Renters Insurance
Renters Insurance, just like it sounds, is a type of insurance available to individuals who lease or rent residential property. The majority of insurance companies provide some sort of renters insurance and, in fact, if you Google the term “renters insurance” you will be bombarded with ads from all of the large insurance companies; Nationwide, Geico, State Farm, and so on. Renters insurance offers most of the perks of homeowner’s insurance and provides protection for your personal belongings in case of disaster, robbery, or loss, and often times covers any damage you cause to other’s belongings under the same circumstances. To be clear, renters insurance does not cover the dwelling you’re renting, rather it covers and protects the things you own. The extent of personal property and the types of loss that are covered depend on the policy and the provider. The cost of renters insurance varies based on the level of coverage you prefer, but most policies fall somewhere between $5 and $30 per month.
Renters insurance is not required by law in Ohio, however many landlords and property managers require renters insurance, per their lease agreement. If your landlord does not require you to have renters insurance you might be wondering why you would sign up to pay another monthly bill or if you really need renters insurance. The question of whether to have renters insurance is easily answered by the peace of mind it provides. Consider the following scenarios.
Imagine losing everything you own in a fire caused by the negligence of another tenant living at your apartment complex. Last year, a local newspaper reported on an apartment complex destroyed by fire. An individual started the fire while cooking on a small grill inside an enclosed hallway outside of his apartment. The fire engulfed the entire complex which was a total loss. The individuals living in the complex stood by and watched as a fire destroyed their belongings and their homes. According to the landlord, only three tenants had renters insurance. As for the rest of the tenants not covered by renters insurance, they were left without anything. Nothing they left behind during their escape was covered or replaced by insurance. Imagine fleeing a fire, and winding up with only the clothes on your back and the belongings on your person.
Or, imagine you’re at a busy airport and leave your suitcase briefly unattended to take a phone call. Imagine returning to find your suitcase missing. If you have a renters insurance policy, you can take solace in knowing your insurance provider will cover the loss under the terms of your policy.
These may be extreme examples, not likely to happen to you, but they can and do happen. Renters insurance can save you from having to front the costs of nightmare situations. Renters insurance will allow you to file a claim and receive a check for the amount of the personal property you’ve lost. While a check won’t bring your belongings back, it will spare you the expense.
Renters insurance is a smart idea. It’s cheap and often can be added to your existing policy for a small monthly fee. Renters insurance can give you peace of mind and help you replace belongings and move on with your life after a tragic and stressful situation. Renters insurance is a no-brainer, and you’ll be glad you’re covered.