For renters, it’s the responsibility of the landlord to maintain the property, and to insure the structure itself. But the landlord’s insurance typically doesn’t cover the renter’s personal belongings. This means that in case disaster struck your home, such as a storm or fire, the landlord’s insurance would only cover for the building repairs. To get a cover for your possessions, you will need renters insurance.
Renters coverage essentially protects your personal belongings from possible bad events such as fire, water damage, smoke, lightning, windstorms, vandalism, and theft, as listed in the policy. Even if you don’t think that your belongings are worth that much, insuring them is still a great idea. The cost of replacing a basic wardrobe and a few pieces of furniture can really add up. Moreover, HO4 renters insurance does cover more than just your personal belongings.
Oklahoma is a really nice place to live, and no matter where in the state you choose to live such as Broken Arrow, Tulsa, Edmond, OKC or Lawton, you can protect your family and personal belongings with affordable Oklahoma renters insurance. Whether it’s a rented small apartment, a rented home, or any other form of living situation that you don’t own, a renters insurance policy will protect you and your future.
Here are a few things you need to know about personal contents coverage.
In the event that your house is damaged and you have a covered loss, you will have to stay somewhere else. In many cases, a fire in an apartment could shut the access and utilities to the entire building. Your family won’t want to stay in the house as the repairs are made, it’s just not comfortable to. The most common solution is staying at a hotel.
Fortunately, the loss of use coverage covers for the cost of your stay in the hotel. Hotels in Oklahoma can be quite expensive, considering that tourism is a key part of its economy. It’s also quite difficult to find a good hotel on such a short notice.
If it was a fire, the Red Cross might get you a few days in a hotel, but it might not even be available with other losses. That’s why renters insurance coverage in Oklahoma includes additional living expenses incurred after the incident. It not only pays for the hotel stay, but also caters for the food and other additional expenses you incur.
In a standard HO4 renters insurance policy, earth movement is typically not covered. This includes earthquakes, mudslides, and other similar events. However, there’s an endorsement for earthquake coverage available with most policies. So it’s a matter of personal risk tolerance whether or not you need earthquake coverage.
In Oklahoma, most earthquakes are relatively minor, and as mentioned earlier, the renters aren’t responsible for the building itself. Keep in mind that with personal property protection, earth movement is earth movement, meaning that the cause of the earthquake is usually not relevant to the insurer.
With other common natural disasters like tornadoes and hurricanes, renters insurance generally covers you, since they fall under the windstorms category. The policies are generally designed to cover for any losses from natural disasters and other common risks specific to the Oklahoma community.
Of course your personal belongings are covered under the Oklahoma renters insurance plan. Much of the things you own are generally considered as personal property, aside from real estate and your car. If you have highly valuable items like jewelry and similar items, it’s a good idea to have a specific cover for them. There might be a necessary endorsement or a limit to get a full value coverage on these valuable items.
Your personal property is protected from theft, fire, vandalism, and other common perils. Since the liability cover ideally covers you from both the cost of covering for the damages yourself, and defending yourself against the claim or lawsuit. This ideally protects your current and future income and assets. In case you didn’t have the renters coverage, a judgment against you could mean you wouldn’t be able to save money anymore, since all of it would be subject to pay for the damages by order.
It’s imperative to think about who is protected by the cover as well. With all policies, you and your family, wherever you happen to be, are all covered. As such, the liability coverage extends to all of your children. Children under the age of 13 are covered whether or not the damage was caused by their actions. Young children (under 13) can cause liability by trying pranks or getting into fights that go wrong and have unanticipated consequences. The losses are covered as the children are presumed to not have a capacity for negligence.
The national average renter insurance price is about $19 a month. In the Sooner State, the price of renters insurance runs close to this average, and ranges between $20 to $30 a month. This is the most affordable protection that you can get for your property and your future. Most insurers have streamlined the process, making it very easy and painless to buy a policy.
Is renters insurance in Oklahoma expensive? Well this depends on your perspective. Teslas are expensive. Mansions are expensive. Having to replace everything you own is also expensive. Nonetheless, if you really think about it, it’s not really expensive. In fact, the protection you will be getting is priceless.
Keep in mind that it’s far less expensive that facing a liability claim against you, since it would be your responsibility for property damage or bodily harm you cause to someone else. the damages are considered a result of negligence, and you’d be responsible for the cost of the damages. Personal property insurance is much less expensive than hiring a lawyer to defend against the liability claim, even if it’s mistake, false, frivolous, or downright ridiculous.
No one wants an extra bill to pay every month. But don’t you pay the energy bills because you can’t live without electricity? Don’t you pay the rent because you need a place to live? Why not pay for renter insurance to make sure you have a place to live and the ability to replace your belongings in case the worst happens?