6 Best Renters Insurance Companies in Oklahoma of 2022
Oklahomans of all ages rent apartments, houses, or condos in big cities like Tulsa and Oklahoma City or in small towns like Bartlesville or Ada for a variety of reasons.
We suggest that every renter in the Sooner State buy renters insurance to protect themselves and provide the resources to replace damaged or destroyed belongings.
While there’s no law in Oklahoma requiring the purchase of renters insurance, some landlords require it to ensure that their tenants are protected and to minimize the risk of disputes.
According to our research, the average cost of renters insurance in Oklahoma is $155 per year, which works out to $13 per month, putting it slightly below the national average of $15 per month.
To make it easy to find the insurance you need, we’ve researched the best renters insurance companies for Oklahoma renters, including average cost, discounts, coverage, and add-ons.
Best Renters Insurance Companies in Oklahoma
- Liberty Mutual: Best for Low Minimum Coverage
- Allstate: Best for Retired Renters
- State Farm: Best for Affordable Coverage
- Farmers: Best for Unique Discounts
- Lemonade: Best for Online Quotes and Claims
- USAA: Best for Active Duty Military Service Members
Liberty Mutual: Best for Low Minimum Coverage
Liberty Mutual has been providing insurance for over a hundred years, including reliable and affordable renters insurance.
Liberty Mutual is well-regarded for its financial strength and claims-paying ability, but we chose them because you can buy a policy with a coverage limit of as little as $5,000, which may be enough for some Oklahomans.
You can schedule high-value items separately if you choose while still saving money on your basic coverage.
Liberty Mutual also has solid ratings for customer service, which we consider a priority for most renters.
While Liberty Mutual’s average monthly premium is $29, the array of discounts makes it a good value.
Read a full Liberty Mutual home insurance review.
Here’s our take on the pros and cons of buying renters insurance from Liberty Mutual.
Liberty Mutual Renters Insurance Pros & Cons
- Low coverage limits are available for those who want them.
- There are five discounts that can be layered to maximize your savings.
- Customer support is available 24/7/365.
- It’s quick and easy to file claims online.
- Maximum coverage for renters insurance is capped at $25,000.
- In some areas, online quotes may not be available.
- Water damage coverage is not available.
What Renters Insurance Discounts Are Available with Liberty Mutual?
Liberty Mutual offers a total of five discounts on renters insurance, including several that are available to most renters in Oklahoma.
- Autopay discount. Sign up to make monthly payments automatically, and you’ll get a discount.
- Claims-free discount. Policyholders who have never filed a renters insurance claim can save on their premium.
- Early shopper. If you get a Liberty Mutual quote and buy your policy before your current policy expires, you’ll save money.
- Multi-policy discount. Buy two or more insurance policies with Liberty to save.
- Online purchase. If you get your quote and buy your coverage online, you’ll get a break on your premium.
|J.D. Power (out of 1,000)||834|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||2.37|
Allstate: Best for Retired Renters
Allstate is a financially strong company that is part of the Fortune 500 and one of the biggest companies providing renters insurance in Oklahoma.
They offer a free mobile app and accessible online options that make it quick and easy to obtain a quote, buy a policy, change coverage, or file a renters insurance claim.
We chose them for our list because they offer a special discount to make renters insurance more affordable for people over 55 who have retired.
Allstate says that the average cost of renters insurance is $16 per month but may be as little as $4 per month if you bundle car insurance with your renters insurance.
Read a full Allstate renters insurance review.
It’s time to reveal the pros and cons of Allstate renters insurance as we see them.
Allstate Renters Insurance Pros & Cons
- There are four renters insurance discounts available including a special discount for retirees.
- The Allstate mobile app is free and easy to use.
- Additional coverage is available for flood insurance, high value items, and identity theft protection.
- You can use Allstate’s free online tool to estimate how much coverage you need.
- Allstate’s website could provide more information about rental insurance coverages and costs.
- The average cost is slightly higher than other companies on our list.
- The lowest coverage limit available is $25, which may explain the high average cost.
- Allstate has a higher-than-average number of customer complaints.
What Renters Insurance Discounts Does Allstate Offer in Oklahoma?
There are a total of four renters insurance discounts available from Allstate, as follows.
