The Best and Cheapest Renters Insurance in Oklahoma

Although landlords may occasionally require tenants to carry renters insurance, it’s not a legal requirement. However, it’s a very good idea. We can’t predict if or when a disaster might strike and destroy our personal belongings, so it’s better to be prepared. This is particularly the case with college students away from home for the first time.

Renter’s insurance policies can be purchased from several insurance companies in Oklahoma. The big question by potential renters and college students is, “How much does renters insurance cost in Oklahoma?” This article will provide you with information on renters insurance and how to find the best and cheapest renters insurance in Oklahoma.

Why Renters Insurance is Important for College Students

When we think of renters insurance, we often think of adults, yet college students need renters insurance especially if they’re living away from home and off campus. Their personal belongings are usually no longer under their parent’s policies.

College students often think that they own nothing of value until a disaster strikes and they have to replace all their items. Most college students lead busy lives with school, part-time jobs, and studying. What they don’t need is to worry about is having to buy all new things because they didn’t have renter’s insurance. Renter’s insurance policies also offer personal liability that protects the renter from legal liability or being sued. For a relatively small monthly fee, college students can have the protection and peace of mind they need.

Common Items in a Loss Claim for College Students

• iPad
• Computer
• AirPods
• Phone
• Jewelry
• Clothing
• Television

College Burglary Statistics for Oklahoma Students

As the 20th-largest state in the U.S., Oklahoma is a state that sees its share of crime, and this includes college students. The FBI reports that the following crimes were committed against college students in specific Oklahoma colleges.

• Cameron University – 5 burglaries; 11 larceny/theft; and 16 property crimes
• Langston University – 27 burglaries; 27 larceny/theft; and 56 property crimes
• University of Oklahoma – 3 burglaries; 123 larceny/theft; and 130 property crimes
• Tulsa Community College – 1 burglary; 38 larceny/theft; and 47 property crimes
• University of Central Oklahoma – 16 burglaries; 37 larceny/theft; and 54 property crimes
• Oklahoma State University (main campus) – 31 burglaries; 119 larceny/theft; and 151 property crimes
• Oklahoma State University (Tulsa) – 1 burglary; 4 larceny/theft; and 5 property crimes
• University of Oklahoma (Norman) – 7 burglaries; 283 larceny/theft; and 198 property crimes
• Oklahoma City University – 5 burglaries; 20 larceny/theft; and 27 property crimes

Here are some of the safest colleges in Oklahoma.

• Mid-America Christian University – Oklahoma City, OK
• Oral Roberts University – Tulsa, OK
• Southwestern Oklahoma State University – Weatherford, OK
• University of Oklahoma – Norman, OK
• Southern Nazarene University – Bethany, OK
• Cameron University – Lawton, OK
• Northwestern Oklahoma State University – Alva, OK
• Oklahoma Christian University – Edmond, OK
• Oklahoma Baptist University – Shawnee, OK

How Much Does Renters Insurance Cost?

The biggest reason why so many people avoid insurance as much as they can is the cost. This is also the case with renters insurance. Many are surprised at how inexpensive renter’s insurance really is, especially when you consider what it covers. Even college students can afford renter’s insurance. What it’s actually going to cost depends on several things.

Where you live is the most important factor because some it’s higher in some cities than others. If you live in a high-crime city, you’ll pay higher rates. If you live in a high-security apartment, your rates will be lower.

The amount of coverage you chose will also affect your rates. If you have an insurance company that pays replacement cost value rather than actual cash value, this will come with a higher cost. Premiums are also affected by the type of home you live in.

The amount of coverage you choose affects the rate. It’s important to do an inventory of what you own so you know how much coverage you need. Renter’s insurance policies always come with a deductible, which is the amount you pay. Higher deductibles mean lower premiums. Discounts can really lower your premium, and most companies offer several discounts.

How Much Does Renters Insurance Cost in Oklahoma?

The cost of renters insurance is always a concern for renters and college students. As on average, the rates in Oklahoma are higher than the national average, but this doesn’t mean you won’t still find some very affordable insurance. You’ll just have to really shop around to get a good deal. You’ll also want to compare rates and policies. If you haven’t already purchased renters insurance, you can check rates by cities, by company, and coverage.

The one thing you will find is that renters insurance is very similar from one company to another, which is why it’s important to not just look at the price but look at what you’re getting for that price. Most renters insurance policies offer the same type of basic coverage.

