Statistics show renters are at a greater risk of financial loss due to fire and theft than homeowners. However, a 2015 poll by the Insurance Information Institute found that only 40 percent of renters had insurance.
Oklahoma Farm Bureau Insurance is providing the following information to help Oklahomans understand renters insurance:
Evaluate the cost versus benefit. According to the National Associationf Insurance Commissioners, the average cost of a renters insurance policy is about $15 per month or $180 per year, depending on the coverage selected. Can you afford to replace all of your personal belongings for less than $180? If not, renters insurance could be a valuable expense. You may also be eligible for multiple policy discounts or could pay a larger deductible to keep your monthly cost down