Whether you’re a corporate exec in Columbus, a high school teacher in Cincinnati, or a curator in Cleveland, if you’re a tenant in Ohio, you’ll want to cover your stuff with renters insurance. It’s a vital safety net for protecting against life’s uncertainties. Let’s take a look at the ins and outs of renters insurance coverage for Ohioans.
What Does Renters Insurance Cover in Ohio?
Renters insurance in Ohio covers your stuff in all kinds of unfortunate circumstances and offers financial protection if you accidentally injure another person or damage their property. Here are all the different types of coverage that a standard renters insurance policy includes:
Personal Property
‘Personal property’ coverage protects your stuff, even if you’re out of your apartment or on the road. It includes things like theft, as well as damage from a variety of named perils.
Loss of Use
If you have to temporarily move out of your Columbus duplex due to covered losses (like a fire or windstorm), your ‘loss of use’ coverage could provide reimbursements for a temporary place to stay. It should also contribute towards additional living expenses such as food, laundry, hotel parking, and more.
Liability Protection
Accidents can happen anywhere, even at your friend’s place in Cincinnati. If you or anyone on your policy causes damage to someone else’s property or stuff, including their foosball tables, your insurer should have you covered for the damages.
Medical Protection
Renters insurance also covers medical costs if your guests get injured at your home or if you accidentally hurt people outside of your home. However, renters insurance does not cover medical costs if you or someone residing with you is injured, only non-residents and visitors.
Tweak Your Coverage
There’s no one-size-fits-all equation for coverage. Make your best estimate of the value of your stuff to get started. Your landlord might also require you to have a certain amount of personal liability renters insurance coverage. Don’t worry, changing your coverage options is simple with Lemonade’s Live Policy.
What Property Damages Does Renters Insurance in Ohio Protect Me Against?
A standard renters insurance policy in Ohio covers your stuff for a number of different damages, including theft, fire, vandalism, and water damage from things like a pipe bursting in your Akron apartment. Here’s a list of the perils that are covered under your base policy:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riots
- Aircraft
- Vehicles
- Smoke
- Vandalism
- Theft
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden and accidental tearing, cracking, burning, or bulging
- Freezing
- Volcanic eruption
How Much is Renters Insurance in Ohio?
The average cost of renters insurance in Ohio is $18/month, according to ValuePenguin. However, the amount you pay will depend on several factors, like your deductible, how much coverage you need, and where in Ohio you live. BTW: Did you know that the average cost of Lemonade renters insurance across the US is just $14/month, with prices starting as low as $5/month?
Is Renters Insurance Required in Ohio?
There is no state law in Ohio requiring that you get renters insurance, but it is required by law that you comply with your lease. So, if your lease terms include having renters insurance, you’ll want to make sure that you’re covered. Most landlords or property managers will ask for proof of insurance each time you renew your lease to ensure you have enough liability coverage and personal property coverage.
What Are the Most Common Causes of Renters Insurance Claims in Ohio?
Theft is generally the most common cause of renters insurance claims in Ohio. Property crimes like theft and robbery have been falling below the national average for the last five years, but these incidents still top the list of common renters insurance claims in the Buckeye State. Fortunately, a standard Lemonade renters policy could cover your valuables if they’re stolen, whether at home or away from home.
Living in Ohio also means that your stuff is vulnerable to some natural threats. If freezing temperatures cause a pipe to burst in your rental, spewing water all over your belongings, renters insurance could cover your stuff for the water damage. And if the burst pipe renders your home temporarily unlivable, you could even receive reimbursement for additional living expenses while you’re away from home.
How Much Renters Insurance Do I Need?
To figure out how much renters insurance you need, you should consider how much you think you need in terms of your belongings and lifestyle against how much you would feel comfortable paying every month. Your policy has a few main categories:
- Personal property
- Temporary living expenses
- Personal liability & medical bills
You’ll need to select coverage amounts for each category based on your specific needs. If, for instance, you have $20,000 worth of personal belongings, then you’d want to get $20k worth of personal property coverage (rather than the $10,000 minimum) to ensure all of your stuff is covered. Additionally, consult with your landlord to determine if there are any requirements for personal liability coverage.
Still not sure how much coverage to get? Check out our guide to how much renters insurance you need.
How Can I Lower My Renters Insurance Rate?
Renters insurance rates are generally affordable, but there are still some ways to cut down on costs:
- Adjust your deductible and coverage limits: Increasing your deductible and reducing your total coverage amount are both guaranteed ways to lower your premium. Just make sure that you’re comfortable paying your full deductible out-of-pocket if necessary and that you have enough coverage should disaster strike.
- Check for security devices: See if your rental property has a fire alarm or burglar alarm—you could qualify for a discount.
- Pay in full: Paying your annual premium in one lump sum rather than month-to-month will earn you a discount with many insurance providers, including Lemonade.
- Bundle: Save money on your renters insurance by bundling multiple policies, such as renters insurance with car insurance or pet insurance.
Your Lemonade Renters Insurance Quote in Ohio
Signing up for insurance can actually be fun when you choose Lemonade. Our charming AI bot, Maya, will guide you through the whole process smoothly. You’ll feel like you’re living in the future. Best part? All leftover premiums go to a charity you choose at the end of the year through our Giveback program.
A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage and discounts may not be available in all states.
FAQs
Q: Is renters insurance required in Ohio?
A: While there is no state law requiring renters insurance in Ohio, complying with your lease terms may require you to have renters insurance. Your landlord may ask for proof of insurance each time you renew your lease.
Q: What are the most common causes of renters insurance claims in Ohio?
A: Theft is generally the most common cause of renters insurance claims in Ohio. Property crimes like theft and robbery top the list of common claims.
Q: How can I lower my renters insurance rate?
A: You can lower your renters insurance rate by adjusting your deductible and coverage limits, checking for security devices in your rental property, paying in full, and bundling multiple policies.
Conclusion
Renters insurance is an essential investment for tenants in Ohio. It provides financial protection for your belongings and offers liability coverage in case of accidents. By understanding the coverage options, property damages, and pricing considerations, you can make an informed decision and secure the right renters insurance policy for your needs. Remember to consult with your landlord and explore the options available, such as Lemonade renters insurance, to enjoy comprehensive coverage at an affordable price.