• Personal property coverage – covers everything you own
• Personal liability coverage – protects you from being sued by someone on your property
• Medical payments to others – pay medical bills if someone is injured while in your home
• Loss of use/additional living expenses – pays you to live elsewhere why your home is being repaired or replaced

To give you a general idea of what a college student might expect to pay in different cities, we’ve done a sample policy on a male college student 20 years of age. The policy offers $50,000 for personal property, $100,000 for personal liability, $1,000 for medical payments, $15,000 for additional living expenses, and a $500 deductible. The rates are for five different Oklahoma cities.

The Best and Cheapest Renters Insurance in Oklahoma

As you can see from the quotes above, rates are somewhat similar from city to city but also slightly different. Students interested in finding the best and cheapest renters insurance in Oklahoma should research and compare because there are many renter insurance companies in Oklahoma. Here are some of the most popular and best insurance companies in Oklahoma.

USAA Insurance

USAA offers affordable renters insurance and is highly rated by various businesses as well as customers. They offer various discounts, including a ten percent discount if you sign up online. You can file claims on the mobile app or online. The only downside with USAA is that you must be in the military or have a family who has been in the military. For about $10 a month, you can get this policy.

• Personal property coverage – $25,000
• Personal liability – $100,000
• Medical payments – $1,000
• Temporary living expenses – $5,000
• Deductible – $1,000

Amica Insurance

Amica Insurance offers some really good renter insurance. They are ranked highly by U.S. News & World Report for their coverage and customer service. Their premiums are slightly higher, but they also offer more coverage, such as sump pump backup, credit card identity theft, and additional electronic coverage. You get this basic coverage for about $44 per month.

• Personal property – $50,000
• Medical payments – $1,000
• Personal liability – $100,000
• Additional living expenses – $15,000
• Deductible – $500

Progressive

Progressive Insurance has a great reputation for its good coverage, fast claim process, and good customer service. Their prices might seem a little higher, but they also offer additional insurance plus extras that can be purchased for just a couple of dollars a month. For about $35.33 per month, you’ll get this coverage.

• $50,000 for personal belongings
• $100,000 for personal liability
• $1,000 for medical payments for others
• $500 deductible

Lemonade

Lemonade is a popular and top-rated insurance company. They offer affordable renters insurance that offers various enhanced insurance for things that aren’t covered on their basic plan. You buy your insurance online or through the app. For about $25 per month, you’ll get this coverage.

• Personal property – $50,000
• Medical payments – $1,000
• Personal liability – $100,000
• Additional living expenses – $15,000
• Deductible – $500

Nationwide Insurance

Nationwide Insurance is another company that offers affordable renter’s insurance but doesn’t offer their quotes online. They have an excellent reputation with customers and their peers. You can do your claims online or over the phone. They also offer credit card theft protection and a few extras you might want.

State Farm Insurance

State Farm Insurance is a well-known company that offers renters insurance to Oklahoma renters. They receive a high rating for affordability, customer satisfaction, and coverage. Although State Farm does not offer quotes online, they do state renters can get a good policy for about $6 to $11 per month.

The renters insurance premiums are about average with some cities being below the national average and others about the national average. Based on our findings below are the premiums from these companies from lowest to highest.

1. USAA – $10.00
2. Lemonade – $25
3. Progressive – $35.33
4. Amica – $44
5. State Farm Insurance – must call agent
6. Nationwide – must call agent

What Does Renters Insurance in Oklahoma Cover?

Most renter’s insurance companies offer the main four things: personal belongings, personal liability, medical payments, and additional living expenses. Renter’s insurance in Oklahoma covers the most common perils, including fire, storms, hail, windstorms, theft, and burglary. The amount they will pay on these claims depends on the amount of coverage you have.

There are certain things that, while not covered under the basic policy, may be covered if you purchase add-ons, which generally only cost a few dollars a month.

What Does Renters Insurance in Oklahoma Not Cover?

 As good as a renters insurance policy might seem, there are still things they will not cover. Structural damage and damage caused by floods or earthquakes are generally not covered unless you have a policy specifically for those things. Additional things not covered include:

• Expensive items valued at more than $1,500
• Roommates
• Pets

Finding the best and cheapest renters insurance in Oklahoma involves research, comparing policies, and checking reviews on any companies you may be considering. It’s also important to read the fine print and not be afraid to ask agents questions if there is something you don’t understand about the policy.

The best way to get the best and cheapest renters insurance in Oklahoma is to know what you want for coverage and research various companies and not be afraid to ask questions. Above all, read the fine print so you know what you’re getting for insurance coverage.