Renters Insurance

No matter where you live in Ohio, it’s important to have adequate renter’s insurance to protect your personal property from loss or damage. Renter’s insurance is designed especially for those individuals who don’t own their own home but are leasing their place of residence. Whether you are renting an apartment, a condo, or a house, you should seriously consider purchasing Ohio renter’s insurance to safeguard your valued possessions in the event of theft, fire, or weather-related calamities.

Why It’s Important to Have Renters Insurance If You Live in Ohio
If you are currently renting a home or apartment in Ohio, you may already be familiar with renter’s insurance and why it is so important to have adequate coverage for your personal belongings. Statistics show that over 80 million Americans are now leasing rental properties. The recent mortgage meltdown and financial crisis have made the dream of homeownership much more difficult for people to attain. Most mortgage companies have tightened their lending requirements and also continue to demand very hefty down payments from consumers trying to buy a home. This situation has caused a great increase in the number of people looking to rent a place to live. Unfortunately, even though there are more people renting rather than buying, the number of people actually purchasing renter’s insurance is alarmingly low.

In a recently commissioned survey by Allstate, it was found that nearly 43 million renters would have to personally pay to replace some or all of their personal property in the event it was lost or damaged due to fire, theft, or some other covered natural disaster. Most renters cannot afford to do this.

Insurance industry experts agree that the main reason people don’t buy renter’s insurance is a general lack of understanding about how it works. Read on to discover the common myths about renter’s insurance and why you should know the true facts.

Common Myths about Renters Insurance
There are many reasons why people think they don’t need renter’s insurance coverage. Unfortunately, most of them are not based in fact. Here is a sampling of the most common myths:

  • It’s too expensive. Renter’s insurance is actually a great deal. The average renter’s insurance policy costs between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. For this price you can normally get $30,000 of personal property coverage along with $100,000 of liability coverage. When you consider what it would cost to replace your personal property in the event of theft, fire, or some other covered natural disaster out of pocket, it’s easy to see why having renter’s insurance coverage is a smart choice.
  • I don’t own very much. It’s a well-known fact that most people severely underestimate the monetary value of their possessions. An easy way to calculate this is to make a complete inventory of everything you own and put a current price tag on each item. You will probably be amazed at how quickly it adds up. You should include furniture, clothing, appliances, electronic equipment, rugs, jewelry and all other items inside of your home or apartment. Unless you can afford to personally pay to replace all of this property, renter’s insurance is the safest option.
  • My landlord’s homeowner policy will cover my things. Your landlord’s homeowner insurance policy only covers the actual building (structure) where you are living and the land on which it is built. Everything inside of the apartment or home is the responsibility of the renter.

Another important reason to have renter’s insurance is that a typical policy also includes liability protection. Liability coverage protects you in the event a visitor is injured in your home or apartment. Many people don’t think about the consequences of this occurring, but unfortunately accidents do happen. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages in jeopardy. Can you afford to take such a risk?

How to Save Money on Renters Insurance
As you’ve already discovered, Ohio renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:

  1. Choose a higher deductible. This will lower the overall cost of a policy.
  2. If they aren’t already present, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
  3. If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  4. Some insurance companies offer savings to non-smokers. Ask about this possibility.

And lastly, shop around. Our friendly, highly-trained agents are available 24/7 to help you find the best possible Ohio renter’s insurance at a reasonable price. From the comfort of your home or office, you can quickly and easily compare policies and get quotes from several different companies. You can then choose the policy which offers you great protection coverage at a price you can afford.