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Landlords and property managers have so many things to worry about. They have purchased a house or apartment building, fixed it up with their own money, and now want to rent it out. Before doing so, they'll likely get landlord's insurance to protect the building and their personal property on the premises. However, it doesn't do anything for the tenants.
Tenants in Oklahoma require renters insurance to protect their things and give them liability protection in case a guest is injured in the unit or they do damage to other people's items.
The Oklahoma Insurance Department claims that renters insurance is crucial, but how many of your tenants have seen this? Overall, they probably won't buy it unless they're required to do so.
You can protect your rental property and give tenants peace of mind when you require them to buy the best cheap renters insurance in Oklahoma. Today, you'll learn all about what it covers, how it works, and the benefits to you.
What Is Oklahoma Renters Insurance Coverage?
Renters insurance is designed to protect the tenant's personal property from loss and damage. However, it also offers protection against injuries on the property because of their negligence.
Most of the time, renters insurance in Oklahoma will offer various coverages, such as personal property coverage, medical expenses coverage, and additional living expense coverage. Likewise, tenants can get extra coverage for their valuable items, which is called scheduled personal property coverage.
Tenants will rarely think about buying renters insurance policies themselves. Therefore, landlords often require proof of it before they move in. Still, tenants must compare renters insurance quotes and coverage limits to ensure they have adequate protection.
Average Cost of Renters Insurance in Oklahoma Per Year
Oklahoma tenants often want cheap renters insurance premiums. Typically, a standard renters insurance policy will cost about $308 per year, which is $26 per month. However, some companies offer a lower renters insurance rate, depending on how much coverage is needed and many other factors.
How Much Does Oklahoma Renters Insurance Cost (Based on Popular Cities)?
According to ValuePenguin, tenants in Oklahoma City will pay higher rates. Overall, it's $29 per month in Oklahoma City, which is 14 percent higher than the state average. However, those in Broken Arrow and Enid can often find cheap renters insurance rates. Let's take a closer look at the numbers for comparison:
- Tulsa - $330/year
- Oklahoma City - $350/year
- Enid - $290/year
- Duncan - $294/year
- Broken Arrow - $290/year
- Ardmore - $301/year
Is Renters Insurance Required in Oklahoma?
Federal law doesn't require tenants to have renters insurance coverage, but some landlords might mandate it in the lease agreement. In fact, it's wise for you to do so because it will protect the tenant's personal belongings and offer liability protection, as well.
Typically, renters insurance is similar to homeowners insurance, except tenants buy it instead of house owners. You can protect your investment by requiring tenants to get renters insurance policies. In fact, you'll give everyone involved peace of mind.
What Does Renters Insurance Cover in Oklahoma?
Oklahoma is a great state, but it does have natural disasters to worry about. The most common include wildfires, earthquakes, tornadoes, and flooding. Typically, renters insurance in Oklahoma will cover most situations. However, these might not be included in the policy. Therefore, tenants might have to buy separate coverage for them.
What does renters insurance cover? Theft, fire, and unexpected circumstances are generally included in most policies.
Here are the things most policies cover:
Personal Property Coverage
Personal property coverage is designed to protect the tenant's things, whether they're at home or not. It works in many situations, such as for burst pipes (leading to water damage), fire, and theft while outside the house.
Liability Coverage
You don't want anyone to get injured or something to be destroyed while a guest is at a tenant's place. However, it does happen. Therefore, renters insurance includes personal liability coverage for any financial damages caused by the tenant. This consists of a guest falling and breaking their phone and much more. Usually, the insurance company will cover property damage, water damage, and legal bills.
Loss of Use
Disasters happen all the time and to anyone. Coverage is crucial, especially when a tenant can't live in the rental after a covered loss. The loss of use coverage will reimburse them for additional living expenses and temporary housing.
Medical Payments
Renters insurance in Oklahoma will also cover medical payments if a guest is injured in their home or if they hurt people inside/outside the house. However, the renter's insurance policy will not cover medical expenses for the policyholders; it only applies to guests and non-residents.
What Does a Renters Insurance Company in Oklahoma NOT Cover?
Though renters insurance in Oklahoma is a great thing to have, it won't cover everything. These situations might be excluded:
- Damage and Loss of Unscheduled Valuable Items - High-cost items can include things like jewelry, electronics, artwork, and more. Most rental insurance policies won't cover them. They should be scheduled separately, which costs more.
- Non-covered Peril Damage - Some events simply aren't covered by the renters insurance company. You learned that Oklahoma was prone to floods, earthquakes, tornadoes, and wildfires. Most policies do cover wind damage and fire damage, but they might not extend to wildfires and tornadoes. Likewise, flood damage is rarely covered under most policies, so tenants may need extra coverage.
- Policy Limits - The coverage limit is what determines what the policy pays after a covered loss. Tenants should ensure they have a high enough limit to replace all of their belongings. Some companies use actual cash value, which factors in depreciation. Tenants might consider replacement cost coverage to replace the items at full market value.
How to Choose the Right Policy
Most companies that offer renters insurance will have many options available. This is a good thing, but it also means tenants must shop around to get the best renters insurance premium. Here are a few tips you can give them:
- Get Multiple Renters Insurance Quotes - Oklahoma renters should get multiple quotes from different companies to ensure that they're getting the best deal.
