If you rent, you need to make sure that you’re properly insured. Just because your landlord has coverage doesn’t mean that are protected. In most cases, your landlord’s insurance policy covers only structural damage to the building itself.
Reidel Insurance Agency Inc. is proud to be the top choice in Reynoldsburg, Ohio, for renters insurance policies. We offer renters insurance policies that are flexible to any policyholder’s needs. To receive your own renters insurance policy, call us at 614-866-7799 or request your free quote now.
What is renters insurance?
No dwelling or resident is safe 24/7. Both are vulnerable to various household hazards such as fires, weather damage, break-ins and possible lawsuits from someone who was injured. Any of these hazards could result in high expenses, even for a minor incident.
With renters insurance, you can ease the stress of having to pay for these expenses. Your insurance policy can ensure you get financial assistance when you need it to get back on your feet. You won’t have to rely on your personal funds to rebuild, which can help make your life less stressful.
What does renters insurance cover?
Renters insurance varies from homeowners coverage because it doesn’t offer coverage for the structure since the renter doesn’t own the residence. Most plans may include:
• Possessions insurance
• Liability insurance
• Additional living expense protection
These plans may be able to be further tailored to meet your needs with additional coverage, such as:
• Scheduled items riders
• Replacement cost value of possessions coverage
• Umbrella liability insurance
• Flood insurance
• Earthquake and windstorm endorsements
• Pet liability insurance
Is renters insurance required?
Landlords usually require their tenants to purchase renters insurance. If the tenant has this coverage, it reduces the landlord’s liability for any losses that may happen within the dwelling. It is essential for landlords to also purchase their own coverage for the residence.
How Much Renters Insurance Should a Landlord Require?
Landlords should require that renters purchase enough renters insurance to cover the potential loss of the renter’s personal property. Renters insurance may also help cover loss of use if the tenant must move out to allow for covered repairs. Renters must understand their coverage so they can use the policy if needed.
Renters insurance can also help pay for claims of third-party injury and property damage. If the renter has a dog or they’ve added a pool or trampoline to the property, it may be wise to suggest that they purchase additional liability coverage.
Does Only One Person Need Renters Insurance?
Insurers may require each roommate to have their own renters insurance policy. Renters insurance provides coverage for the person listed on the policy, not the residence. Talk with your agent to understand how a renters insurance policy works for two people sharing a residence.
How do renters insurance claims work?
Upon filing a renters insurance claim, your insurance carrier will send someone to investigate the incident. Often called a claims adjuster, this person will determine if the claim is valid. If it is approved, your insurer will reimburse you for the covered damages.
How much do policies cost?
Multiple factors may influence the cost of your renters insurance, such as:
• The value of your property
• The home’s location
• Your credit score
• Security features in the home
• Your chosen policy and coverage limits
Our agents are dedicated to helping clients select personalized policies that fit their needs. We will work one-on-one with you to put together a customized policy that gives your residence the necessary coverage at the best price possible.
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