Ohio insurance is available for almost every eventuality. Most Ohioans are familiar with policies for homeowners and automobile drivers. The majority of working people have health insurance coverage through their place of employment, and many more have purchased their own coverage through insurance exchanges.
One form of Ohio insurance policy that is less well known is renters insurance. This is reflected in the low percentage of people eligible to buy renters insurance that actually have the coverage. According to a recent survey from an Ohio insurance information website, only thirty-five percent of renters have any kind of insurance on their belongings. Contrast that with figures for homeowners insurance. Over ninety-six percent of homeowners have a policy in place. Let’s look at the reasons why more renters should consider getting insurance.
Many renters assume that the owner of the building where they live will have insurance, so there’s no need to purchase additional coverage. While your landlord almost always has an Ohio insurance policy in place on the building, it never covers damage or loss to a tenant’s possessions. A landlord’s property insurance is intended to cover damage to the building itself, and to shield them if they’re sued for negligence. Unless the loss or damage to your possessions is caused by the negligence of the landlord, you will not be able to receive an insurance payout after a fire or burglary at your rental unit.
Other renters don’t get insurance on their belongings because they undervalue their possessions. The average renter has more than $20,000 worth of possessions, but because they never take an inventory of them, they consistently undervalue their total worth. While a burglary might result in the loss of a few items that a renter might be forced to replace, a disaster like a fire can destroy the total value of a person’s possessions, and very few people have the ability to replace everything they own without insurance to help.
Another often overlooked aspect of renters insurance is that if there’s a catastrophic loss at your rental unit because of an event like a fire, you not only won’t have any of your possessions, you won’t have anywhere to live, either. Almost all renters insurance sold in Ohio includes provisions for temporary housing while your apartment is repaired, or until you can find a new place to live. The total amount of additional living expenses is limited, but it’s usually enough to allow you plenty of time to find an apartment and replace your lost possessions.