At Smucker Insurance Agency Inc., one of the questions we get from our Plain City, OH clients are: do I really need renters insurance? Am I not covered by the landlord’s policy? In this article, we will delve into renters insurance and establish who needs it.
Who should get renters insurance?
While renters insurance isn’t mandatory in Ohio, some landlords may still want you to carry one before renting their property. This way, the landlord isn’t liable for renters’ responsibilities. If your landlord requires you to obtain renters insurance, they probably have minimum coverage requirements. However, remember, these are just minimums. You need to check with your agent if the coverage gives you maximum protection.
Even though your landlord doesn’t require you to carry renters insurance, it’s a smart choice to purchase one for the below reasons.
- Liability coverage: Every renter is exposed to a certain level of liabilities. Ranging from a neighbor’s property damage to causing bodily injury to a third party, renters are often faced with the risk of liabilities. Thankfully, renters insurance covers liabilities, which can be financially draining.
- Personal belongings’ protection: Do you own furniture? Or perhaps you have electronics and other equipment? Theft, fire, and vandalism can cause unspeakable loss or damage to your assets. But instead of starting from scratch when a loss occurs, renters insurance can compensate you for the loss up to your coverage limit.
- Loss of use: If your home is damaged and is unlivable, you will probably seek temporary housing in a hotel. In the process, you will incur accommodation and meal expenses. And because you hadn’t planned for these expenses, they can destabilize your financial position. Thankfully, renters insurance can save the day by compensating you for additional living expenses up to your policy limit.
Do you have renters insurance? If not, get one from Smucker Insurance Agency Inc., serving Plain City, OH, and the surrounding areas. Contact us today and see how much we can save you.