THURSDAY, APRIL 13, 2017
One of the biggest assumptions people make about Ohio renters insurance is that it you can't get a lot of the coverage items that you would if you owned a home. That assumption couldn't be farther from the truth.
Did you know that you can "dress" up your renters insurance to cover nearly as many things as if you owned a home? Just because you are renting a place does not mean you shouldn't get the absolute best renters insurance available. You own lots of things- things that are expensive as well as things that leave the premises. You should have the same options available to you as if you owned your house.
Read on for the "extras" you can get on your renters insurance- some may surprise you!
Did you know that several types of personal property (contents) are limited on a renters insurance policy? (note- these same limitations apply to a homeowners insurance policy). Common examples include jewelry, guns, furs, trading cards and silverware/goldware? OK, silverware may not be a big deal to you, but chances are good that jewelry and guns may be. What if you have a large collection of either? Trust me, claim time is NOT when you want to find out you have far less coverage than you thought.....
AND, not only is the dollar amount limited, it may also be limited to your apartment location only. So do guns and jewelry often leave your apartment? I'm guessing the answer is yes. So if you want to remove both the dollar limitation and the location restriction, the best solution is to list these type of items as an addition (endorsement) to your policy.
This is called an inland marine schedule, and it's simply a listing of the items that are listed individually. Your insurance company may or may not require an appraisal depending on the dollar value of the item (so ask!) The items can be added based on the appraisal OR if no appraisal is needed, a list of items including description, serial number (if applicable) and value is required to add.
Backup of Sewers, Drains And Sump Pumps
No matter the insurance policy, water backup that occurs from a sewer (or septic system if you're in the country), drain or sump pump is NOT covered. And the mess that this causes is unbelievable. Water is bad enough, but when you get raw sewage involved......... One of our own agents experienced a sewer backup and wrote about her experience. Read it. Premium is small compared to the benefit it provides. You can also read another article we wrote discussing the many places water backup can occur, sample pricing and what all the coverage pays for. And in case you think your landlord is going to pay for the cleanup and repairs, think again.
Incidental Business Occupancy
There are many businesses that are now being run from home. If you own a business and run it from your home, there's a possibility you could add an incidental occupancy endorsement for liability purposes. Some common examples include office exposures such as accountants, real estate agents, lawyers and computer programmers. Small music or dance studios, arts & crafts instruction/classes, home bakeries, seamstress, small engine repair, engraving or printing and beauty/barber shops (with limitations) are also common types of in-home businesses. The liability coverage would pay for bodily injury or property damage to others as a result of your business activities.
Other Coverage items to check out
This is by no means an exhaustive list, but here are several other coverage items that may be available to you that you probably didn't realize you could get on a renters insurance policy.
- An owned garage or utility shed located at a different location than where you live.
- Trailers/campers ($ limitation)
- Watercraft physical damage ($ limitation) and watercraft liability
- Business contents ($ limitation)
- Animals, birds & fish ($ limitation)
- Personal property at a residence owned or occupied other than the residence listed on the policy (think kids away at college)
- Identity theft
If you're looking for more information about what a basic renters insurance policy covers- read our article "So what IS renters insurance, what does it do and why should I have it?" We also debunked some of the most common renters insurance myths in this article.
Please contact us to discuss any of the above information. You can call (937) 592-4871 or visit our renters insurance page on our website. You can also request your Ohio renters insurance quote quickly and easily at our website.
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