As a renter in Ohio, your landlord’s insurance policy will not protect your personal belongings in the event of theft, damage, or disaster. That’s why having your own renters insurance policy is essential. This in-depth guide covers everything Ohio renters need to know about getting the right coverage at an affordable price.
- Introduction
- What is Renters Insurance?
- Why Ohio Renters Need Insurance
- What Does Renters Insurance Cover? 4.1. Personal Property Coverage 4.2. Liability Coverage 4.3. Additional Living Expenses
- What Renters Insurance Doesn’t Cover
- How Much Renters Insurance Do I Need in Ohio?
- Average Cost of Renters Insurance in Ohio 7.1. Factors That Impact Your Premium
- Best Renters Insurance Companies in Ohio 8.1. Lemonade 8.2. Erie Insurance 8.3. Allstate 8.4. State Farm 8.5. Nationwide
- How to Get Cheap Renters Insurance in Ohio
- Conclusion
introduction
Moving into a new apartment is exciting, but with all the packing, unpacking, and decorating, it’s easy to overlook one crucial step – getting renters insurance in Ohio. Many renters assume their landlord’s insurance policy will cover their belongings in the event of theft, damage, or disaster. However, that is not the case.
Your landlord’s property insurance only protects the physical dwelling itself. It does not extend to your personal property, nor does it provide you with liability coverage or pay for your living expenses if you are temporarily displaced. That’s why having your own renters insurance policy in Ohio is so important.
In this comprehensive guide, we’ll cover everything you need to know about renters insurance Ohio, including what it is, what it covers, how much coverage you need, what it costs, and where to find the best and most affordable policies. By the end, you’ll be equipped with the knowledge to protect your belongings and yourself as an Ohio renter.
What is Renters Insurance?
Renters insurance is a type of property insurance designed specifically for people who rent their homes, whether it’s an apartment, house, condo, or townhome. While your landlord has an insurance policy on the building itself, renters insurance protects your personal belongings and provides you with liability coverage.
There are three main components to a renters insurance policy:
- Personal property coverage
- Personal liability coverage
- Additional living expenses
We’ll dive into the details of each of these coverages in a later section. For now, just know that renters insurance is an affordable way to safeguard your belongings and provide financial protection for yourself in case of the unexpected.
Why Ohio Renters Need Insurance
You might be thinking, “I’m a careful person. I don’t need renters insurance.” But the truth is, no matter how responsible you are, you can’t control the actions of others or prevent certain disasters from damaging your belongings.
Consider these scenarios:
- Your apartment complex experiences a fire and your unit sustains smoke damage. The fire started in your neighbor’s apartment, but now all your clothing smells like smoke and needs to be replaced.
- A thief breaks into your rental home and steals your laptop, jewelry, and other valuables.
- A guest slips and falls in your apartment and decides to sue you for their medical bills.
- A burst pipe floods your apartment and you have to move out temporarily while repairs are made.
In each of these situations, having renters insurance in Columbus, Ohio would provide the financial protection you need to replace your belongings, cover legal expenses, and pay for the cost of temporarily living elsewhere.
Still not convinced? Consider these stats:
- The average renter owns $20,000 worth of personal property (Allstate)
- 1 in 50 insured homes has a property damage claim caused by theft each year (Insurance Information Institute)
- The average cost of a dog bite claim (which would be covered by the liability portion of your renters policy) was $44,760 in 2019 (Insurance Information Institute)
As you can see, the unexpected happens more often than you might think, and the financial consequences can be significant. Spending a small amount each month on a renters insurance policy in Ohio can provide invaluable peace of mind.
What Does Renters Insurance Cover?
