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.
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.
The standard renters insurance, also referred to as the HO-4 policy will reimburse you for any destruction or loss of personal belongings caused by 16 specific events:
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:
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.
In general, insurance companies provide two forms of reimbursement options in their renters insurance policies:
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.
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.