The Cheapest and Best Renters Insurance in Tulsa
The Companies With the Cheapest Renters Insurance in Tulsa
The cost of renters insurance should be an important consideration for renters from Tulsa, as the coverages offered by most insurance companies are quite similar. According to MoneyGeek, the two most affordable renters insurance firms in Tulsa for the average tenant are:
- USAA: $92 yearly (only serving current and former military members and their families)
- State Farm: $110 yearly
USAA policies provide excellent value for your money. The company reimburses for products at their replacement cost, and all of its policies cover flood and earthquake damage.
The average rates were determined by MoneyGeek using rental insurance policies of $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. The amount of coverage and the deductible you choose determine the cost of insurance. The table below shows how rates differ based on the amount of personal property covered.
If you reside elsewhere in Oklahoma, you can compare renters insurance quotes on a statewide basis.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Tulsa?
MoneyGeek's ranking of the best renters insurance companies in Tulsa placed the following two insurers on top:
- Best Overall: State Farm
- Runner-Up: MetLife
USAA received the highest score in Tulsa 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.
MoneyGeek's unique ranking system took into account affordability data, J.D. Power's customer satisfaction ratings and AM Best's financial stability ratings to evaluate which companies are the best.
USAA is consistently one of the most affordable choices for renters insurance in the country. Additionally, all of its insurance plans include flood and earthquake coverage. If you are currently serving in the military, you can get an extra discount on your policy, making it even more affordable.
In several categories, including MoneyGeek's affordability score, USAA came out on top. Only former and current military members and their families are eligible to purchase USAA policies.Read MoneyGeek's USAA renters Insurance Review
State Farm is also one of the country's cheapest insurers for renters insurance. Its earthquake coverage can benefit those living in a region susceptible to earthquakes. State Farm's identity restoration coverage for just $25 yearly can offer protection against the costs incurred by identity fraud.
State Farm, the runner-up for best insurers in Tulsa, earned top ratings in several areas, including AM Best's financial stability ranking.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Tulsa for 2023
renters insurance is equal to the average.
Tucson's tenants pay an average of $151 in renters insurance cost per year or around $13 per month. This is $8 less per year than the national average renters insurance cost of $159 per year.
What Factors Impact Renters Insurance Costs in Tulsa?
While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount - Determine how many assets you want the insurance to cover and how valuable they are. The amount of personal property coverage you choose is the most important factor in deciding the rental insurance cost.
- Location - The cost of insurance is also affected by a location's crime rate. Cities with a high crime rate have higher insurance rates. Renters in Tulsa might have to pay a higher annual insurance premium due to the city's high property crime rate.
- Deductible - A deductible is a fee paid to the insurance provider when you file an insurance claim. The insurer will reimburse you the claim amount after subtracting the deductible. If you have a higher premium, the insurance rates will be lower, and vice versa.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV) - An ACV policy evaluates asset depreciation and pays less for the damage or loss of older items. An RCV insurance policy will compensate you with the replacement cost to buy new items at current market value. Because of the higher premium payout, an RCV insurance policy will be more expensive. ACV coverages, on the other hand, are less costly because of lower payouts.
- Liability coverage amount - The amount of liability insurance coverage will only have a limited influence on insurance rates. A standard policy will provide liability limits of $100,000. However, for a few extra dollars per year, you can add thousands of dollars of coverage to your insurance plan.
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Does My Tulsa Neighborhood Impact Cost of Renters Insurance?
Where you live within Tulsa only has a minor impact on the renters insurance cost. MoneyGeek's study found that the neighborhood you live in will affect your monthly rental insurance premium by only a few dollars.
Understanding Renters Insurance in Tulsa
The law does not require renters insurance in Oklahoma. However, MoneyGeek recommends buying a policy because it is a cost-effective way to protect your possessions from theft and damages.
It's important to understand what the policy covers and what it doesn't when buying renters insurance in Oklahoma. A standard renters insurance policy in Tulsa covers personal property, additional living expenses, liability insurance and medical payments.
What Does Renters Insurance Cover in Tulsa?
While searching for renters insurance in Tulsa, make sure that the policy you choose has adequate coverage for your possessions. A renters insurance policy is a great way to cover the expenses incurred by the theft of your valuables. According to FBI data, the city's registered property crime rate in 2019 was 4,556 per 100,000 residents, 141% above the national average.
Renters in Tulsa need to safeguard their belongings against hazards such as fire and water damage, which can occur anywhere. Renters insurance plans from most of Tulsa's insurers offer the following coverages:
- Personal property coverage - Personal property coverage protects your possessions against risks such as fire, theft and weather-related damage. Furniture, appliances and clothing are often covered under a standard plan. Valuable assets exceeding policy limits, such as jewels, will require additional coverage.
- Additional living expenses - If your rental home becomes uninhabitable due to a covered risk, having additional living expenses coverage will come in handy. It will cover your temporary living expenses, including food and hotel rooms.
- Liability insurance - If someone is injured or their property is damaged in your rental home and you are held liable for the damages, this coverage can pay for the costs. It even covers the legal expenses if the person sues you.
- Medical payments coverage - If anyone is injured while on your rental property, this coverage will pay for their medical expenses related to that injury, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Tulsa?
Even the best Tulsa renters insurance policy covers only your personal possessions and not the building’s structure. Your landlord should insure their home against structural damage. Furthermore, most renters insurance policies do not cover all possible risks.
Many renters insurance plans typically cover water damage caused by a broken pipe. However, many standard insurance policies do not cover damages incurred by weather-related flooding. If you live in a flood-prone area, you should consider buying flood coverage through the National Flood Insurance Program.
Most renters insurance plans do not cover damage from earthquakes, damages to your car or the loss of valuables beyond the policy limits. They also don’t protect your roommate's belongings. However, not all insurers provide the same level of renters insurance coverage. Read the policy document carefully before finalizing the insurance package to ensure you have the right coverage in hand.
Frequently Asked Questions About Renters Insurance in Tulsa
For renters in Tulsa who want to purchase insurance, finding a company that offers affordability as well as quality service is a good idea. Here are some questions about renters insurance in Tulsa.
Renters Insurance in Tulsa Analysis: Methodology
Moneygeek analyzed hundreds of quotes in Tulsa 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