Ohio Renters Insurance – Everything You Need to Know.

Are you planning to move into a rented accommodation in Ohio? Consider protecting your personal belongings with renters’ insurance. Read through to know more.

Ohio is gradually becoming the heart of America, with most of the cities witnessing rapid growth. With rapid economic growth, you may also witness an increase in the crime rates in certain localities. The crime stats show that compared to other forms of crime, burglary, and property-related crimes are on the rise. So, it is essential to take up renter’s insurance to safeguard yourself against unexpected events such as theft, fire, etc.

Are you worried about the premium and other insurance costs? On average a rented accommodation in Ohio might cost you a rent of around \$700 to \$1000 depending on the size of the unit. The primary renters may cost you approximately $20 and which may sum up to less than $300 a year. Looks like this is a nominal amount considering the coverage it provides on your personal belongings. You definitely would not want to spend a good portion of your savings, replacing your possession that may be damaged or robbed while you are at the rented place. Think of it as an addition to your regular rent expense. So, get your renter’s insurance as soon as you move into your new apartment or building.

List of the Top 3 Renters Insurance Offers in Ohio.

  • State Farm has some of the cheapest insurance policies with as low as $16 per month.
  • Nationwide provides for complete coverage with the extended liability cover.
  • Liberty Mutual has attractive low premium costs and is ideal for college students.
  • Ohio Farmers is slightly expensive but offers more coverage at an average cost of $28 per month.

How to Choose the Best Renters Insurance Company in Ohio?

You will need to consider the pointer mentioned below in detail before going in for a particular insurance company and their offer. Consider taking a detailed look at the three C’s (Cost, Coverage, and Customer Service) before choosing a renters insurance company.

Cost of insurance or affordability is the main criteria when it comes to choosing the best renter’s policy. The tenant should be able to set aside the nominal expense apart from the monthly rentals he pays for the accommodation. At an average of $16, State Farm has some of the cheapest policies for the tenants. The insurance cost is bound to differ based on the location, the coverage you are looking for, and your previous claim history. Certain vital aspects of your personal information may also affect the cost of your renters.

Insurance Coverage

The extent of coverage offered is yet another essential factor to be considered before entering into a contract with Insurer. An ideal renter’s insurance should be able to provide enough coverage to all your belongings in the rented accommodation, including your high-value possessions such as jewelry against covered perils. It does not make sense and is not affordable to spend money on additional endorsements to get proper coverage. The policy should be such that it is flexible to allow changes by way of new additions to the coverage.

State Farm provides for personal property damages, personal liability, and identity theft protection as part of their basic plan. While the property damages coverage ranges between $10,000 to $100,000; the personal liability ranges from $100,000 to $1,000,000.

The coverage amounts vary between each of the insurance providers with Liberty Mutual offering the least coverage. Some companies provide for replacement costs and water backup expenses.

Let’s take a look at what are the different types of coverage offered.

Personal property damages

These costs pertain to the replacement costs of your personal belongings that were damaged or destroyed due to the covered peril, such as theft, fire, etc.

Liability Costs

Covers the medical expenses and bills of a guest who was injured by you while at the rented accommodation.

Water Backup Costs

Covers expenses that are likely to occur due to malfunctioning drain and plumbing at the rented place.

Additional Living Costs

In case the rented accommodation is rendered uninhabitable due to a covered peril, then the company shall pay up for the alternate living expenses of the insured.

Identity theft

This involves expenses relating to restitution and recovery of identity.

Customer Support

You have chosen the right cost and coverage, but it will not be of any use if you are running from pillar to post to get your claims processed. The insurance company should have a robust system to handle claim related queries and processing. You could look at the previous claims processed by the company and their turn around time for processing claims. NAIC Complaint index is an excellent source to check your insurance companies’ efficiency.

Some Common Questions You May Have About Renters Insurance in Ohio

What is Renters Insurance?

Renters Insurance is a type of insurance that protects the personal belongings of the tenant while residing at the rented accommodation in the event of unexpected happenings such as theft, sewer malfunction, fire, etc.

Is it a Requirement to Have Renters’ Insurance?

It is not mandatory to have a renter’s insurance. However, you and your landlord can state the existence of the insurance contract in the lease agreement. It is a better idea to have a renter’s insurance as the landlord’s home insurance provides protection only to his building and his fixtures. Your personal belongings are at risk of damage in the event of an unforeseen event happening.

How Much Does Renter’s Insurance Cost?

We did discuss this in the above section in detail. You will have to set aside a minimum of $20 to pay for the monthly premiums. Again, it depends on other factors such as location, coverage, and the deductible chosen.

What does Renters Insurance Cover?

A renter’s insurance can cover the costs of replacing your personal property damaged due to a covered event like theft or physical damages to the property. It can also provide for personal liability damages, medical expenses of the guests, and any costs of temporary living expenses in case the rented accommodation is unfit for living.

Ohio Renters Insurance: In summary

We are of the view that the nominal amounts you set aside for your renter’s insurance may be a lifesaver as it is not an easy task to raise the money required to replace your personal property.