Renters insurance is a policy that is used to protect a renter’s liability, as well as their belongings inside the rented Ohio or Pennsylvania home or apartment. Since renters don’t need to take full responsibility for the damage to the outside structure of the building, they need a policy that is slightly different than homeowner’s insurance. Many renters believe they are not responsible at all when renting and don’t have renter’s insurance, but the insurance a landlord has is designed to protect the landlord and not the renter.
Renters insurance is broken into two parts. One part protects you and the second part protects the things you own. If someone sues you because they were injured on the rented property, having insurance for yourself can be helpful since lawsuits are expensive. An additional benefit to having renter’s insurance is that it helps to provide you with additional living expenses, should you need to be out of your rented home while it is being repaired. This portion is usually based on a percentage of the property value. Just like homeowner’s insurance, renter’s insurance won’t cover certain disasters. Earthquakes and floods aren’t covered under homeowner’s insurance and usually, aren’t covered under renter’s insurance. In Ohio, there are a few areas that should be mindful of floods, but it’s good for everyone to consider their options. An agent at Ruddy Insurance Group can help you figure out what coverage you need.
A renter’s insurance policy will typically last 12 months to match the length of an average lease. Since renter’s insurance protects belongings, it’s vital that coverage match the number of belongings that you own. Doing a home inventory, similar to one that would be done for homeowner’s insurance, can be helpful to figure out how much coverage is needed. There are some possessions that can make it harder to get coverage. A common concern is certain dog breeds.
Contact Ruddy Insurance Group, serving Pennsylvania and Ohio, to get a quote on renter’s insurance.
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