Columbus, OH Renters Insurance
Experts break down renters insurance costs, coverages, companies, and more.
More than half the homes in Columbus, OH are occupied by renters. Whether you are a student with an apartment near the OSU campus, a new parent renting a house in Easton, or an executive leasing a downtown condo, it is a wise decision to carry renters insurance.
Local independent agents can help you find a suitable policy at a competitive price. These agents are free to work with some of the best renters insurance companies in Ohio to find you a policy that meets your coverage and budgetary needs. Talk to an independent insurance agent near you to get started.
Is Renters Insurance Required in Columbus, OH?
Except for the occasional instance when a landlord requires coverage as a term of their lease, renters insurance is fully optional in Columbus, OH.
Just because it is optional does not mean that this coverage is not worth looking into. Renters insurance policies provide a wide range of coverage that can insure your property and protect your finances. Despite this, well over half of all tenants in the US do not have a policy.
One reason for lack of coverage may be misconceptions about cost. In Columbus, the average rent is $961 a month, so it makes sense that many tenants to do not want to add to their housing costs by buying optional insurance. What they may not realize is just how affordable a policy can be.
How Much Does Renters Insurance Cost in Columbus, OH?
The average renters insurance policy in Ohio costs just $175 a year. That is less than $15 a month, which is a very reasonable price for the financial security a policy can provide. Factors that can influence your rates include:
- The estimated value of your personal property
- The amount of liability coverage you want to purchase
- The crime rate and weather risks in your ZIP code
- Your claims history and credit score
- The size of your deductible
In many cases, you can earn even lower rates if you are bundling your coverage with another policy like car insurance.
By taking the time to compare quotes from a few different insurance companies, you can rest assured that you are choosing a policy that provides all the coverage you want at the most competitive price. Independent agents make comparison shopping easy.
What Does Renters Insurance Cover in Columbus, OH?
Renters insurance can provide you with three types of protection:
- Coverage for your personal property: This is referred to as contents coverage. It is designed to cover repair or replacement costs if your personal belongings are lost or damaged by a covered hazard such as:
- Fire: This includes damage caused by flames, smoke, and firefighting efforts.
- Severe weather: This includes hazards like thunderstorms, high winds, hail, tornadoes, heavy snows, and ice accumulation.
- Property crimes: This includes crimes like burglary and vandalism. Considering that Columbus residents report more than 6,000 burglaries in a typical year, this coverage can prove quite useful.
- Coverage against housing displacement: This is referred to as loss of use insurance. It is designed to cover your various living expenses if you must seek alternate accommodations because a covered event has left your rental home unsafe for habitation. Coverage can continue until your landlord completes repairs and the building is back up to code.
- Coverage against liability lawsuits: This is referred to as renters liability insurance. It is designed to cover expenses like legal defense, mediation costs, settlements, and judgements if you or someone in your household is unintentionally responsible for someone else experiencing injuries, property damage, financial loss, or other harm.
When you are deciding how much property coverage you need, be sure to consider the value of all your belongings, and think about how much it might cost to fully replace everything if you were to experience a total loss in a disaster like a fire or a tornado.
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What Isn't Covered by Renters Insurance in Columbus, OH?
Renters insurance provides a lot of coverage, but it doesn’t protect you against everything. You should not expect your policy to pay for losses related to:
- Flood damage: Most rental properties in Columbus, Ohio are safe from the risk of flood damage. However, if you rent a ground floor apartment or a house in a flood-prone area, you may want to supplement your renters insurance with a contents-only flood insurance policy.
- Pest infestations: If your rental property is infested with rodents, termites, bed bugs, or other pests, your renters insurance will not cover remediation or any resultant property loss. If the infestation can be attributed to negligence of upkeep on your landlord’s part, you can attempt to collect compensation by filing a suit in small claims court.
- Damage to your vehicle: Your vehicle is not included among the personal property that your policy will cover. Even if your vehicle is damaged due to a problem in your building’s parking area, repairs can only be covered by your car insurance policy.
It is important to be aware of what your policy does and doesn't cover so that you don't face any unfortunate surprises later.
How Can an Independent Insurance Agent in Columbus, OH Help?
When you are shopping for renters insurance, a local independent agent can assist you with finding an ideal policy. These agents can answer your coverage-related questions and can help you compare rates from a few competing providers. That way, you can be sure you are getting your policy at a good price.
Arrange an obligation-free consultation with an independent insurance agent near you so you can start comparing customized quotes from some of the best renters insurance companies in Columbus, OH.
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