If You’re Renting a Home or Apartment in Ohio, You Need Renters Insurance
When you buy a home, homeowners insurance is the go-to policy. But what about if you’re renting? Whether you’re renting a home or an apartment in Ohio, you need a renters insurance policy to protect you. Additionally, your landlord, (a good one anyway) will likely require it.
When you’re living somewhere that isn’t entirely your own, you don’t have to take full responsibility for damage to the structure of the building, but you are responsible for the assets that you keep within it. Unfortunately, many renters believe that because they aren’t entirely responsible, proper coverage isn’t necessary. Only about 37% of renters in Ohio reported that they have coverage, even though the policy remains a highly cost-effective option.
This type of policy typically lasts 12 months, to match the length of the average lease. In Ohio, renters insurance protects all of your personal effects so the amount of coverage you look for should match the amount that you own. Too little could prevent you from getting the full reimbursement that you need.
On the bright side, when you’re renting, and especially when you’re just starting out, you likely don’t have as much as you would if you owned your home. That means that you won’t need a significant amount of coverage, which will help to keep your monthly payments low.
Renters Insurance is Crucial to Protect Your Assets in the Event of Damage
Don’t make the mistake of thinking your landlord’s insurance will cover you if something happens to your home. While their insurance will cover the building, it won’t protect anything that you directly own. If your building were to suffer from a fire, or have severe damage due to a storm, and many of your items were broken or ruined, a renters insurance policy will make sure that you receive the value of those items. Without this policy, what you lose will be more difficult to replace.
At a high level, renters insurance in Ohio is broken into two parts. One part protects the things you own, and the other protects you if someone is injured on your premises and sues.
One of the aspects that make renters insurance policies so valuable is that if severe damage forces you out of your home, your policy can provide additional living expenses to cover you while you look for a different place to live. However, this isn’t unlimited. Most insurance carriers will put a cap on the amount of living expenses they’ll pay. Typically the amount is decided based on a percentage of the property value.
While renters insurance is mainly different from homeowners insurance because it only covers what you own, the one similarity that it does share is that it doesn’t include specific natural disasters. Earthquakes, floods, and landslides all require their forms of policies, and your current coverage can have these options added on. In Ohio, only specific areas need to be mindful of floods, but it’s still a good policy for everyone to consider.
So, what do you need to get a good renters insurance policy? The first thing you should do is take an inventory of your possessions and assess their value. It doesn’t have to be an exact number, but you’ll want to be aware of a general idea to have enough coverage. Policies are typically split up into the total value of assets an individual has, and you want to make sure you put yourself in the right tier.
For your significant or more valuable possessions, having a photo inventory of these items and storing it in a separate location from where you live can help if these things are damaged or ruined. This way, if you have to make a claim, you have physical evidence of the things that you own. For everything else, a written out list is a good idea to keep with your photos. A safe deposit box is a well-protected place to store this information from damage or loss.
One thing to note is that some possessions may make it harder to get coverage. The most common are dog breeds. If you have one of the known aggressive dog breeds, like a rottweiler or pitbull, this can cause difficulty. Some insurance carriers might even refuse to provide you with insurance because they’re not willing to take on this risk.
Another factor to consider when you’re looking for the right policy is the carrier that you already have an insurance policy with. Some places might provide you with a discount for bundling your policies with them. While renters insurance is already relatively inexpensive, it can also bring the amount of your other policies down.
If you’re renting in Ohio, having a renters insurance policy can ensure that anything you lose where you live isn’t truly lost. Without it, you could lose important assets, or risk footing the entire bill of a lawsuit should you be sued for injuries on your property. The best way to find a good renters insurance policy is to talk with your insurance agent. They’ll be able to help you understand how much coverage you need, and which carrier provides the best options.