In its basic form, it protects your most important "stuff."
Think of it this way- if you took your house and turned it upside down, all the "stuff" that falls out is yours. The policy will pay you to replace your "stuff" that is damaged in the event of a covered loss.
Fire isn't the only terrible thing that can ruin your "stuff." Here's 4 other situations we bet you've never thought about, but happens A LOT:
· Frozen pipes burst and ruin your “stuff”.
· A tree hits the roof, busts a hole through and heavy rains soak your “stuff”.
· Hot water tank explodes and you get a nice accumulation of water on your apartment floor. Oh wait, some of your most important “stuff” was on the floor.
· A burglar breaks in and takes your “stuff”.
· Lightning strikes, wiping out all your electronic “stuff”.
Besides my “stuff”, what else does the policy cover?
Additional Living Expenses
An important part of renter’s insurance is called Additional Living Expenses. Let’s say you have a fire in your apartment and you have to move elsewhere temporarily while repairs are made. The policy pays for additional living expenses above and beyond your normal expenses (difference in rent between your temporary place and former apartment, increased cost of laundry or meals out, as examples). How helpful would that be?
The policy also includes Liability coverage, so if someone gets hurt at your place and it’s your fault, the policy would pay for medical bills. It also provides and pays for an attorney if you’re sued.
What's an average premium?
In our little corner of Ohio, we see premiums average out at about $200 for the year, for roughly $25,000 of “stuff.” That’s approximately 55 cents a day.
What determines my Ohio renters insurance premium?
Here's a few examples:
- Location- the farther away from the fire department you are, the more likely your “stuff” will burn up before the fire department can get there. So the premium is more.
- Insurance score- this is a combination of several items, including credit history. Insurance companies have discovered a correlation between lower insurance scores and frequency and severity of claims paid- so people with lower insurance scores pay higher premiums.
- The availability of discounts- for example, if you purchase an auto and renters policy from the same company you get a multi-policy discount. We've found that the amount of the discount practically pays for the renters policy.
The moral of the story
Yes, you may be willing to gamble on the generosity of family, friends and perhaps even strangers and charitable organizations for temporary housing and clothing, but how long will that last? We know that in most cases, charitable groups can provide a few days worth of clothing, some meals and temporary housing. Your friends & family may be able to put you up for a bit longer.
But how long before that gets old? And your living conditions become cramped and unpleasant? And you basically wear out your welcome? An Ohio renter's insurance policy prevents the situation from ever happening. It provides for the immediate needs & puts plans in motion for the long-term. It makes sure you're not a bother to those you love and starts the process of putting your life back on track. For 55 cents a day.
Contact us at (937) 592-4871 to discuss your Ohio renter's insurance or request your Ohio renter's insurance quote today.