Why Norman Apartments Now Ask Renters for $300,000 in Liability

Renters insurance is big right now in Norman, and the reason is simple. The University of Oklahoma is down the street. Every August a new wave of students, graduate students, and young professionals signs a lease, and more of those leases than ever require a specific amount of liability coverage. Here is why the number moved and what it protects.

What changed in Norman leases

A lot of apartment complexes in Norman raised their minimum liability requirement from $100,000 to $300,000. When I started seeing it in lease addendums I thought it was very good news, because it closes a gap in coverage most renters never knew they had.

If your complex asks for proof of a $300,000 liability limit, that is what they are talking about, and we can set it up the same day.

Liability is the most important coverage on a renters policy

People buy renters insurance for their stuff. The furniture, the laptop, the TV. Personal property coverage matters and it is on every policy we write. But I personally believe the most important coverage on a renters policy is liability.

You are in college. You think you are invincible. You can have a pool party after an OU game at your apartment complex, and one of the people you brought slips, falls, and breaks their neck. You could get sued for that, because they were at that complex because you live there. Liability pays the claim and the legal defense. Without it, you are paying both out of your own pocket.

What else the policy does

Personal property

Your belongings, at the apartment, in your car, or while you travel. Standard on every renters policy.

Loss of use

Say the complex burns down and they do not have any other units available. While it is being rebuilt, the carrier provides loss of use, sometimes called additional living expense, to help you find somewhere else to live. Whenever the unit is ready, they move you back in.

Guest medical

Smaller medical bills for a guest hurt in your unit, paid without anyone needing to sue.

Roommates, parents, and the stacking question

A family from Texas bought a big home here for their son and his roommates. The dad called, and I told him we needed a high, high liability on the house. I think we did a million dollars. He also made the other kids get renters policies, because, in his words, they needed to stack on top of each other.

That is the right instinct. The homeowner or landlord policy protects the owner. Each renter's own policy protects that renter. When several people share a house, the policies work together instead of leaving one person holding the whole claim.

What it costs with an auto policy

Right now, bundling a renters policy with an auto policy almost pays for itself. I quoted someone recently and the auto was $190 a month. With a renters policy added, it was $191. For one dollar a month that renters policy covered $10,000 of personal belongings and carried the liability limit the complex required.

I always sell it as one package. Not only is this an auto policy, it also comes with a renters policy. Even if you do not own your home, get a renters policy and bundle something.

Renters can add an umbrella too

If you want more than $300,000 of liability, renters can carry a personal umbrella policy when the renters and auto policies are both with us and meet the qualifying limits. Most students do not need it. The parent who owns the house their kids live in often does.

Before your lease asks

Call (405) 253-7879 or send the quote form with your address and the liability limit your complex requires. We will quote it alongside your auto policy and send the certificate your leasing office needs.