Renters are not exempt from damaging events, so they should have insurance to protect them financially if something happens. The Garrison Agency helps Oklahoma renters with insurance policies that offer a financial safeguard for potentially harmful incidents.  

What Is Renters Insurance? 
Renters insurance provides financial protection if you rent an apartment, house, condo or other dwelling. Landlords don’t typically insure tenants’ personal property, so this insurance may be essential protection. Without renters insurance, if you experience a damaging incident, you may be responsible for covering the costs of repairing or replacing your damaged personal property, which can be costly. Additionally, renters insurance provides a layer of liability and loss of use coverage to policyholders, as well as any other elective coverages chosen.  

What Does Renters Insurance Cover? 
The coverage you gain with renters insurance depends on your specific policy. Renters insurance provides liability and property damage coverage as a package policy. The liability portion may help protect against claims of third-party bodily injury or property damage that you cause. It may also help pay medical bills if there’s an injury inside your rental. The property damage portion of a policy may help cover your personal property if it’s stolen or damaged due to a covered incident. 

In addition to the liability and property damage coverages outlined above, some renters insurance policies may also pay your temporary living costs if you must live elsewhere because of a covered incident. These additional living expenses may cover hotel bills, temporary rentals, meals and other living expenses—up to your policy limit. We can review your renters insurance policy to determine if you may benefit from this addition. 

How Does Renters Insurance Work? 
Renters insurance functions like other types of coverage. You choose an insurance policy and pay a premium, and in exchange, your insurer provides the coverage dictated by your policy.  

If you have renters insurance and have a covered loss, your policy may give you financial assistance in covering this loss. The type of loss and the type and amount of your policy coverage will help determine how much help you will have with your financial recovery after an incident. Renters insurance offers two types of property coverage: actual cash value coverage and replacement cost coverage. While both types of coverage help with the costs of replacing damaged items after a covered loss, actual cash value policies are based on the items' depreciated value while replacement cost coverage does not account for depreciation.  

All Tenants Need Protection 
The Garrison Agency can help you obtain suitable renters insurance for your specific needs. We can also explore if additional coverage solutions would be beneficial to add to your Oklahoma rental. Call 580-338-5561 for a no-obligation quote. 

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