- Easy pay. You can save on your insurance if you enroll in Allstate’s automatic payment program.
- Bundling. Save if you buy two or more insurance policies with Allstate.
- 55 and retired. If you’re over 55 and retired, you can save up to 25% on your renters insurance premium.
- Safe home. Any renter with an installed smoke detector, fire alarm, or burglar alarm can get a discount.
|J.D. Power (out of 1,000)||837|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
State Farm: Best for Affordable Coverage
As the country's largest property and casualty insurance carrier, State Farm is celebrating its centennial.
State Farm is financially strong and receives high ratings for its claims-paying ability and reliability.
We chose them for our list of the best renters insurance companies in Oklahoma because they have the most affordable average price in the state.
We also like them because they offer the option of high coverage limits, which some renters may need to protect themselves and their belongings.
The average annual cost for State Farm renters insurance is $120 in Oklahoma City, only $10 per month, and is likely to be lower in rural areas.
Here are some of the most important pros and cons of buying your Oklahoma renters insurance coverage from State Farm.
Read a full State Farm renters insurance review.
State Farm Renters Insurance Pros & Cons
- The cost of renters insurance in Oklahoma is lower than the state and national averages.
- High coverage limits are available for renters who need them.
- You can buy identity restoration as an add-on.
- State Farm has received high ratings for financial strength and reliability.
- State Farm has excellent customer service.
- Customer service, while highly rated, is not available by phone 24/7.
- The lowest coverage limit available is $10,000.
- The company offers only two discounts.
- Online support is limited to FAQ.
Does State Farm Offer Discounts on Oklahoma Renters Insurance?
State Farm has low renters insurance premiums but they offer only two discounts, which most Oklahomans should be able to take advantage of.
- Alarms & security. Since Oklahoma law requires smoke detectors in all rentals, every renter can get this discount.
- Policy bundling. You can get a discount if you buy renters and auto insurance with State Farm.
|J.D. Power (out of 1,000)||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Farmers: Best for Unique Discounts
Farmers Insurance has been in business for 95 years and provides auto, homeowners, and renters insurance, among other types of coverage.
The company has an impressively low volume of customer complaints, and its customer service is highly rated by consumers.
We chose them for our list because they offer some unique discounts for non-smokers and first responders.
The average cost of Farmers renters insurance in Oklahoma is $17 per month, making it more expensive than the state average unless you qualify for multiple discounts.
Here are some pros and cons of Farmers Insurance for renters in the Sooner State to consider.
Farmers Renters Insurance Pros & Cons
- Farmers has the lowest volume of customer complaints from any carrier on our list.
- There are special discounts available for non-smokers and first responders.
- High coverage limits are available.
- Claims filing is simple with the free mobile app.
- The discount for first responders may not be available in all locations.
- The average cost before discounts is higher than other carriers on our list.
What Renters Insurance Discounts Can You Get with Farmers?
Farmers provides four potential discounts for renters in Oklahoma, including two that are unavailable from any other carrier on our list.
- First responders. Farmers offers a discount in some locations for first responders and other professions, including doctors, nurses, engineers, teachers, firefighters, and police.
- Non-smoking. Non-smokers can take advantage of a special discount to save money because of the reduced risk of fire.
- Multi-policy. You can save money on your premium if you bundle renters insurance with auto, life, or umbrella insurance.
- Security. Every Oklahoma renter can get a discount with an installed smoke detector or other alarms.
|J.D. Power (out of 1,000)||831|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.56|
Lemonade: Best for Online Quotes and Claims
Lemonade is a relative newcomer in the world of renters insurance, having gotten its start in 2015.
We have selected Lemonade for our list because they make it simple to get a quick online quote and file claims online.
Many Oklahomans prefer to do business online, and Lemonade prioritizes online services in a way that no other company does.
Oklahoma renters will also appreciate that Lemonade provides basic coverage at prices that are affordable while making it possible to buy additional coverage if necessary.
Renters who prioritize doing business with companies that share their values will like that Lemonade donates unclaimed money from policyholders to charity every year.
According to Lemonade, renters can get basic coverage to protect their belongings for as little as $5 per month, significantly less than the state average.