Now that you know why you need renters insurance in Ohio, let’s take a closer look at what it actually covers. A standard policy includes three main types of coverage:
Personal Property Coverage
Think of everything you own – your furniture, clothing, electronics, appliances, dishes, decor, sports equipment, and more. Personal property coverage protects all these items in the event of a covered loss, such as:
- Fire or lightning
- Windstorm or hail
- Smoke
- Vandalism
- Theft
- Freezing
- Damage from vehicle or aircraft
- And more (refer to your individual policy)
If your belongings are damaged or lost due to a covered event, your renters insurance will pay to repair or replace them, up to your policy’s limits. Many policies default to actual cash value (ACV), meaning you’ll be reimbursed for what the items are currently worth, factoring in depreciation. However, you can opt for replacement cost coverage for a small increase in premium so that you’ll receive the full amount needed to buy brand new items.
A typical renters policy provides $20,000-$30,000 in personal property coverage, but you can increase that amount if needed. Certain valuables, like jewelry, art, collectibles and cash may have lower limits, but you can add an endorsement to your policy for expanded coverage.
It’s a good idea to take an inventory of all your belongings to ensure you have sufficient coverage for everything you own. An easy way to do this is to take a video walk-through of your home, detailing your possessions room by room. Save this video inventory in the cloud for easy access if you ever need to file a claim.
Remember that personal property coverage applies wherever you are, not just in your apartment. So if your laptop is stolen while you’re at the local coffee shop, for example, your Ohio renters insurance will still provide coverage.
Liability Coverage
The second component of a standard Ohio renters insurance policy is liability coverage. This provides financial protection in case you’re found legally responsible for someone else’s injury or property damage.
Let’s say you invite friends over for dinner. One of them slips on a rug, falls, and seriously injures their wrist. They require medical attention and decide to sue you for damages. Your personal liability coverage would help pay for their medical bills as well as your legal expenses, up to the limits of your policy.
Liability coverage also kicks in if you (or your pets) accidentally damage someone else’s property. For example, if your child throws a ball through your neighbor’s window, or your dog chews up a friend’s pricey handbag, your liability insurance would cover the cost of repairs or replacement.
Most renters insurance policies in Ohio provide at least $100,000 of liability coverage, but experts recommend opting for $300,000 or more, especially if you entertain at home frequently, own a dog, or engage in activities that put you at a higher risk of being sued. For even more protection, you may consider adding an umbrella policy.
Additional Living Expenses
The third main component of renters insurance in Ohio is Additional Living Expense (ALE) coverage. This kicks in if your rental home becomes uninhabitable due to a covered event and you have to temporarily relocate.
For example, say faulty wiring sparks a fire in your apartment building and your unit sustains major damage. You’ll need to move out while repairs are made, which could take weeks or even months. Your ALE coverage would help pay for the extra costs incurred during this time, such as:
- Hotel bills or temporary rental fees
- Restaurant meals
- Moving and storage costs
- Pet boarding
Of course, there are limits and certain reasonableness factors to ALE coverage. You can’t book a luxury suite and eat lobster every night on your insurance company’s dime. But ALE coverage does help make an already stressful situation a bit more manageable by easing the financial burden.
What Renters Insurance Doesn’t Cover
While renters insurance in Ohio is fairly comprehensive, it’s important to understand what it doesn’t cover, too. Here are some common exclusions:
- Flood damage (you’d need separate flood insurance for this)
- Earthquake damage (you’d need separate earthquake insurance, although some personal property damaged by earthquake may be covered)
- Bedbugs, rats, and other pest infestations
- Routine wear and tear
- Your vehicle (auto insurance covers this)
- Your roommate’s belongings (they need their own renters policy)
There are also limits on certain items, like cash, jewelry, art, electronics, and collectibles. If you have particularly valuable belongings, you may need to add a rider to your policy for adequate coverage.
In general, renters insurance is designed to protect your belongings and provide liability coverage for accidental situations, but it won’t cover intentional damage, illegal activities, or failure to perform basic maintenance on your part. Always read your policy carefully so you understand exactly what is and isn’t covered.
How Much Renters Insurance Do I Need in Ohio?
Now that you understand how renters insurance in Ohio works, you might be wondering how much coverage you actually need. The answer will depend on a few factors, including:
- How much stuff you have: take that inventory we mentioned earlier and assign a value to everything. The total will give you a good idea of how much personal property coverage you need. Don’t forget about clothes, linens, appliances, decor, etc.
