Oklahoma Renters Insurance Thanksgiving weekend – 2006 a young man in Norman, OK experienced the benefits of Renters Insurance first hand! Joe was cooking dinner when the hot grease popped and erupted into flames. Smoke, Fire, Sprinkler System – Oh what a mess! Joe has a second floor apartment so by the time the fire department arrived on the scene and secured the premises there was enough damage that the apartment was uninhabitable. Now Joe could not stay in his apartment; however, being a young college student he had limited funds and nowhere to stay. Thankfully, Joe had purchased Renters Insurance. The insurance policy paid to replace his personal property. Since the apartment was damaged due to Joe’s negligence the liability coverage from his renters insurance covered the damage to the apartment.   Enter State     Select State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Washington D.C. West Virginia Wisconsin Wyomin

Allstate Renters Insurance in Oklahoma provides additional living expense. If the apartment is damaged and becomes uninhabitable, Allstate Insurance Co. will help pay additional living expense incurred die to a covered loss, until your place is habitable, up to the specified amount of time.

Since Joe’s apartment is on the second floor the sprinkler system caused the apartment directly beneath Joe to flood and this damaged the tenant’s personal property.

How does an Oklahoma Renters Insurance policy work?
Renters Insurance can be tailor made to fit ones specific needs.

A. Personal Property

Depending on the approximate dollar value of your personal property ($10,000, $20,000, etc.). It is recommended that you take a personal inventory of your property and calculate an approximate value of your personal items. Often the value of items stored or placed in an apartment or rental will build very quickly. Once a value has been determined; you must decide how much how much are you willing to cover before renters insurance kicks in to pick up the costs. This is the deductible. For instance, when Joe’s apartment caught on fire he had a $250 deductible; therefore, he paid the first $250 then his insurance company paid the remaining amount up to his limits or the amount he determined as the value for his personal property.

B. Liability

The family liability portion of your Oklahoma Renters Insurance Policy covers the losses due to your negligence. Most policies automatically provide $100,000 of liability; however, you can increase this coverage ($200,000, $300,000, up to $500,000). Always ask your agent to quote different liability limits – the extra premium for the increase in liability is usually a small amount paid out over a year. However, in Joe’s case with damage to his apartment and the one beneath him, the higher liability coverage definitely was nice.

C. Additional Protection

• Living Expense – Renters Insurance will usually pay the reasonable increase in living expense to maintain your normal standard of living when a direct physical loss that is covered makes your residence uninhabitable. Payment will be limited to the least of the following:
• time period to repair or replace property we cover;
• if you permanently relocate, the shortest time for your household to settle elsewhere,
• 12 months.
• Credit Card, Bank fund transfer card, check forgery and counterfeit money- We will pay for loss that an insured person is legally required to pay for unauthorized use of credit, credit card or bank fund transfer card, forgery of check or alteration of check. Maximum loss is $1,000 for any one loss.

• Optional Coverage – increase limits – increase premium
• Business Property - most renters’ policies cover up to $1000 on Business property located in the premises.
• Electronic Data Processing Equipment is usually covered up to $5000.
• Fire Department charges up to $500.
• Jewelry, Watches and Furs are usually covered up to personal property limit on policy; however, items can be specified (scheduled) for extra coverage.
• Incidental Office/Private School/Studio coverage up to $200 and $1000.
• Lock Replacement to replace or re-key door locks provided when key is stolen as part of a covered theft loss.
• Currency/Money is covered up to $200.
• Securities (accounts, bills, deeds, evidence of debt, letter of credit, notes, Etc) up to $1000.
• Portable Cellular Communication Systems are usually covered if the portable system can be powered by electricity from a motorized land vehicle or watercraft.
• Silverware is usually covered up to $2500.

The company determines the coverage that is included or available on your Oklahoma Renters Insurance. The above listing is only an example of what may be available.