If you are currently a renter, make sure you protect all your valuables with a renter's insurance policy.
Renter's insurance, which is also called tenant's insurance, is a policy that provides similar benefits of homeowner's insurance but does not include coverage for the structure, which makes it much less expensive. It provides liability coverage and protection for the tenant's personal property against such events as theft, fire, and vandalism. It will also pay expenses if the dwelling becomes uninhabitable.
The owners of the building are responsible for providing insurance coverage for the structure but have no responsibility for the personal possessions of their tenants. While landlords can require their tenants to carry renter's insurance, the state of Ohio does not mandate it.
There are a few good reasons why those who rent should carry insurance to protect their valuables.
Protection for your personal possessions
If your things get stolen or damaged, you are protected. Most policies also protect against water damage, power surges, and other events not caused by you.
Covers guest injuries
Even though you live in an apartment, that does not mean someone cannot hurt themselves while visiting, resulting in medical bills for which you will be responsible.
Renters insurance helps with temporary housing
If there is a flood or fire in your apartment building, you may need to find short-term housing. It can be costly if the only option is a hotel.
Landlord insurance is designed for owners of rental properties, including apartments, condominiums, and single- or multi-family homes that you own and rent to others. It generally covers things like damage to the structures and can be customized to cover damage to systems, furnishings and appliances within those structures. As a landlord, you may also want to add coverage to your policy for Loss of Rent, should an event occur that renders the property unusable.
We have partnered with insurance carriers who specifically offers landlord or rental property insurance. If your rental activities are evolving, then you will benefit from an insurance carrier who offers customizable and scalable policy options. This flexibility allows you to adapt your coverages to meet your ever-changing needs.
Overhead Capital & Insurance of Lebanon, OH, can provide you with a no-obligation quote today.