5/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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:
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Oklahoma City, OK | USAA | $110 |
Oklahoma City, OK | State Farm | $120 |
Oklahoma City, OK | MetLife | $188 |
Tulsa, OK | USAA | $92 |
Tulsa, OK | State Farm | $110 |
Tulsa, OK | MetLife | $193 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
renters insurance is equal to the average.
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.
Several factors affect your renters insurance rates in Oklahoma. These are the most influential of those factors:
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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