It is important to obtain your own renters insurance rather than buying into forced-placed insurance by the leasing company you rent from. Why? Because renters insurance through your leasing company does not cover or protect your own personal belongings. It may end up being about $5 to $10 a month cheaper than getting your own insurance policy, but you are only protecting the leasing company from loss and they are actually already protected from your loss, through their own insurance company. So what you are essentially doing is paying for extra coverage for the leasing company.
Another advantage of obtaining your own renters insurance policy is that, in almost all cases, this will reduce the cost of your auto insurance policy because nearly all insurance companies give you great discounts for packaged policies. And, you are required to carry automobile insurance in the state of Ohio, regardless. Typically the renters policy will pay for itself, by packaging it with an auto policy and in some cases, may actually save you more on your auto policy than the cost of the renters policy, helping you come out ahead.
Renters Insurance Coverage Includes:
- Personal liability coverage – this covers you if you’re responsible for an accident or damage to another person or their property.
- Personal property – this covers the cost to repair or replace your belongings, such as clothing, furniture and electronics, up to the limits in your policy
- Additional living expenses – may cover the cost of a hotel if your apartment is uninhabitable due to a covered loss, and may even provide compensation for things like, food, land/or laundry expenses.
A renters policy is a great way to protect yourself from unforeseen or unexpected losses, and is pretty affordable. If you’re renting and looking for rental insurance coverage, give me a call for a quick quote and start protecting your stuff today!