As a homeowner, insurance is typically required by the mortgage company to obtain a loan. However, as a renter in Ohio, renters insurance may only be needed if a landlord makes it a condition of the lease agreement. As a result, many renters choose not to carry renters insurance leaving them open to not only losses on their personal property but losses as a result of being held liable in a lawsuit.
Renters insurance offers its policyholders a few different types of protection through various coverage.
First and foremost it covers personal property. Many renters forgo renters insurance because they do not own the property, forgetting that they do own the property inside the home including computer equipment and other expensive items such as jewelry. In the event of a loss, such as a fire or a burglary, a renters insurance policy will be able to assist in replacing those items.
A renters policy can also provide coverage for personal liability if a person is injured in your apartment and sues you. The policy will reimburse you for your legal expenses if it is a covered loss.
Also, many Ohio towns require liability insurance if you have a dog. If you have a dog, you should speak with an agent at Ferguson Agency, LLC about coverage under your renters' insurance policy as well as any limit requirements. Liability cases can end up costing a lot of money, and it can take years to recover from a significant liability loss. Call an agent today to make sure you are protected.
There are various other coverage options available to add to the policy depending on your individual needs. If you are interested in learning more about what a renters insurance policy has to offer, please reach out to an agent at Ferguson Agency, LLC.