Oklahoma Landlord Insurance
Get a complete analysis of Oklahoma landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Oklahoma
Whether you rent out a townhouse in Tulsa or you own an apartment complex in Oklahoma City, finding landlord insurance to cover your unique needs doesn't have to be difficult. You have probably invested a lot of time and money into your rental unit, and you need to protect your income stream. With the right landlord insurance policy, you can receive the reimbursement you deserve after various incidents such as lawsuits, tenant damage, fires, and more.
Fortunately, an independent insurance agent in Oklahoma can get you matched to the landlord insurance you need today. They'll make sure you find coverage fast. But until then, here's a deep dive into Oklahoma landlord insurance requirements and more.
Best Landlord Insurance Companies in Oklahoma
Though landlord insurance is available from many different carriers in Oklahoma, you want to be sure to only get matched to top-quality coverage. You've come to the right place, because we've included some of our top picks for the best landlord insurance in Oklahoma. Start your coverage journey by checking into these outstanding carriers.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), offers many discounts, and provides 24/7 claims reporting services.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has a great rating from the BBB and is known for its fast claim responses.
- Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has top-notch financial strength, offers numerous discounts, and provides 24/7/365 customer service.
An Oklahoma independent insurance agent can compare landlord insurance quotes from these top-rated carriers and others for you.
What Is Landlord Insurance?
As a landlord, you need insurance specific to your needs. A homeowners insurance policy doesn't provide enough coverage to accommodate the increased risks that come along with being a landlord.
Landlord insurance provides coverage for property owners who regularly rent out one or more residential homes, apartments, or condos. You need protection from financial losses that may result from damage to a rental property caused by fire, break-ins, or the severe weather Oklahoma incurs. Landlord insurance also provides liability protection in case of a lawsuit filed against you by a tenant, guest, or another third party.
How Is Landlord Insurance Different from Home Insurance?
Some parts of business insurance are included in landlord insurance. Landlord insurance can help cover the loss of income in the event one of your rental units becomes temporarily uninhabitable due to circumstances beyond your control. Loss of income coverage can mean the difference between being able to stay afloat as a landlord and losing the revenue you depend on.
Is Landlord Insurance Required in Oklahoma?
Oklahoma state law doesn't mandate landlord insurance. Many landlords still decide that having coverage is worth the cost of the premiums, though. Without this coverage, you could end up having to pay for the costs of repairs to your rental property. You might also one day be faced with a tenant or other third-party lawsuit, and that kind of expense could even potentially lead to bankruptcy without enough coverage.
What Landlord Insurance in Oklahoma Can Cover
Oklahoma landlord insurance policies can be built according to your unique needs. When assembling your policy, you'll likely choose between the following coverage options:
- Loss of income coverage: This reimburses you for lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Liability insurance: This covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: This reimburses you for repairs to your rental property's dwelling and attached structures if fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Optional coverage: Landlords can add several types of additional coverage to their policies, such as building code coverage, landlord contents insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, and rent guarantee insurance.
An Oklahoma independent insurance agent can help you decide which types of coverage you need most.
What Landlord Insurance in Oklahoma Will Not Cover
It's helpful to understand the exclusions outlined in your landlord insurance. Your policy is unlikely to cover any of the following as it's issued:
- Loss, theft, damage, or destruction of your personal property
- Intentional or malicious acts to third parties
- Water or sewer backup damage or destruction
- Flood or earthquake damage or destruction
- Routine maintenance costs due to rental property wear and tear
Though your landlord insurance may not have any of this coverage included, you can often buy endorsements for many of these incidents, such as sewer backup damage or flood damage.
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Average Cost of Landlord Insurance in Oklahoma
Oklahoma is one of the most expensive states in the country when it comes to landlord insurance. In Oklahoma, landlord insurance averages $2,430 per year. But you can expect your policy's rate to vary based on some or all of these factors:
- The exact location of your rental units
- The number of rental units you own
- Any possibly risky features at your rental units, such as pools
- Your claims history
- The age, size, and condition of your rental units
Luckily, Oklahoma landlord insurance discounts can help you save money on your coverage. Ask your independent insurance agent about ways you can reduce your premium rates. You can often get savings by bundling your coverage, having no prior claims, etc.
Popular Questions about Oklahoma Landlord Insurance
Landlord insurance isn't required by law in Oklahoma. Many landlords still choose to get coverage, though, to avoid possibly hefty expenses related to lawsuits and other incidents.
Yes, landlord insurance can cover tenant damage to the structure of your rental units in Oklahoma. However, landlord insurance doesn't typically cover damage to anyone's personal property.
Rates for landlord insurance in Oklahoma are among the most expensive in the country. In Oklahoma, landlord insurance costs an average of $2,430 annually or $202.50 monthly.
Our finding is that Foremost Insurance is the best landlord insurance company in Oklahoma this year. Foremost has great customer feedback as well as excellent coverage options, rates, discounts, and more.
You might want to require your tenants to provide proof of renters insurance before they can sign their lease. That's because, as a landlord, you're not required to cover your renters' property, and landlord insurance does not provide this coverage.
In Oklahoma, landlord insurance doesn't typically cover eviction costs. You might be able to purchase separate coverage for eviction-related expenses, though.
Oklahoma independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Oklahoma City or wherever you reside.
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