Since we require renter’s insurance for all residents of our new apartments in Tulsa, OK, our management staff have become very well-versed in the ins and outs of these insurance policies. In fact, with this requirement becoming standard for the rental market, we know many renters have become familiar themselves with the basics of these policies. But if you’re new to renting or have never shopped for renter’s insurance before, there’s a lot you may not know about renter’s insurance! Here’s what to expect from a renter’s insurance policy and what you need to know to get the right coverage for your apartment.
Renter’s Insurance Doesn’t Cover Everything
It’s important to know first of all that renter’s insurance typically covers damages from issues like theft, fire, or wind, but it may not cover damage from flooding, earthquakes, and other natural disasters. If you ever move to the coast or other flood-prone areas, it may be worth looking into Flood Insurance and other additional coverages—your future landlord may even require it. However, we don’t require Flood Insurance at our Tulsa apartments.
Pay Special Attention to Your Personal Liability Coverage
Typically speaking, your property manager will ask for you to provide proof of a renter’s insurance policy with greater than or equal to a specific amount of Personal Liability coverage. A common amount in the industry is $100,000. Personal Liability coverage is what pays for loss settlement and legal fees in the event that an insured party causes bodily injury and/or property damage to others.
You Can Take Your Policy With You If You Move
In many cases, your renter’s insurance provider can help transfer your existing policy to a new location if ever you choose to move. This process is easier when moving in-state but can also apply to out-of-state moves as well. Transferring your policy helps you avoid wasting money and keeps things simpler for you since you enjoy the same policy number, login info, and so on.
List Your Property Manager as an Interested Party
Listing your property manager as an “Interested Party” or “Additional Interest” helps ensure that your property manager has access to your insurance information when they need it. It also helps you streamline the process of notifying them of your Proof of Insurance when starting a new lease or when your insurance policy renews. To list us as an Interested party, you’ll usually just need to provide the name of our community (i.e. 71 Apartments), our leasing office address, and the office’s contact email.
Those are the top things you should know about renter’s insurance! If you’d like to see any tips and recommendations from us in the future, make sure you bookmark our blog page for easy access to upcoming posts. Finally, if you don’t want to miss out on special promotions, community updates, and events, follow us on Instagram!