To help you find suitable renters coverage, MoneyGeek ranked the leading companies in Oklahoma to generate a score based on three key factors: affordability, customer support and financial strength. Read on to learn everything you need to know about the cheapest and best renters insurance providers in the state.
The Best and Cheapest Renters Insurance in Oklahoma for 2021: Rankings, Reviews and Rates
Cheap Renters Insurance Companies in Oklahoma
Cost is a vital factor considered by most consumers while making their policy purchase decision. With an average annual rate of $101, USAA is the most affordable renters insurance firm in Oklahoma, but it is only available to former and current military personnel and their families. Those eligible for USAA’s services get excellent value, as all its plans have replacement cost coverage. The next most affordable carrier is State Farm, with average costs of $115 per year.
MoneyGeek analyzed quotes obtained from diverse ZIP codes in Oklahoma. The average annual and monthly premiums listed are for a renters insurance policy that offers personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
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Best Renters Insurance Companies in Oklahoma
Other than price, consumers should also consider the provider’s financial stability while making their decision. They want the assurance that the insurance company will fulfill its obligation of compensating their claim fairly and without hassle.
MoneyGeek determined the best renters insurance carriers in Oklahoma based on unique affordability data, financial stability ratings provided by AM Best and customer service scores from J.D. Power. According to MoneyGeek’s research, State Farm is the best renters insurance provider for most Oklahomans, with a score of 92 points out of 100. For eligible renters, USAA receives a perfect score.
USAA's renters insurance coverage includes personal property, third-party property damage, third-party medical payments, replacement cost for possessions, personal liability, earthquake, flooding, lock replacement, refrigerated products and accidental damage to personal computers. USAA offers discounts for claim-free customers, security devices and multi-product bundles. You can use the USAA app to make a claim swiftly and smoothly.
State Farm offers off-premise coverage and online purchase coverage. Its beneficial features include earthquake coverage, water backup of drains and sewers, multi-policy discounts and home safety discounts. State Farm provides renters insurance coverage to millions of consumers across the U.S.
MetLife's pros are easy bundling of multiple products, simple discounts, 24/7 phone claims and bonus coverage inclusions. Standard coverage includes personal belongings, personal liability, replacement cost for belongings, valuables up to $15,000, identity protection services and loss of use.
Largest Renters Insurance Companies in Oklahoma
State Farm is the largest renters insurance provider in Oklahoma, with a market share of 28%. It is followed by Farmers at 17% and Liberty Mutual at 9%. These three companies account for about 53% of the state’s renters’ insurance policies. You should buy a policy from an established company, as it is more likely to be financially stable and reimburse your claim without fuss.
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Average Cost of Renters Insurance in Oklahoma
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The average annual cost of renters insurance in Oklahoma is $153, which is $6 less than the national average of $159. These prices are for a policy that includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
You can save a tidy sum by comparing renters insurance quotes to find the cheapest option. For example, in Oklahoma, the cost difference between the most affordable and most expensive carriers is $75 per year on average. This means you can save more than $6 per month by choosing the cheapest provider, State Farm, over the costliest company, MetLife.
What Factors Impact Renters Insurance Cost in Oklahoma
Several factors affect your renters insurance rates in Oklahoma. These are the most influential of those factors:
- Location: Localities with greater exposure to risks like high crime rates and severe weather generally have higher premiums.
- Coverage amount: If you buy add-on features and extra coverage, you’ll need to pay a higher premium.
- Deductible: You need to pay a deductible for claim processing. A policy with a higher deductible will have a lower monthly price, as you’d need to pay more out of pocket to file a claim. Packages with lower deductibles have higher premiums, as the carrier will have to pay more compensation for your lost or damaged items.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): You can opt for either an ACV or an RCV policy. ACV policies cost less because you get lower reimbursement. They consider your property’s depreciation over time. RCV policies cost more because they pay for a brand-new replacement item of similar quality.
- Credit Score: By maintaining a good credit score, you can qualify for discounts and save money. In contrast, those with bad credit scores need to pay higher premiums, as carriers assess that they are more likely to make claims.
Renters Insurance in Oklahoma: What You Need to Know
Industry analysts recommend that you purchase renters insurance in Oklahoma because it is an affordable way to safeguard your assets. In Oklahoma, about one-third of people are renters, and the average monthly rental price in the state is $814. For a basic renters insurance policy, Oklahomans pay an average of $13 per month, which is 1.56% of the state’s monthly rental cost.
What Renters Insurance Typically Covers in Oklahoma
A standard renters insurance plan in Oklahoma includes personal property coverage, additional living expenses, liability insurance and medical payments coverage. You have to pay more for add-on features.
In Oklahoma, personal property coverage will pay for damages caused by property theft and natural phenomena such as thunderstorms, tornadoes, wildfires and others.
What Renters Insurance Typically Does Not Cover in Oklahoma
It’s vital to know what your insurer excludes from your standard renters insurance coverage so you can buy add-on coverage as needed. The following common events and issues are typically not included in basic coverage.
- Damage to home structure: Your renters insurance policy does not cover damage to the building’s structure. This is your landlord’s responsibility.
- Flooding: Only certain water damage is covered, and that doesn’t include flooding damage. Oklahoma faces a high risk of floods, so it’s advisable to get adequate coverage through the National Flood Insurance Program (NFIP).
- Other exclusions: Standard renters coverage excludes jewelry and valuable items that exceed your policy limits. It also excludes damage to your car, damage from earthquakes and your roommate’s belongings. You need to get add-on coverage for these.
Not all plans are the same, so read the details carefully to know what your insurance provider does and does not cover. You can use this knowledge to file a successful claim.
FAQs About Renters Insurance in Oklahoma
Renters Insurance in Oklahoma Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Oklahoma provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Oklahoma. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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