Renters Insurance in Ohio
Over the years since the 2008 housing market crash, many people have decided to return to renting due to the uncertainties that can accompany being a homeowner. Additionally, younger generations are opting out of homeownership as prices make it difficult to buy a Ohio home at younger ages, and the additional upkeep of an owned property versus calling apartment maintenance is less appealing. Renting, however, can present its risks. At Meiners Insurance in Avon Lake, OH, we can help you to minimize those risks.
Is Renters Insurance Required by Law? Why Get It?
Unlike auto insurance, renter’s insurance is entirely optional. However, just because a property might be insured for the owner’s benefit, that does not mean that this insurance protects your possessions if something happens that is beyond the control of the owner of the property. If your house has a break-in, unless the perpetrator was the landlord, the landlord will likely be indemnified from the damages incurred.
Renters insurance offers you a few types of protection.
- Personal Property Coverage - This is to repair or replace your possessions should a covered cause damage them.
- Additional Living Expense Coverage - Should the home be unlivable for a covered cause, most commonly - fire, this helps cover the cost of temporary relocation such as hotel stays, food, and transportation.
- Personal Liability - This protects you if someone else is injured in your home. This coverage includes medical damages and judgments up to the policy
Do I Need It?
It depends on who you ask. People who have never had an accidental emergency caused by another may feel insurance is overkill, while victims of apartment fires often lament not getting it. If everything you own can be replaced - including lodging and food - for less than the price of an insurance deductible, you may be safe. If you are in the Ohio area, contact the professionals at Meiners Insurance in Avon Lake, OH, so we can help to determine your needs and what is best for you!