Renters insurance in Ohio: Why you need one

Residing in a home or apartment without renters insurance in Ohio? Then sorry for the losses you may go through because of an unexpected event. 

Whether you are living in your own home or renting a property, you must have a renter insurance policy to protect yourself from financial losses due to undesirable events. When you live in a rented property, you are not responsible for the damage to the structure of the building, but you are fully responsible for the assets that you own in it. However, most renters are reluctant to get proper coverage. Even though the renter insurance policy is highly cost-effective, only 37% of renters in Ohio reported that they had taken proper renter coverage. 

Why buy a renter insurance policy? 

Renter insurance policy often has a 12-month duration that matches the length of the average lease. The policy protects all your personal assets. So look for options that can compensate for the cost of your damaged asset. Do not choose a coverage option where you pay too little premium, which further prevents you from getting the full reimbursement that you need.

Don’t think that your landlord’s insurance will cover your belongings in case of an unexpected event. While their insurance will only cover the damage to the structure of the building, it won’t protect the asset that you directly own. If the building suffers from natural calamities like a storm or a fire hazard that has also ruined your personal assets, having a renter insurance policy will reimburse the value of your damaged assets. 

What does renters insurance cover?

A renter insurance policy in Ohio typically covers the following:

  • Personal Property Coverage: This coverage policy protects the assets you own inside your home. To determine the amount of coverage you need, make a complete list of your items and calculate their value before signing up for the policy. 
  • Medical expense coverage to others: If something unexpected happens to your home and someone gets injured inside, the renter insurance will cover the medical bills of that injured person up to the limit you select. 
  • Liability Coverage: If you accidentally damage someone’s property, the liability coverage will cover the losses caused by you. 
  • Loss of Use Coverage: If your rental property has been damaged and is considered to be inhabitable, this policy will cover the additional cost of living expenses like a hotel room and food. 
  • Endorsements: Endorsements are alternatives that you choose to add to your existing coverage plan. Some common endorsements include covering damage to your pets, identity theft, etc. 

A good insurance provider like the Greer Agency offers all these kinds of coverage for your lost, damaged, and stolen possessions. Renter insurance policy varies greatly from a homeowner insurance policy because they only cover your personal belongings that are inside of your home, but the only similarity that they have is the added option of damage occurring due to natural calamities.

When you decide to buy renter insurance, the first thing you need to do is to take an inventory of your personal assets and their value. You do not need to note down exact numbers, but having a general idea of the value of your belongings will help you determine the amount of coverage. Policies are typically broken down into the range of the total value of the assets an individual has. Assessing the value of your belongings will help you put yourself in the right tier.

If you have any significant and valuable possessions, take a photo inventory of those costly items and store them in a cloud location where you can access them if they get damaged or ruined due to an unexpected event. Having a photo inventory means having physical evidence that will help you claim the precious items that you once owned. 

If you reside in a rented property, renter insurance in Ohio ensures that anything you lose inside your home due to unexpected events is not truly lost. Without having renter insurance, you could lose your possessions and prevent yourself from getting reimbursement for your valuable assets.