If you think your landlord’s insurance has you
covered, think again
Whether you live in a rented property or have
a child renting an apartment at college, renters insurance is a must. It
protects you from losses caused by theft, natural disasters or a lawsuit. Yet
most tenants don’t buy it.
Data from a 2013 Insurance Information
Institute poll revealed that only 35 percent of renters have insurance,
while 96 percent of homeowners do.
What’s stopping tenants from purchasing
renters insurance? Myths like these:
My landlord’s insurance covers my stuff.
Not so. A landlord’s policy doesn’t cover a
renter’s personal possessions or liability. It only protects the landlord
against structural damage to the property.
I don’t need insurance because I don’t think my stuff is that valuable.
Ohio Insurance Institute (OII) reports that
most renters have at least $20,000 worth of possessions. Think about if you are
burglarized. How much will it cost you to replace everything that was stolen?
The costs of a TV, computer and other possessions add up.
Compare that to the average cost of renters
insurance in Ohio, about $179 a year, according to the OII. For less than
$15 a month, Ohio renters insurance is worth it.
My apartment complex is densely populated. It’s unlikely I’ll be robbed.
Renters often have a false sense of security,
believing they are less likely to be burglarized, but the opposite is true. In
2013, the U.S. Bureau of Justice Statistics said 32.7 percent of 1,000 rented
properties were burglarized in 2011, compared to 18.3 percent burglaries of
Ohio Renters insurance only covers theft.
Renters insurance provides far more than just
Liability. If you are sued because someone is injured in
your apartment or your pet bites someone, your landlord’s insurance won’t cover
the costs. Renters insurance provides liability protection that would cover
your legal costs and pay the costs if you are found liable. There are limits,
so call us for details.
Protection from damage from perils. Renters insurance
protects personal possessions against damage caused by perils like fire,
lightning, smoke, vandalism, electrical surges, windstorms, hail, water damage
from utilities or appliances, and more.
Temporary housing. Most renters policies have additional
living expenses (ALE) coverage to pay for temporary housing if you can’t live
in your rental due to a disaster. Policies differ in terms of limits and the
amount of time coverage lasts.
My college student is fully covered by my insurance.
If you have a child in college, note that
most homeowners policies limit the amount of insurance for a child not living at
home to 10 percent of the total coverage for personal possessions. Some
policies provide this coverage only for college-owned housing and will not
extend to off-campus properties. Call us if you need help with the details of
To discuss your Ohio renters insurance, please contact us or request your quote today.