Keep in mind that adding coverage riders, increasing your policy limit, or living in a high-risk area will increase your premium for renters insurance.
Read a full Lemonade home insurance review.
There are pros and cons to any renters insurance company, so let’s examine the pros and cons of Lemonade to help you decide if it’s the right company for you.
Lemonade Renters Insurance Pros & Cons
- Basic coverage is available for as low as $5 per month.
- You can get an online quote in just moments.
- Claims may be submitted online or through the app and many are paid immediately.
- Customer service is available online and through Lemonade’s free mobile app.
- Lemonade is a social good company that donates millions to charity each year.
- There are only two discounts available for renters insurance.
- Lemonade’s financial strength has not yet been rated by the top companies.
- There’s a lack of personal assistance and interaction that may not be ideal for some renters.
What Renters Insurance Discounts Are Available with Lemonade?
There are two discounts available for Lemonade renters insurance, and both are easily accessible.
- Policy bundling. Renters who buy two or more policies from Lemonade will save; policy options include car insurance and pet insurance.
- Safety devices. Oklahoma law requires landlords to install smoke detectors in all rentals so that everybody can benefit from this discount.
|J.D. Power (out of 1,000)||853|
|NAIC Complaint Index||1.94|
USAA: Best for Active Duty Military Service Members
USAA is an insurance company that caters exclusively to US military members and their families, getting its start back in 1922 as an auto insurance company.
We chose them as the best company for military service members, who can benefit from prices that are significantly lower than the Oklahoma state average.
We also like that USAA provides an array of other insurance coverage, including health, life, automobile, and property insurance.
They also offer built-in flood insurance, which may concern Oklahomans who live near the water.
According to USAA, their average monthly premium for renters insurance is $10 per month, and that includes built-in flood and earthquake coverage and replacement value of insured items.
Here is our take on the pros and cons of choosing USAA for your renters insurance coverage in Oklahoma.
USAA Renters Insurance Pros & Cons
- USAA’s coverage is the most affordable for military members.
- Policies default to replacement cost coverage.
- There is a no-deductible option for damage to military uniforms.
- Flood & earthquake coverage come standard.
- The company receives high ratings for ethical practices.
- Coverage is available only to military service members and their families.
- The on-base discount is not available in all locations, so you’ll need to check.
- USAA has a higher-than-average volume of customer complaints.
What Discounts Does USAA Offer Renters?
To further reduce its already-low prices, USAA offers four discounts for renters insurance, including one that’s unique to military service members living on a military base.
- Bundling. You can save money if you buy two or more insurance policies from USAA.
- No claims. Any qualified renter who has never filed a renters insurance claim can get a discount.
- Security discount. Installing alarms, including fire alarms and smoke detectors, will give you a break on your premium.
- On-base discount. Active duty military members may save as much as 28% if they live on base, but you’ll need to check to see if this discount is available in your area.
|J.D. Power (out of 1,000)||886|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||0.88|
How We Ranked and Picked the Best Renters Insurance Companies in Oklahoma
Our goal at Property Nest is to provide renters with the resources they need to make informed decisions about renters insurance.
Here are the five main criteria we used to select companies for our list and recommend them to you.
Rent can be expensive, and we recognize that keeping the cost of renters insurance low is a priority for many in the Sooner State.
We focus on companies with affordable prices compared to the Oklahoma and United States averages.
Available Coverage Options
The amount of renters insurance you need will vary depending on the value of your belongings and which add-on coverage you choose to customize your policy.
We prioritized companies with flexible coverage limits and an array of riders to help renters get the exact coverage they need to be protected.
Customer Support and Service
Buying insurance or filing a claim can be stressful even at the best times, and we believe Oklahoma renters deserve a stress-free experience.
We selected companies that have excellent customer support in a variety of formats together with a reliable history of paying claims.
Renters Insurance Discounts
Discounts on renters insurance can reduce the monthly and annual amount you pay and may include breaks for security, bundling, automatic payments, and not filing claims.
We went out of our way to select companies that offer multiple discounts that can be layered to maximize savings and those that provide unique discounts that aren’t available anywhere else.
Online Services and Technology
Buying renters insurance and filing claims should be easy, and we recognize that today’s renters expect convenient online and mobile services.
