6 Best Renters Insurance Companies in Oklahoma of 2023

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 PropertyNest research, the average cost of basic renters insurance in Oklahoma is $232.5 per year, which works out to $19.38 per month, putting it above the national average of $17 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.

Compare Renters Insurance Rates in OK

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.

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.

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.

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.

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.

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.

Is Renters Insurance Mandatory to Rent an Apartment in Oklahoma?

Renters insurance in Oklahoma is not a legal requirement for renters, however, it is strongly encouraged by industry professionals.

In most cases, landlords cannot legally require renters to purchase renters insurance, yet they may have the right to have renters sign a lease that makes renters responsible for their belongings if there is ever any damage to the property due to their actions or negligence.

It can benefit renters in Oklahoma to get renters insurance as it can help protect them from financial damages and losses resulting from accidents and unforeseen situations.

• 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 is the Average Cost of Renters Insurance in Oklahoma?

Basic renters insurance in Oklahoma is widely affordable and accessible, with an average annual cost of $232.50 or $19.38 a month.

This policy can save renters from any significant financial losses in case of an accident or theft. Renters insurance will not only cover the contents of a rental unit but also provide liability protection if someone gets injured on the property.

Overall, renters insurance in Oklahoma is one of the most advantageous investments renters can make to ensure their safety and peace of mind.

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.

Coverage Limit

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.

Deductible

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.

Riders

You can add riders to expand your coverage, with common examples including replacement cost coverage or scheduling high-value items, which will increase your premium.

Location

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.

• Artwork
• Books
• Clothing
• Electronics
• Furniture
• Home decor items
• Jewelry
• 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.

Remember 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 Does Renters Insurance Cover in Oklahoma?

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 protects 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 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 due to 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.

Synopsis

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 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 available to you to minimize costs.

Our Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Oklahoma. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.

How We Ranked and Picked the Best Renters Insurance Companies in Oklahoma

Our goal at Property Nest is to provide renters with the necessary resources 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.

Average Cost

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.

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 & 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 with excellent customer support in various formats and 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 & 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.