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CheapRenters InsuranceOklahomaThe Best and Cheapest Renters Insurance Companies in Oklahoma for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceOklahomaThe Cheapest Renters Insurance in Oklahoma
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.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Oklahoma by City
The cheapest widely available option in Alabama is State Farm. That said, MoneyGeek only has data for the city of Birmingham. USAA is the most affordable company based on the average costs of renters insurance in Alabama, but it is only available for current or former military members and their families.
Companies With the Cheapest Renters Insurance in Oklahoma by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$120
- State Farm$110
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Best Renters Insurance Companies in Oklahoma
The best renters insurance provider in Oklahoma is USAA, scoring a perfect 100 on MoneyGeek’s ranking system, which takes into account affordability, financial stability and customer satisfaction. However, its policies are only available to current or former members of the military and their eligible family members.
State Farm was ranked second best, receiving an overall score of 95 out of 100 based on high ratings for affordability, financial stability and customer satisfaction.
Our picks for the best renters insurance companies may not be the cheapest options available, but they offer the best balance between cost and quality service. It’s important to consider the customer service ratings of a company, in addition to the cost, because this will determine how quickly and fairly your claim is processed.
1
USAA
Score:100
USAA ranks as the overall best renters insurance company in Oklahoma, with perfect scores on affordability, customer satisfaction and financial stability. However, its policies are only available to military personnel and their families. Its standard policies come with coverages for floods and earthquakes, and military uniforms and gear.
More About USAA
USAA is available in all U.S. states and offers the most comprehensive insurance policies in the market. USAA’s standard renters insurance policies include coverages for floods and earthquakes, military uniforms and gear and replacement cost coverage. The company offers additional perks including a flexible payment plan and personalized financial advice from experts on buying a home or a car, retirement planning, military life and more.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:95
State Farm was ranked as the second best renters insurance company, with high scores on financial stability, affordability of premiums and service quality. It offers unique coverages such as for personal injury, including defamation of character, libel or slander. You may also opt for additional, separate policies for additional business property insurance.
More About State Farm
State Farm policies are available in Washington, D.C. and all 50 U.S. states, and renters insurance buyers can easily get a personalized quote from the company’s website. Its mobile app can also help you keep track of your insurance and banking transactions. State Farm’s payment plans allow policyholders to choose whether to set up an automatic payment schedule or opt for paperless. Optional coverages include protection against personal injury, identity theft, earthquakes and incidental business and professional liability. There are also discounts for homes that have protective devices.
Read MoneyGeek's State Farm renters Insurance ReviewMONEYGEEK EXPERT TIP
It may be tempting to base your purchase decision solely on cost, but we strongly advise against this. Oftentimes, the cheapest policy can cost more in the long run compared to a better policy.
Largest Renters Insurance Companies in Oklahoma
When shopping for the best deals, don’t be intimidated by the more well-known and larger insurance providers. There are many benefits to buying renters insurance from a company with a large market share. Not only are they more financially stable, but they also tend to provide top-notch service.
Company | Market Share | |
|---|---|---|
1. | State Farm | 28.0% |
2. | Farmers | 16.7% |
3. | Liberty Mutual | 8.6% |
4. | Allstate | 8.3% |
5. | USAA | 8.0% |
Average Cost of Renters Insurance in Oklahoma
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renters insurance is equal to the average.
The average cost of renters insurance in Oklahoma is $153 per year. This is $7 cheaper than the national average.
The amount of personal property that you keep will determine your premiums. Use MoneyGeek’s personal property calculator to see how much insurance you’ll need based on the value of your personal property.
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You can save money simply by comparing renters insurance quotes to find the cheapest option. 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.
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.
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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
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.
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.
- EventDescription
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.
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If you want to know more about how renters insurance works, the Oklahoma Insurance Department can assist you. It provides consumer assistance and helps process and investigate complaints filed against insurance companies.
You can reach the Oklahoma Insurance Department through the following channels:
- Office Address: 400 NE 50th St., Oklahoma City, OK 73105
- Consumer Help Lines: 800-522-0071 (State), 405-521-2828 (Oklahoma), 918-295-3700 (Tulsa)
Their consumer helpline is open from 8 a.m. to 5 p.m., Monday through Friday. You may also follow them on their social media accounts:
- Twitter: https://twitter.com/oid411
- Facebook: https://www.facebook.com/oid411/
- Instagram: https://www.instagram.com/oid411/
- Youtube: https://www.youtube.com/user/okinsurance411/
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FAQs About Renters Insurance in Oklahoma
New renters may find the topic of renters insurance a bit confusing. Use MoneyGeek’s answers to some of the most frequently asked questions on renters insurance in Oklahoma to make an informed decision.
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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.
About Mark Fitzpatrick
sources
- OID. "Oklahoma Insurance Department." Accessed March 31, 2022.