The Cheapest and Best Renters Insurance in Oklahoma City
The Companies With the Cheapest Renters Insurance in Oklahoma City
For renters trying to pick a policy, the cost of renters insurance in Oklahoma City is an important consideration, as most providers offer similar core coverages. To find the best policy, compare renters insurance quotes from different providers. For those looking for affordable renters insurance, MoneyGeek found that the cheapest options for the average consumer in Oklahoma City are:
- USAA: $110 per year (only available for current and former military members and their families)
- State Farm: $120 per year
Customers with USAA policies get even better value for their money as the company provides reimbursement for items at replacement cost and also covers flood and earthquake damage.
The prices used in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Actual costs will differ for individual customers. Please check the table below for different personal property coverage limits and see how prices change.
Renters in Oklahoma residing outside Oklahoma City can compare renters insurance for Oklahoma as a whole.
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What Are the Best Renters Insurance Companies in Oklahoma City?
MoneyGeek ranked the best renters insurance in Oklahoma City and found that the top renters insurance companies in the city are:
- Best Overall: State Farm
- Runner-Up: MetLife
USAA received the highest score in Oklahoma City by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
To calculate the final scores, MoneyGeek used a unique rating system that considers affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. In addition, MoneyGeek found that these providers offer unique coverages that many other providers do not.
USAA is consistently one of the cheapest options for renters insurance in the country and also provides unique coverages. USAA policies offer reimbursements at replacement costs, so you can get new items of a similar quality to the ones you lost. Unlike most other providers, USAA includes coverage for earthquake and flood damage.
USAA is our top pick, thanks to perfect scores across all categories. USAA policies are only available to current and former military members and eligible family members.
State Farm is also frequently one of the most affordable options for renters insurance in the country. With State Farm, you can buy inflation coverage to increase your personal property coverage limits over time automatically. You also have the option to increase limits for valuable items while getting a quote.
State Farm is our runner-up pick due to high ratings across the board and a perfect score in financial stability. It is the best option for customers who do not qualify for USAA policies.
The Average Cost of Renters Insurance in Oklahoma City for 2023
renters insurance is equal to the average.
Renters in Oklahoma City pay an average of $154 per year for insurance or about $13 per month. This is $5 less per year than the national annual average of $159.
What Factors Impact Renters Insurance Costs in Oklahoma City?
While several factors affect renters insurance costs, the following are the most likely to influence how much you spend.
- Personal property coverage amount - While looking for the best renters insurance in Oklahoma City, consider the amount of coverage you need to purchase. One of the most important factors determining the cost of a policy is how much property you choose to cover.
- Location - Where you live in Oklahoma City can have some impact on how much you pay for renters insurance. For example, neighborhoods with higher crime rates often have higher insurance rates as well.
- Deductible - A deductible is a fee you pay for the processing of claims. Policies with higher deductibles usually have lower monthly costs as you will pay more out of pocket in the event of a claim.
- ACV vs. RCV - According to your chosen type of insurance, you can get reimbursed based on the actual cash value (ACV) or the replacement cost value (RCV). ACV policies calculate reimbursement value taking into account depreciation over time, while RCV policies reimburse the equivalent cost for you to buy a new replacement item of similar type and quality without considering depreciation. Since RCV policies pay more, they cost more than ACV policies.
- Liability coverage amount - Your coverage level will have some impact on your renters insurance costs. Usually, a standard policy includes $100,000 in liability coverage. For just a few more dollars per year, you can add thousands more in coverage.
Calculate How Much Renters Insurance You Need
Does My Oklahoma City Neighborhood Impact Cost of Renters Insurance?
Unlike other kinds of insurance, neighborhood locations have little impact on renters insurance rates. MoneyGeek found that the neighborhood you live in will only affect your premium by a few dollars per month.
Understanding Renters Insurance in Oklahoma City
While not mandatory, it is strongly recommended that you purchase renters insurance in Oklahoma City. This gives you an affordable way of protecting your assets against damages or theft. Also, some landlords might require you to purchase renters insurance.
What Does Renters Insurance Cover in Oklahoma City?
When you shop for renters insurance, ensure that you get sufficient coverage to meet your needs as a renter in Oklahoma City. It is a practical, low-cost way of shielding yourself against possible expenses resulting from theft and other unforeseen damages. FBI statistics indicate that property crimes in the city reached 3,516 per 100,000 residents in 2019, 86% higher than the national average.
Renters in Oklahoma City can also opt for additional insurance to cover risks that can arise anywhere, including water and fire damage. Insurance companies in Oklahoma City typically offer renters insurance policies that include:
- Personal property coverage - This protects the contents of your home from risks like fires, plumbing issues, vandalism, theft, electrical issues and certain weather-related damages.
- Additional living expenses - If the rented unit becomes unfit for living after a covered event, this coverage takes care of the expenses for your temporary housing arrangements.
- Liability insurance - This covers you if an accident in your rental property causes injuries or damage to other people or their property. It covers legal expenses and court payments.
- Medical payments coverage - If someone gets injured in your rented property, this coverage helps with medical expenses irrespective of who is at fault.
What Is Not Covered by Renters Insurance in Oklahoma City?
Renters insurance in Oklahoma City covers your personal property but not the building’s structure, which is the owner’s responsibility. Also, certain risks are usually not covered by renters insurance and might necessitate purchasing additional coverage.
For example, renters insurance covers certain types of water damage. However, damage resulting from flooding is something most policies do not cover. If you want protection against flood damage, you can purchase incremental insurance through the National Flood Insurance Program (NFIP).
Examples of other things usually excluded in renters insurance policies include your roommate’s belongings, damage caused by earthquakes, damage to your car, jewelry and other valuables that cost more than your policy limits. Not all policies are constructed the same way. Please read the policy document carefully before you buy it to ensure that you have the right coverage.
Frequently Asked Questions About Renters Insurance in Oklahoma City
Renters in Oklahoma City would be best served to choose a company that offers the right combination of affordability and quality of service. Here are some of the most common questions about renters insurance in Oklahoma City.
Renters Insurance in Oklahoma City Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Oklahoma City to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick