The number of renters in Ohio rose three percentage points during previous years. More than ever, Ohio residents are taking advantage of the flexibility and convenience of rented houses, apartments, and condos. If you rent, you do not have to worry about repairing or insuring the structure of your home, but you do want to protect yourself from loss due to burglary, fire, and storms by purchasing the right Ohio renters insurance. An independent insurance agent in our network can help you find coverage tailored to your property and risks. Contact a member agent today to compare coverage and get Ohio renters insurance quotes tailored to your home and budget.
Renting in Ohio
- Median rent in OH: $692
- OH rent as a fraction of income: 18%
- Ohio residents who own: 33%
The median rent nationwide is $871, which is 20 percent of the average renter's income. Compared to the rest of the country, renting in Ohio is relatively inexpensive, which makes renting an attractive option for young families, students, and retirees. If you live on a fixed income, the effects of a fire or a tornado can be devastating to your finances. But the right Ohio renters coverage can help you find temporary housing, replace your important belongings and get you back on your feet without costing you years of debt repayment. Renters coverage can also protect you from a lawsuit due to an accident in your home. An independent agent can help you find the right Ohio renters insurance for yourself.
What Does Ohio Renters Insurance Cover?
Renters insurance provides funds to repair or replace your damaged property, as well as liability coverage to protect you from claims, up to the limits of your policy. A typical policy would include the following types of coverage:
- Contents coverage: This pays for damaged or stolen furniture, clothing, electronics, and appliances. You can insure for actual cash value, which accounts for depreciation, or for replacement cost, which pays to purchase a new item. If you own expensive collectibles, instruments or artwork, you may need to purchase extra coverage.
- Renters liability: This covers you against the risk of lawsuits related to accidents or damage to your home, such as dog bites, slips, and falls, fire and water damage. It can cover the plaintiff's medical expenses, repair costs, court fees, and legal defense, up to the limits of your policy.
- Relocation coverage: This pays for temporary housing and relocation if you must vacate your rental home due to mold, fire, tornado or other damage.
- Umbrella coverage: This is extra liability that protects you from lawsuits outside your home for claims such as libel, slander and other suits.
A local agent can discuss the types of coverage you need most and help you find a renters policy that keeps your risks as low as possible.
Do You Need Ohio Renters Insurance?
Some landlords require their tenants to carry renters insurance, but many do not. However, since the average renter keeps around $20,000 in personal property in the home, it is a good idea to insure your belongings with an inexpensive renters insurance policy. Liability coverage is even more important because if someone brings a lawsuit against you, you can easily be required to pay hundreds of thousands of dollars or more in damages. The financial protection you receive from a standard renters policy can be priceless if disaster strikes.
Most renters in Ohio can find coverage for $15 to $30 per month. Compared to the potential expense of a burglary, fire or lawsuit, Ohio renters insurance is usually a wise investment. An independent agent may be able to combine your renters insurance with other coverage you need, such as auto insurance, business insurance, and ATV insurance. An insurance bundle can save you time and money each month.
Get the Right Ohio Renters Insurance for You
Every renter is different. A local agent in our network works with you to find out about your unique risks and needs and to match you with the right coverage for your situation.
Contact a member agent today to find the right coverage for yourself and to get Ohio renters insurance quotes tailored to your budget.