What Does a Renters Policy Protect?
A renters policy includes several types of coverage, each with a different purpose.
Your Belongings
Personal property coverage applies to items you own, such as:
- Furniture
- Clothing
- Electronics
- Kitchen items
- Appliances you purchased
- Other personal belongings
The amount available depends on your selected limit and the type of loss involved.
Your Responsibility to Others
Personal liability coverage applies to certain situations where you're responsible for someone else's injury or property damage.
The limit you select determines how much protection is available for a covered liability claim.
A Place to Stay After a Covered Loss
If a covered loss makes your rental temporarily unlivable, loss-of-use coverage may pay certain additional living expenses while you stay somewhere else.
Start With the Belongings in Your Home
Your landlord insures the building. Your renters policy addresses the things you own inside it.
A simple way to estimate how much personal property coverage you need is to go room by room.
- Living room
- Furniture, television, electronics, décor
- Bedroom
- Clothing, furniture, shoes, personal items
- Kitchen
- Cookware, dishes, small appliances
- Home office
- Computer, monitor, desk, and other equipment you own
Add up what it could cost to replace the belongings you would want covered. That estimate can help you choose a personal property limit instead of selecting an amount without knowing what you own.
A home inventory can make the process easier and give you a record of your belongings.
Decide How Much Liability Protection You Want
Your belongings are only one part of a renters policy.
Personal liability applies to certain situations where you're responsible for injury or property damage involving someone else.
Review the liability limits available and select the amount that fits the level of protection you want.
Tulsa Weather Can Affect What's Inside Your Rental
Severe thunderstorms, wind, hail, and fire can damage more than the building. They can also affect furniture, electronics, clothing, and other belongings inside a Tulsa rental.
Depending on the cause of loss and policy terms, renters insurance may apply to damage from:
- Fire
- Theft
- Wind
- Hail
- Certain types of water damage
- Other covered losses listed in the policy
The landlord's policy handles the building itself. Your renters policy focuses on the belongings you own and the other protections included in your coverage.
Know What Falls Outside the Policy
Renters insurance does not apply to every type of loss.
Common limitations or exclusions can include:
- Flooding from rising water
- Normal wear and tear
- Intentional damage
- Certain belongings above special policy limits
- Damage to the landlord's building
Some belongings or risks may need separate or additional coverage.
Put the Policy Together
Once you know what you want insured, a few choices shape the policy.
Set Your Personal Property Limit
Use the estimated replacement value of your belongings to help choose the amount you want insured.
Set Your Liability Limit
Review the available liability amounts and select the level that fits your needs.
Review the Deductible
Your deductible is the amount you're responsible for on certain covered property claims before the policy pays the remaining covered amount.
Check Higher-Value Belongings
Jewelry, collectibles, electronics, and other valuable items may have special limits. Review those belongings separately to see whether additional coverage is needed.
What Affects Renters Insurance Rates in Tulsa?
Renters insurance pricing can vary based on several details.
- Personal Property Limit
- The amount of belongings you insure can affect the premium.
- Liability Limit
- The amount of liability protection selected can change the price.
- Deductible
- Your deductible affects how much you take on yourself after certain covered claims.
- Rental Location and Property
- Where you live and characteristics of the rental can factor into pricing.
- Insurance History
- Claims history and other underwriting information may also be considered.