Why You Need Renters Insurance in Oklahoma
Why You Need Renters Insurance in OklahomaIn Norman Oklahoma, most tenants never think about purchasing renters insurance until disaster strikes them. Renters insurance is crucial for anyone who is renting an apartment, home, townhouse, or condo.
Most people do not realize that the landlord?s homeowners insurance policy does not protect the tenant interests. For instance, if a fire destroyed everything in your apartment, your landlord’s homeowners insurance would pay for his property damage.
However, your loss would not be compensated by the property owner?s insurance policy. You would have to pay out of pocket to replace the items that were destroyed in the fire. It could be very expensive, and that is why every tenant needs to purchase a renters insurance policy.
What Does Renters Insurance Cover?
Renters insurance offers three main types of coverage to protect tenants in case a covered loss happens.
- Property Damage
- Liability Coverage
- Temporary Living Expenses
Property Damage
Property DamageA standard renters insurance policy provides coverage against your possessions from covered losses caused by:
- Fire
- Smoke Damage
- Lightning
- Theft
- Vandalism
- Explosions
- Wind Storms etc.
Disasters such as floods and earthquakes are not covered. However, you may purchase an additional insurance policy for each disaster to be added to your plan.
Liability Coverage
Renters insurance protects you against lawsuits for bodily injury and property damage that you or your family member may cause to other people. This policy will also pay for damages that your pet may cause to other people’s property. For example, if your dog ruins your neighbor’s expensive carpet, you will be covered.
Your insurance policy will also provide no-fault medical coverage. It means that if a guest gets injured in your home, you may submit medical bills to your insurance provider and they will pay for it up to your policy’s limit. However, this policy doesn’t pay the medical bill for you or your family members.
Temporary Living Expenses
Temporary Living ExpensesIf your apartment is damaged by a disaster which is covered in your policy, and you have to relocate to another place to live while your house is being repaired, renters insurance pays for your additional living expenses. This policy will usually reimburse you for the difference between your usual living expenses and additional living cost.
Some additional living expenses may include:
- Hotel Bills
- Restaurant Meals
- Temporary Rentals
- Extra Car Mileage if you have to drive further than normal to take kids to school