have to pay more for your policy. It’s up to you whether an initial higher cost is worth more money after a claim.
How to find cheap renters and car insurance
You don’t need to work hard to find an affordable
renters insurance
policy. A great first place to check is with your current car insurance provider. Many insurers offer large discounts (often up to 25$ off) for bundling multiple policies with one insurer. If you add renters insurance to your car insurance policy, it might just pay for itself!To get a great deal on bundling—and find killer car insurance rates—you’ve got to download
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Is renters insurance worth it?
There’s no doubt that renters insurance is worth it. It is a very affordable form of insurance that still offers great coverage.
What is the average cost of renters insurance in Oklahoma?
Oklahoma renters insurance costs an average of $153 a year. That’s less than $13 a month. The Oklahoma average is about $6 less than the national average!
You could save 15% or more on renters insurance by bundling
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