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Renters Insurance In Tulsa Oklahoma - Get Quotes Now!

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Renters Insurance In Tulsa Oklahoma

When you rent a home, the responsibility of maintaining the property largely falls on your landlord. This includes the insurance of the whole building. However, a landlord’s insurance policy won’t extend to the personal belongings of the renters. This means that if disaster were to strike your home, the landlord’s insurance would only pay for the building repairs.

If you want to have insurance to protect for belongings, then personal contents coverage is the way to go. Renters insurance not only covers your personal belongings against disasters such as a storm or a fire, but also protects your possessions in the event of vandalism or theft.

renters insurance in tulsa

Is Renters Insurance a Wise Investment?

Of course. The average monthly renters insurance premium for $10,000 coverage in the southern plains region is only a little more than $25, according to the Insurance Information Institute. As you will soon find out, renters insurance in Tulsa is not far off. Since it’s so cheap, it’s a smart investment; considering that the other possible alternative would be having to pay out of pocket to replace your belongings including your computer, jewelry, furniture, TV, clothing, etc.

Keep in mind that the landlord’s policy won’t pay for your upkeep and living expenses when the building is under repair, but renters insurance will. Nonetheless, in a 2015 Insurance Information Study, only 40% of renters were found to carry insurance.

What is Covered Under Renters Insurance?

The standard renters insurance Oklahoma, also referred to as the HO-4 policy will reimburse you for any destruction or loss of personal belongings caused by 16 specific events:

  • Lightning or fire
  • Hail or Windstorm
  • Volcanic eruption
  • * The weight of snow, ice, or sleet
  • A falling object
  • Explosion
  • Damage caused by vehicles
  • Damage caused by an aircraft
  • Civil commotions or riots
  • Theft
  • Malicious mischief or vandalism
  • Accidental or sudden cracking, tearing apart, burning, or bulging of a hot water or steam heating system, automatic fire protection system, or an air conditioning system.
  • Accidental overflow or discharge of water or steam within a heating, plumbing, automated fire sprinkler system, air conditioning, or any household appliance.
  • Accidental or sudden damage from electric current generated artificially, provided it’s not from a transistor, tube, or similar electronic equipment.
  • Freezing of a heating, plumbing, air-conditioning, household appliances, or an automatic fire prevention system.

The personal contents coverage won’t pay for damages that result from floods or earthquakes, which means you will still need to pay for repairs in case you incur losses from these reasons. Both Earthquake and flood insurance possibly can be bought separately, or as a rider or an endorsement to your renters policy.

Most people think that only personal possessions are covered under the renters insurance. However, the standard renters insurance typically includes other forms of protection that could be valuable to you. Such protection covers include:

  1. Liability insurance: In case someone is injured inside your home and sues you, such a lawsuit can wreck your finances for many years. With renters insurance, the liability portion covers you for such kind of events, and will protect you from lawsuits for both property damage and personal injury. It will also cover any form of damage you and your family might accidentally cause to others. There may also be an umbrella liability policy that costs extra, but will cover you for slander and libel. The umbrella coverage typically kicks in after the limit of your liability coverage is reached from your personal property policy.

Liability will also cover you in case your dog bites a neighbor, visitor, or stranger, either on or off the property. however, some insurers do exclude dog bites from their renters policies, and it’s therefore important that you confirm with your agent if you’re covered, especially if you have or plan on getting a dog.

The liability protection will often also include a no-fault coverage for medical payments. The Insurance Information Institute asserts that this enables a person who’s injured in your property to submit their medical bills to your insurance company directly, so that the bill can be paid without requiring a lawsuit.

  1. Living Expenses: In case your home is destroyed by any of the disasters covered in your policy, the renter insurance should pay for the additional living expenses you’re going to incur. These expenses include restaurant meals, hotel bills, and other costs while your house is being repaired.

Reimbursement for Renters Insurance

In general, insurance companies provide two forms of reimbursement options in their renters insurance policies:

  • * Actual cash value: These policies pay an amount to replace your belongings based on their value at the time of the loss. As such, you will receive an amount that accounts for depreciation. For instance, if your flat screen TV was 2 years old, then the amount you receive would be the market value of a 2-year-old TV. If you want a new TV, you will have to top up the amount yourself.
  • * Replacement Cost: These policies will pay the actual cost of replacing each of your possessions. For instance, if your flat screen TV was lost, then the reimbursement amount will be the amount you’d pay to purchase a new similar TV, regardless of how old it was.

As you can probably already tell, the replacement cost option is more expensive. It’s usually about 25% to 50% more compared to the actual cash value coverage. Nonetheless, if you know you’ll want brand new items to replace any item that might have been lost in a disaster, then it’s worth it to spend the extra cash for the replacement cost.

Nonetheless, some items might require a bit more specialized insurance, with what is called a rider. A renters insurance policy will typically cap the amount it’ll pay for jewelry theft (mostly at around $500 total). Other items like furs, watches, firearms, and silverware may have low caps when it comes to theft coverage. For this reason, if you have some special, diamond ring/necklace handed from your grandma, you should ask your provider if you need a rider for full-value coverage.

Shop Around

Although you’ll get good value considering the average $188 annual renters insurance premium, rates typically vary from state to state. Renters insurance in Tulsa for about $25,000 coverage can range from $315 to sometimes over $500 annually. As such, if you are looking for renters insurance in Tulsa, OklahomaInsuranceQuotes.net is a great place to start. Don’t forget that finding good renters insurance in Tulsa or elsewhere means shopping around to find solid coverage at an affordable price.