Most renters in Oklahoma are subject to risks of fire and theft more than the homeowners. The landlord is responsible for any damage to the building that you are living in but not your personal belongings. The Residential Landlord-Tenant Law states that the renter is responsible for everything in the house. Therefore, purchasing Oklahoma renters insurance should be a priority upon renting a house. It is not a legal requirement to buy the renters insurance, but a landlord may require you to carry one before renting their property.
Renting in Oklahoma
With the surge in the economic state of the city, most Oklahoma residents would consider renting rather than buying a home. The flexibility that comes with renting a house makes it an attractive option for anyone living in the city for a short time. Additionally, the rentals at the city come at an affordable rate making them an attractive option for most people. However, nearly 60% of the renters in the state do not have coverage for their belongings.
Renters Insurance Coverage Options
Oklahoma renters insurance provides protection to your personal belongings and anything else in your house. Fire is one of the covered perils on renters insurance with regard to your personal items. However, the coverage is valid if you are not the at-fault party in the incident of the fire. The insurance also covers external causes of fire regardless of its source. Liability coverage is also necessary for renters in Oklahoma. It involves coverage for any property damage or personal injury to someone else filing a lawsuit against the tenant.
An injury or property damage caused by another person’s negligence is a coverage on the renter’s insurance. The tenant may file a claim with their Oklahoma renters insurance provider who responds to the request before going for the responsible party’s liability coverage to recover their money. Other types of coverage that you may get with the renter’s insurance include coverage for any losses caused by weather conditions such as storms, snow, and lightning, as well as other non-weather conditions such as vandalism or theft.
Oklahoma renters’ insurance companies provide two coverage options to the policyholders including the replacement costs and the actual cash value.
- Replacement costs– this involves full compensations of the property destroyed or lost up to the limit of your policy. The insurance company does not calculate any depreciated value on the items.
- Actual cash value– this provides coverage of your possessions after the deductions for the depreciated value due to age or use.
The Insurance Cost
Renters insurance is one of the cheapest policies that you will get in Oklahoma. The amount that the tenants pay varies depending on the location of the apartment or the house, the type of coverage that one chooses, how much coverage they need, and the amount of deductible that one pays. If a policyholder has a higher deductible, then the insurance premiums tend to be lower and vice versa. The renters also enjoy various discounts, which may lead to lower premiums. You may get discounts if you have installed safety hardware in a home, have a multi-policy, and if you have not made any claims in the past.
Renters insurance is an essential thing for any resident renting a house in Oklahoma. The insurance coverage is as low as $234 a year, which is an affordable rate for anyone. Additionally, comparing the renter insurance rates with the amount that you will have to pay in case of damage to your property, then the renter’s insurance would be the best option. There are plenty of renter insurance providers available online, so getting one with friendly prices and coverage options is not a problem.