- Discounts - Discounts can help tenants save money on their premiums. Most brands allow them to bundle insurance policies, such as renters and car insurance, to reduce costs.
- Coverage Options - Most companies tend to have similar basic policies, but tenants might need additional coverage. Therefore, it's wise for them to check for multiple add-ons, policy limit options, and deductibles.
- Customer Service Experience - Reading reviews will help tenants determine the customer satisfaction rating of each company. This is crucial because they want to file a claim quickly after their items are stolen or lost.
- Technology - Mobile tools are often more convenient, so many tenants will want the option to get quotes online, pay the monthly payment online, and more.
Available Renters Insurance Discounts in Oklahoma
Tenants often want to keep their renters insurance rates as low as possible, which is normal. The good thing is that most insurers will offer discounts.
However, each company is different, so it's wise for tenants to compare the renters insurance premium against the discounts they're eligible for.
Here are a few of the most common discounts:
- Diminishing deductible discount
- Multipolicy discount
- Online purchase discount
- Autopay discount
- Early shopper discount
- Claims-free discount
- 55 and retired discount
- Protective device discount (security alarms, fire alarms, smoke detectors, etc.)
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
Clearly, renters insurance in Oklahoma is crucial for every tenant, and you can require them to have it through the lease. However, you might be wondering how it protects you.
Overall, renters insurance in Oklahoma will protect you in these ways:
- You won't have to pay for any property damage to the tenant's things after an accident. They'll have coverage, which means their insurer will take care of it for them.
- Your liability coverage is there to help with injuries on the property. However, when a tenant has a renters policy, it will cover the medical bills if their guest is hurt in the unit (or if they hurt others).
- Many renters policies offer pet liability, as well. This means you can allow pets if tenants buy renters insurance. The provider will cover dog bites and possibly property damage.
Top 5 Best Renters Insurance Companies in Oklahoma
It's time to learn about the best renters insurance companies in Oklahoma. Though you're not shopping for it yourself, you will understand which brands have excellent coverage options and can use this as a way to screen potential tenants.
1. Lemonade Renters Insurance
Lemonade could be the best renters insurance company for tenants in Oklahoma. The average price is just $11 per month, which is much less than the national average.
In fact, Oklahoma tenants can count on Lemonade to protect them after a loss. Most reviews are positive about this brand, and it gets fewer complaints than similar competitors. Therefore, it seems that customers are pretty happy with their service.
However, the biggest shortcoming of Lemonade is that it has standard personal property coverage. There are a few optional coverages, but not many. For example, there is no equipment breakdown coverage or flood insurance, though tenants can get replacement cost coverage and valuable items coverage.
2. Allstate Renters Insurance
Again, Allstate isn't one of the cheapest renters insurance companies, but people like it because it's been around for many decades. Plus, it's only about $16 per month, and it covers personal liability, additional living expenses, and personal property.
There are also many additional coverage options available, such as scheduled personal property coverage, which will protect high-value items.
3. Travelers Renters Insurance
While Travelers might not be one of the cheapest renters insurance companies, it does have many options for extra protection. It costs $22 per month, so it's 42 percent less expensive than the state average.
However, some people have had poor customer service experiences with this brand. J.D. Power conducts an annual study for renters insurance, and Travelers was last. The mixed reviews might be a problem for some.
Overall, Travelers offers renters protection that other insurers don't. Along with the standard coverage, tenants can customize their policies with:
- Valuable items
- Replacement cost coverage
- Identity theft coverage
- Flood insurance
- Extended liability coverage
- More additional living expenses
4. Amica Renters Insurance
Amica is definitely not the cheapest renters insurance provider on the list, and the average price is $24 per month. However, it's still lower than the state average.
Still, for those who need renters insurance in Oklahoma and want a better customer experience, Amica is a great choice. It pays claims quickly and provides a stress-free process to help tenants return to normal after a loss.
Plus, the company offers many discounts to help tenants save money.
5. Nationwide Renters Insurance
Nationwide has been around since 1926. If tenants want a cheap renters insurance provider, this might not be the best solution. However, it's only about $20 per month.
Still, Nationwide offers various add-on options for renters insurance in Oklahoma. Tenants can get extended protection for stolen items out of their vehicles, water backup coverage, and much more.
What Is DoorLoop?
Understanding renters insurance coverage and how it works will help you be a better landlord or property manager. With that knowledge, you can require it of your tenants, which will protect their personal belongings and provide liability coverage.
However, landlords and property managers also have to keep things organized. DoorLoop is an all-in-one property management software that helps all types of landlords (mixed-use, commercial, or residential portfolios).
You can use DoorLoop to:
- Manage your maintenance requests online.
- Provide an online tenant portal for tenants to put in maintenance requests and pay rent.
- Collect rent automatically.
- Manage your accounting tasks.
- Manage your rental portfolio.
- Create your custom and free website. This lets tenants apply for open units, and you can also market your vacancies through Zillow and Trulia.
Everyone will benefit from DoorLoop. Learn more about it today, or schedule a free demo now!
Why Work with DoorLoop
While DoorLoop is an excellent software solution to keep you organized, it can also help you require tenants to get a renters insurance policy. They can apply online directly through the tenant portal and application or submit their own. SURE and Lemonade are used to power the site, depending on the state. Learn more about DoorLoop renters insurance today!
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