Oklahoma: Your Need for Renters Insurance
Did you realize your apartment community's insurance policy does not cover your personal belongings when a natural disaster strikes? Most apartment communities' insurance only covers damage to the building, leaving your belongings uncovered. Renters Insurance protects your personal property when fire, theft or a natural disaster occur. Between the years of 1976 and 2004, Oklahoma had 30 declared major disasters, ranking Oklahoma among the top ten states in number of major disaster declarations. Also, Renters Insurance can cover your liability if someone is injured in your home.
Can you imagine trying to replace your damaged or destroyed personal belongings out of your pocket? Or paying hundreds, maybe even thousands, of dollars in doctor bills if a guest hurts themselves while in your home? Don't realize the importance of Renters Insurance when it is too late. The affordable premium is well worth the peace of mind you get from knowing your property is safe.
Learn more about prominent risks in Oklahoma and the surrounding area:
Theft
U.S. Department of Justice's Bureau of Justice Statistics reports that rented households were burglarized at rates 79 percent higher than owned households. In 2001, the bureau reported that rented households experienced 210 property crimes per 1,000 households nationwide, while owned households experienced only 146 property crimes per 1,000 households. In 2004 alone, 968,932 burglaries occurred in the South according to statistics reported by the Federal Bureau of Investigation. As you can see, the most common threat to an apartment unit in the nation, as well as in Oklahoma, is burglary. Unfortunately, your apartment community's insurance policy does not cover your personal belongings lost due to theft. Do not let fences at your community mislead you to think you are safe from theft, since the main purpose of fences for on most low-crime apartment properties is to provide the sense of privacy and exclusivity.
Fire
Fire is a risk in all states, including Oklahoma. The U.S. Fire Administration reports that direct property loss due to fires was estimated at $9.8 billion in 2004.According to the Federal Emergency Management Agency, apartment fires accounted for 23 percent of residential fires between 1992 and 2001 as well as accounted for 20 percent of the dollar loss from residential fires during these years. With these kinds of statistics, it is better to be prepared and protect your property from this risk.
Tornadoes
Tornadoes are nature’s most violent storm. Although tornadoes affect all states in the nation, they highly impact Oklahoma, Texas,Kansas, Florida and Nebraska. Surrounding areas of Norman, Oklahoma had over 473 apartments destroyed and damaged 568 apartments. The National Oceanic & Atmospheric Administration reports about 1,000 tornadoes across the United States in an average year. The ‘Tornado Alley’ extends roughly from the Rocky Mountains to the Appalachians and from Iowa and Nebraska to the Gulf of Mexico.
Wildfires
Wildfires are a threat in Oklahoma, as well as a risk to all of the United States. Wildfires consume thousands of acres of land, threatening the apartments, homes and lives of many in the vicinity. An average of five million acres burn every year in the United States, causing billions of dollars in damage. According to the National Fire Protection Center, wildfires that occurred in Southern California in October and November of 1993 resulted in an estimated $809 million in property damage.
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