Renters may make the mistake of thinking their landlord’s insurance is sufficient to also cover their needs. Another misconception is that the landlord is required to make amends for damage to your items.
Why Renters Insurance?
Renters insurance is not a requirement of Oklahoma state law, but many landlords are compelling their tenants to purchase a policy. The reason is that this protects the investments of all parties and your Insurance Source Solutions representative can advise you further.
If, for example, you are required to relocate due to a water damage issue or other mitigating circumstance, your renters insurance can help cover this expense. Your policy, additionally, can reduce the likelihood of a lawsuit that may arise due to a financial dispute by offering you redress without litigation.
College students who are on their own for the first time living in dorm rooms may face hazards from other students, for example, if there is a fire in another unit that reaches your dwelling. You may be subject to loss in the form of expensive electronics, such as laptops and tablets, and your books and other possessions may be destroyed.
Renters insurance may make it more likely that you may keep pets, as dog bites and property damage may be a protected occurrence. In addition, if there are guests staying in your apartment and they slip and are injured, you may be financially responsible for paying for their medical expenses, lost wages, or property damage. You could also face legal fees if they take you to court.
Insurance Source Solutions is Here to Help
We are able to provide insurance products and services for our customers to meet their needs in all facets of life. We serve those in the state of Oklahoma and invite you to reach out to us with any questions you may have.