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Renters Insurance Columbus OH – Protecting Renters in Ohio
People usually underestimate the value of their personal property and possessions.
Renters insurance can help you protect and repair your property and personal belongings due to different types of damages.
Although purchasing renters insurance in Columbus, Ohio isn’t required by law, your landlord might advise you to purchase one for safety reasons. Sometimes, your landlord’s insurance isn’t liable for the damages caused to your property.
Learn more about renters insurance in Ohio, the average cost of renters insurance, and which companies are the best for purchasing this type of protection in Columbus.
Is Renters Insurance Required in Columbus OH?
No.
The state law in Ohio does not require its residents to have renters insurance. However, some landlords may require you to purchase this type of protection if you live in their building.
For renters, it’s a good idea to have at least some personal property coverage since your landlord’s insurance is not meant to cover much of the damages caused to your personal property and belongings.
What Does Renters Insurance Cover?
Renters insurance covers unexpected events, also known as covered perils. Renters insurance offers three types of coverage options. They include:
- Personal property coverage
- Liability coverage
- Additional living expenses
Personal Property Coverage
Personal property coverage helps the renter cover and repair their personal belongings, such as clothing, furniture, and electronics, up to the policy limit. This coverage is designed to help you cover the cost or replacement of what has been destroyed or damaged.
Liability Coverage
Personal liability coverage is a coverage option that helps renters pay for repairs, in case they accidentally damage someone else’s property. It also helps pay for medical bills, if a guest gets injured on your property and you are responsible.
Additional Living Expenses
The additional living expenses coverage offers financial help to the policyholder in case their property becomes inhabitable for a period of time. This includes hotel and restaurant bills.
What Is Not Covered?
Personal property and liability insurance won’t help you cover all the damages caused to your property and belongings. For instance, damage due to floods is not covered (you will have to purchase flood insurance). Additionally, liability protection for certain dog breeds may be excluded from your policy.
Other common exclusions from this policy are:
- Sinkholes
- Earthquakes
- Damage to your car
- Roommate’s possessions
- Bugs and other pests
Additional tip:
There may be coverage limits for expensive jewelry.
Common Coverage Limits For Renters Insurance Policy
If you need help adjusting the coverage limits on your policy, below are the minimum coverages available for policyholders:
- Personal property coverage: Variable (should be set according to the value of your possessions)
- Liability coverage: $100,000
- Medical payments to others: $1,000
- Additional living expenses: $3,000 – $5,000
The Average Renters Insurance Rates In Ohio
The national average cost of renters insurance in the United States is $215 per year or $18 per month. Ohio’s average cost for renters is lower, $142 per year or $12 per month.
The average rates depend on where you live.
Here is a list of cities in Ohio with their average rates for renters insurance:
- Toledo: $288
- Cleveland: $266
- Columbus: $256
- Springfield: $220
- Hamilton: $213
How Much Renters Insurance Do You Need?
The question of how much renters insurance an individual needs depends on the entire property and their personal belongings.
Experts will usually recommend purchasing enough to cover all personal possessions in case they are stolen or damaged.
A smart way to estimate how much renters insurance you need is to make an inventory of all of your possessions and calculate their value—expensive items such as computers, jewelry, instruments, artwork, and so on.
What Can Alter The Cost of Renters Insurance?
The final cost of your renters insurance policy depends on a number of factors, meaning that the annual rates for renters insurance policies can increase or decrease.
The following factors can affect the cost:
- Zip code
- Credit score
- Home inventory
- Deductibles
- Rental size
- Actual cash value (ACV) or Replacement Cash Value (RCV)
- Security or fire systems
- Pets
- Discounts
Policy prices depend on renters insurance claims filled statewide.
By considering the above-mentioned factors, you could start comparing quotes based on your personal selection. This could significantly help you get the best renters insurance coverage for your situation.
Are There Discounts On Renters Insurance?
Yes.
There are certain discounts on renters insurance. Policyholders will be eligible for a discount on renters insurance in the following cases:
Security Systems:
In case your residence has burglar alarms or an installed security system, the insurance company will offer you a discount on your annual renters insurance cost.
Pay-In-Full:
A renters insurance company offers discounts to those who decide to pay in full for their coverage.
Senior Discounts:
Some insurance companies offer discounts of up to 25% to their senior citizens.
Bundling Policies:
If you decide to bundle auto insurance and renters insurance, you will be eligible for a discount.
Credit Score:
The cost of your renters insurance depends on your credit score as well. Policyholders with a good credit score are likely to pay less for their coverage.
Reasons Why Your Claim Might Be Denied?
Here are the four most common reasons why your renters insurance claim can be denied:
Fraud:
If your insurance agent catches a fraudulent claim, your will be denied. Refrain from trying to inflate the value of your possessions or claim items that weren’t in your possession in the first place.
Event Not Covered:
If you file a claim for an event that is not covered by your policy, you will be denied. This is why you should inquire about uncovered and covered losses within your policy.
Deadline Exceeded
You will be denied if you wait too long before you file a claim. Policyholders must file a claim within a certain time period. Otherwise, the insurance company will not pay out the insurance.
No Evidence
If you fail to provide evidence for your insurance claim, you will be denied. Policyholders are obliged to reply to all requests and information from the claims adjuster.
The Best Renters Insurance Companies In Columbus Ohio
Here are some of the best renters insurance companies in Columbus Ohio:
- USAA
- Branch
- Nationwide
- Amica
- Lemonade
- Travelers
- Allstate
- Farmers
- Safeco
Ohio renters looking for an insurance company with exceptional customer service should consider Lemonade Renters Insurance. This company also allows policyholders to upgrade their policy with add-ons such as coverage and water backups, replacement cost coverage, and identity theft protection.
Similarly, Amica has a low rate of customer complaints, and it is one of the top options for renters in Ohio.
The Cheapest Renters Insurance Companies in Columbus Ohio
Generally speaking, the state of Ohio has affordable rates for renters insurance.
Renters looking for cheap renters insurance, finding companies is easy. Here are the top 5 cheapest options, with their average monthly rates:
- Lemonade: $12
- Travelers: $16
- Nationwide: $17
- Allstate: $19
- Farmers: $27
Columbus Ohio Renters Insurance: Summing Up
A renters insurance policy is designed to help you compensate for the costs and repairs of your personal property and belongings. It also allows you to cover medical payments and provides additional living expenses in case your property is inhabitable due to covered perils.
The national average renters insurance is $215. In Ohio, the average cost of renters insurance is $142 per year. Factors such as your Zip code, credit score, security system, and discounts can alter the overall cost.
Although renters insurance protects most of your property and belongings, it won’t cover everything. For example, a renters policy does not cover natural disasters such as earthquakes, floods, and damage to your car.
Policyholders will be eligible for discounts if they pay in full, bundle auto insurance and home insurance, have a good credit score, and so on.
Your renters insurance can be denied in case of fraud, events that are not covered, failing to submit evidence, or exceeding the deadline in filing the claim.
When searching for an insurance company, policyholders should take into account customer satisfaction.
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