If you rent the apartment or home you live in, you still have insurance needs. Unfortunately, many Ohioans either don’t understand the need, or choose not to buy a renters insurance policy, and they leave themselves open to a large, devastating loss. Apartment fires can wipe out all of a renters belongings, and leave them without a place to live. Both of these isues are addressd in a renters policy.
Renters insurance in Ohio is inexpensive. A single person may only have $15, 000 or so in clothing and furniture, etc., and that policy could be as low as $120 annually. In fact, if you buy a renters insurance policy from the same insurer that writes your auto insurance, you’ll save at least 10% on the auto policy! So, a $1000 auto insurance policy will be reduced to $900 or less. This savings goes a long way toward purchasing, and protecting, your belongings.
In addition to coverage for your contents or “personal property”, renters insurance provides liability protection. Property of the renter is protected against fire and lightning, windstorm, hail, freezing of plumbing system, theft and many other perils. There is a coverage limit (maximum amount) that the insurance company will pay, and the amount of the loss settlement will be reduced by the amount of the deductible chosen. A very important consideration is to choose replacement cost coverage. This means you get “new for old” as depreciation is not taken into account, when their is a claim.
Although a renter doesn’t have a mortgage company that requires property insurance to protect their interest in the home or condominium, the lease agreement may require an insurance policy be purchased. This is because the landlord wants the tenant to be responsible for any damage he or she causes to the rental unit. If you are a renter, do yourself a favor, and purhase renters insurance.