We focused on companies with helpful websites, free mobile apps, and an array of online resources to help renters in Oklahoma.
Why Do You Need Renters Insurance?
You have the best renters insurance companies in Oklahoma, and you know why we chose them, but here are some of the reasons we recommend renters insurance for every renter in Oklahoma.
- Renters insurance provides the means to replace your belongings if they are damaged, destroyed, or stolen.
- You’ll spend less on renters insurance than you would pay out of pocket to replace your belongings.
- You’ll get personal liability protection if someone is injured on your property or if their belongings are damaged or stolen.
- You’ll be protected even if your belongings aren’t in your rental unit when they’re damaged or stolen.
- It’s easy to purchase additional coverage for high-value items such as electronics, artwork, or jewelry.
- Your landlord’s property insurance won’t protect you.
- Your renters insurance will pay you to live elsewhere if your apartment becomes uninhabitable during repairs.
The average cost of renters insurance in Oklahoma is less than that of a pizza, and that’s a small price to pay for the peace of mind of knowing you can replace your belongings if needed.
What Factors Affect the Price of Renters Insurance?
We’ve revealed the average cost of renters insurance in Oklahoma, but here are four key factors to be aware of that can impact your quotes as you shop for renters insurance.
You should choose a coverage limit that provides protection for the cost of replacing your belongings, and if you choose a high limit, you’ll pay more than you would with a low limit.
A high deductible will reduce your monthly costs while increasing your out-of-pocket expenses if you file a claim; the reverse is true if you opt for a low deductible.
You can choose to add riders to expand your coverage, with common examples including replacement cost coverage or scheduling high-value items, either of which will increase your premium.
Where you live can increase or decrease your premium since the companies on our list want to minimize their risk when covering renters in high-crime areas or places where severe weather increases the likelihood of a claim.
How Much Renters Insurance Coverage Should You Buy?
The amount of renters insurance you need should be decided based on the value of your belongings, which is why we suggest taking inventory before you obtain quotes.
Your inventory should include these items.
- Home decor items
- Kitchen items (small appliances, etc.)
You may want to take pictures and keep receipts in a secure location to prove that you owned the items in question and how much it will cost to replace them.
Keep in mind that buying coverage for the actual cash value of your belongings may mean that you fall short of the money you need to replace them, so it may be worthwhile to add a rider for replacement value to be sure you’re covered.
What Is Covered and Not Covered by Renters Insurance?
The final consideration before buying renters insurance is understanding what it typically covers and isn’t covered under your policy.
Here are the things that are normally covered.
- Your personal belongings. Your property, whether it’s in your rental or not, is covered by your renters insurance.
- Your personal liability. Renters insurance provides some protection for your personal liability if someone gets injured or their property is damaged while they are in your rental unit.
- Medical payments for guests. You’ll get limited medical coverage for guests’ medical payments along with your personal liability coverage.
- Alternative living arrangements. If a covered event leads to your rental being unlivable, you’ll get money to pay for alternative living arrangements while repairs are being completed.
Here are some things that are not covered by a standard renters insurance policy.
- Damage in excess of your policy’s limit. Your policy limit caps the amount that the insurance company will pay, so anything over the limit will come out of your pocket.
- Damage from non-covered events. Every renters insurance policy comes with some standard exclusions, and if your property is damaged as the result of an event that’s not covered, your claim will be denied.
- Damage or loss of unscheduled valuables. Any high-cost belongings must be scheduled separately on a rider, and your policy will not reimburse you for their loss if they are not scheduled.
It’s always smart to read the fine print on your policy and ask questions about anything you don’t understand before you buy coverage.
Here at Property Nest, we believe that every renter in Oklahoma should purchase renters insurance to protect their belongings and provide some peace of mind.
While standard coverage may be sufficient for most renters, we do recommend scheduling high-value items and adding flood insurance if you live near the water.
All renters should remember that their landlord’s property insurance does not protect their personal belongings; it only protects the landlord’s property.
Before you buy coverage, we suggest obtaining renters insurance quotes from a minimum of three insurance companies to compare costs, coverage, customer support, and online/mobile resources.
Remember to ask about discounts and take advantage of any that are available to you to minimize your costs.