- What you do and who you are: the more exposure and risk you have, the higher the liability coverage you need. Do you have a dog? Do you host large parties often? Do you have a trampoline or pool that guest use frequently? Play it safe with at least $300,000 in liability.
- How much you can afford to pay out of pocket: your deductible is what you agree to pay out of pocket before your coverage kicks in. Higher deductible = lower premium, but more out of pocket if you have a claim. Aim for the highest deductible you can comfortably afford to pay at one time.
- Whether you want replacement cost or actual cash value: opting for replacement cost coverage for your personal property will provide more protection, but will also come with a higher premium.
A good starting point is:
- $20,000-$30,000 of personal property coverage with replacement cost
- $300,000 of liability coverage
- $1,000-$2,500 deductible
- $3,000-$5,000 of ALE coverage
Of course, you can always adjust these numbers up or down based on your unique situation. The beauty of renters insurance in Ohio is that it’s very affordable and customizable. Even maxing out your coverage will likely only raise your premium by a few dollars a month.
Average Cost of Renters Insurance in Ohio
Speaking of affordable, you might be pleasantly surprised to learn how little renters insurance in Ohio actually costs. According to the Insurance Information Institute, the average renters insurance premium in Ohio is just $187 per year, or about $16 per month. That’s less than you probably spend on takeout each month!
Of course, your individual premium will depend on a few factors, including:
- Your coverage amounts: higher limits = higher premium
- Your deductible: higher deductible = lower premium
- Your location: premiums can vary based on ZIP code due to varying crime rates, weather patterns, etc.
- Your credit score: in Ohio, insurance companies are allowed to use your credit history as a rating factor (although some are moving away from this practice)
- Your claims history: if you’ve filed multiple renters insurance claims in the past, you may pay a higher premium
To make sure you’re getting the best deal, be sure to shop around and compare quotes from at least 3-5 different insurers before buying a policy. Look for discounts, too, such as:
- Multi-policy discount if you bundle renters with auto insurance
- Safety discounts for having smoke alarms, security system, etc.
- Paperless/autopay discount
- Loyalty discount for being a long-time customer
- Good credit discount –Pay-in-full discount for paying your entire annual premium upfront vs. monthly
Even without discounts, renters insurance in Ohio is one of the most affordable and worthwhile investments you can make as a tenant. When you consider the thousands of dollars in protection it provides for just pennies on the dollar, it’s really a no-brainer.
Best Renters Insurance Companies in Ohio
There are dozens of companies offering renters insurance in Columbus, Ohio and throughout the state. Here are a few of the top contenders, in no particular order:
Lemonade
Lemonade is a newer player in the renters insurance Ohio market, but they’re making waves with their innovative, digital-first approach. With Lemonade, you can get a quote, purchase a policy, and file a claim all through their user-friendly mobile app. They’re able to keep premiums low by cutting out the middleman and traditional overhead costs.
Lemonade also has a unique Giveback program, where they donate leftover premiums to charities chosen by policyholders each year. So you can feel good knowing your premium dollars are going to a worthy cause.
Erie Insurance
Erie Insurance is a well-established carrier known for their excellent customer service and generous coverage options. They’re one of the few companies to offer a full replacement cost option for personal property, meaning you’d be reimbursed for the brand-new value of your belongings with no deduction for depreciation.
Erie also offers some unique discounts
External Links:
- Ohio Department of Insurance (https://insurance.ohio.gov/)
- Lemonade Renters Insurance (https://www.lemonade.com/renters)
- Erie Insurance Group (https://www.erieinsurance.com/)
- Allstate Renters Insurance (https://www.allstate.com/renters-insurance.aspx)
- State Farm Renters Insurance (https://www.statefarm.com/insurance/home-and-property/renters)
Terms:
- Renters insurance
- Personal property coverage
- Liability coverage
- Additional living expenses (ALE)
- Deductible
- Premium
- Exclusions
- Endorsements
- Replacement cost
- Actual cash value (ACV)
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