UPDATED: JANUARY 30, 2023 | 3 MIN READ
Renting a home without renter’s insurance is tempting fate as it helps protect you against certain disasters, including fire and smoke damage. You may love your apartment, but if disaster strikes, the landlord’s insurance won’t cover your stuff, only the property itself.
When damage occurs to your expensive clothing, jewelry, or laptop, you must pay replacement costs unless you have a renters insurance policy. Let’s go over why renters insurance in Oklahoma is a must-have for renters, renters insurance rates, and coverage options.
What does Oklahoma renters insurance cover?
Oklahoma’s standard renters insurance policy includes personal property, liability coverage, and additional living expenses.
Personal property coverage
Renters insurance personal property coverage helps replace items, such as your clothing, furniture, artwork, and other personal belongings, after damage from a covered peril or event.
Additional living expenses
This coverage is for after a covered event displaces you from your home. It’s for costs like temporary housing, dry cleaning, hotel fees, and food. Additional living expenses is also called loss of use.
If someone suffers an injury at your home or you damage someone’s property, personal liability coverage helps pay associated costs like repair bills and medical expenses. Not every insurance provider in Oklahoma may offer it, but the additional coverage, medical payments, helps with costs after someone’s injury, fall, or death on your property.
What events are covered by renters insurance in OK?
Living in Oklahoma means you’re at risk for tornadoes, hailstorms, and wildfires, events that renters insurance covers. Oklahoma’s location in “Tornado Alley” results in 67 tornadoes in an average tornado season. Even an F1 tornado has the potential for damage, including falling objects, broken windows, and roof peeling. A renters policy is crucial for Oklahomans.
Does the state require renters insurance?
No. Oklahoma doesn’t require renters insurance, but your landlord may. It’s common for an apartment company or landlord to require renters insurance as part of a lease agreement.
How to find affordable renters insurance in Oklahoma
Renters insurance in Oklahoma will vary by location and insurance agency. There isn’t a standard price for renters insurance, so it pays to shop around. If you want renters insurance, you should calculate the costs for replacing your stuff and use it to determine your coverage amount. You might also check if your Oklahoma auto insurance carrier offers renters insurance because it could qualify for a bundle discount.
Oklahoma renters insurance prices
Oklahoma’s average renters insurance premium is $351 a year or $26 a month, slightly lower than the national average. Prices can vary by zip code and depend on the housing type, age renter’s age, and coverage options. On average, you can expect to pay at least $10 or more for renters insurance in Oklahoma.
Cities where renters insurance is the cheapest
Oklahoma features an average rate of $26 a month for renters insurance, but several cities feature cheap renters insurance at less than $26 a month. The most affordable city for renters insurance for Oklahomans is Muskogee. The cities of Claremore, Broken Arrow, and Sand Springs each have an average cost of $21 a month. Your rate will vary based on your carrier, home type, coverage amount, deductible, and other relevant factors.
Affordable renters insurance companies in Oklahoma
American National, State Farm, and Travelers are among the companies with the best rates for renters insurance in Oklahoma. All of their average premium rates for tenant insurance fall under the state average. You may have a rate lower or higher than these carriers’ averages.
Cheapest renters insurance in Oklahoma
Lemonade is the cheapest carrier for renters insurance in Oklahoma with an average of only $11 a month. The insurance company is online-only, with no physical locations, which keeps costs low for the customer. Lemonade offers a quick signup process and offers basic renters insurance, plus a few add-ons like valuables coverage.
Renters insurance that’s the best for most people
For renters who just want a quick tenant policy to meet their landlord’s request, Lemonade is the best choice. Lemonade lets you sign up in minutes and offers a quick claims process. The carrier offers both basic and add-on coverage.
Best renters insurance in Oklahoma for the fastest claims process
Lemonade wins the honor of best renters insurance company in Oklahoma for fastest insurance claims for tenants as well. It pays many of its claims instantly thanks to the company’s AI capabilities built into the customer app.
Renters insurance with the best optional coverages
Traveler’s is the company with the best optional coverages as it lets renters choose from various add-ons, including identity theft coverage, flood insurance, and equipment breakdown coverage. It also has an option for decreasing deductibles.
Oklahoma renters insurance with the best bundling discounts
With a bundle discount of up to 17%, State Farm has the best bundling discounts for renters insurance in the Sooner State. Its multi-line policy automatically applies to policyholders with both renters and car insurance, offering a chance for big savings.
Renters insurance with the best for home business owners
The Hartford is the best choice for home-based business owners in Oklahoma. The carrier’s renters insurance options include business property protection, providing you with equipment and product inventory coverage.
Can my landlord require renters insurance in OK?
Yes. A landlord can request renters insurance from their tenants as part of a lease agreement in Oklahoma. Many landlords and apartment companies request renters insurance to ensure the tenants are covered in case of a fire or other damage to rental properties.
What is the average cost of renters insurance in Oklahoma?
Oklahoma renters pay an annual average of $351 or $26 monthly. Your insurance premium varies by deductible, carrier, and coverage.
What does renters insurance in OK cover?
Renters insurance in Oklahoma covers your personal property, liability, and additional living expenses. The coverage applies for covered perils, such as fire and smoke damage, hail, windstorm, and other events. Each policy lists your coverages.
Who has the cheapest rates for renters insurance in Oklahoma?
The company with the cheapest rates for renters insurance in Oklahoma is a tie between State Farm and American National, both of whom have an average price of $13 a month.
What are exclusions for an Oklahoma renters policy?
A renters insurance policy in Oklahoma features exclusions such as landslides, earthquakes, floods, and pests, such as bed bugs. Your specific policy will list all exclusions and coverages.
Finding cheap renters insurance in Oklahoma
With tornadoes and other serious weather a threat for Oklahoma renters, renters insurance is a wise purchase for every tenant. The average cost for Oklahoma renters insurance is affordable, with many companies’ policies at less than $20 a month. You may pay less, especially if you compare rates or look for a bundle discount. Either way, when you’re ready to buy renters insurance in Oklahoma, we’re here to help. Get your online renters insurance quotes now.