If you rent instead of own, what happens if your personal belongings are stolen during a break-in or damaged by a fire? What if you’re held legally responsible for an injury where you live? If you have renters insurance, you’re covered. We researched the best renters insurance in Tulsa so you get financial protection at an affordable price.
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There is a common misconception that if you rent a home or apartment, you don’t need to worry about insurance because the property owner has it all covered. The truth is that the landlord’s insurance policy only covers the property — not tenants’ belongings or liability in case of an accident.
There are many reasons to purchase renters insurance in Tulsa. Here are a few:
It’s not expensive. The average cost of a renters insurance policy in Tulsa is $10 - $15 per month.
Tulsa renters are vulnerable to burglaries. From 2013 to 2018, there was an average of 5,500 burglaries in the city, according to the Tulsa Police. If a break-in occurs at your apartment and you have renters insurance, you are covered for the cost to repair or replace any stolen belongings.
In addition to theft, renters insurance ordinarily covers personal property losses caused by fire, storms, lightning, wind, hail, vandalism, riots, aircraft and vehicles.
Renters insurance includes liability coverage; if you are found legally responsible for an injury to someone or for damage to their property, liability coverage lowers your costs.
If your home becomes uninhabitable after a covered event, renters insurance covers expenses for temporary shelter and food.
Anyone who rents in Tulsa is a good candidate for renters insurance, including college students at the University of Tulsa and Oral Roberts University and young professionals living downtown or in the Brookside or Cherry Street districts.
When purchasing renters insurance in Tulsa, pay attention to deductibles and coverage limits. The deductible is how much you will have to pay before coverage kicks in. The coverage limits are the maximum amounts the insurance company will pay out. Premiums (what you pay for coverage) generally rise if you want a lower deductible or higher coverage limits.
Before choosing a policy, read over the fine print for a list of exclusions. Flooding and earthquakes are not normally covered perils, and neither are pests. If you have expensive valuables, ask about additional riders you have to purchase to cover high-worth jewelry, art and electronics.
Also, don’t forget to ask about discounts. If you add automobile coverage, have home alert devices or use automatic payment, there may be savings opportunities.
Lemonade offers renters insurance, homeowners insurance and pet insurance in Tulsa. Choose your coverage amounts for personal property, personal liability, loss of use and medical payments. Add “Extra Coverage,” which has a $0 deductible, for high-value items. Lemonade provides fast quotes and a quick claim filing process through its app. The company’s Giveback program donates funds to nonprofit organizations chosen by its policyholders.
Policygenius is an online insurance broker that has helped over 4.5 million shop for coverage. Licensed advisors help renters with personalized recommendations, discounts, extra coverage for valuables and a dashboard to manage an account. The easy-to-navigate website has plenty of educational resources on renters insurance. Customers say they’ve had great experiences using Policygenius and recommend it to anyone in the market for coverage.
ConsumerAffairs content is intended to be used for general information purposes only. Before you make any investment, it is very important to do your own analysis based on your own personal circumstances and consult with your own investment, financial, tax and legal advisors.