Purchasing a renters insurance policy is crucial when renting a property, whether in a multi-family, a townhome, or an apartment in Cincinnati.
Unfortunately, renters insurance is often overlooked as individuals make the mistake of believing they will be covered under the property owner’s insurance policy.
However, this is not the case. It’s been noted that only 41% of renters have a renters insurance policy. Meaning, nearly half of the renters in the United States will be out anywhere from hundreds to thousands of dollars in the event of unexpected perils.
What’s Renters Insurance?
A standard renters insurance policy, also referred to as tenant’s insurance policy, provides renters with liability and personal property coverage. but it does not insure the actual property itself as the ‘external shell’ so to speak, is the landlord or parent organization’s responsibility.
If you are currently renting and don’t have renters’ insurance, take a moment to examine the room you are in and put a price on all the items surrounding you. You are probably surrounded by hundreds or thousands of dollars worth of personal belongings in that one room alone.
If anything happens to your belongings, such as theft, you will be solely responsible for replacing everything. This is why having a renters insurance policy is crucial. If you had a policy, the insurance provider would simply reimburse you for all the stolen items, and you could move forward with thicker pockets from that incident without suffering a great loss.
Don’t believe in the myth that your landlord’s insurance covers you. It doesn’t. Or that the coverage is too limited or too expensive. If you believe the coverage is too narrow, you can always tack on riders to your initial package. What’s most fortunate is the average cost of renters insurance is often less than $300 a year, an amount appreciably less than your belongings and what you’d have to pay to replace them on your own.
The cost and benefits of having insurance greatly outweigh the cost of opting out of owning renters’ insurance altogether.
Why Get It?
If you are not convinced that you need renters’ insurance, then here are more reasons why purchasing a renters insurance policy is important. Renters insurance:
Is Affordable
Renters insurance is incredibly affordable. The average cost of renters insurance in Cincinnati is $15 per month or approximately $106 to $286 per year. The cost of your policy will depend on the size of your home or apartment, the crime rates in the area, assets you need to be covered, and the neighborhood you live in will affect your monthly premium.
Covers Losses to Personal Property
A standard renters insurance policy protects against losses to your personal property such as clothes, jewelry, luggage, electronics, technology, furniture, and more.
This traditional policy also covers against a long list of perils, including:
- Damage caused by vehicles
- Falling objects
- Fire or lightning damage
- Smoke
- Theft
- Vandalism
- Weight of ice, snow, or sleet
- Windstorm or hail
- Riot or civil commotion
- Volcanic eruption
- Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning, or fire-protective sprinkler systems
Unfortunately, losses resulting from floods and earthquakes are not covered in a standard policy, so an additional rider may need to be purchased. If you live in a neighborhood near the Ohio River, you may want to consider purchasing an additional flood protection rider on top of your standard renter’s insurance policy.
Might be Required by Your Landlord
Many landlords and property owners require their tenants to purchase a renters insurance policy. However, not all of them require proof of insurance. Therefore, only 41% of renters own a policy. Don’t make this mistake. Owning a renters insurance policy can save you money in the long run.
Provides Liability Coverage
A standard policy will also provide you with liability coverage if someone is injured while in your home or if you accidentally injure someone. It pays any court judgments as well as legal expenses up to the policy limit. Most policies provide at least $100,000 of liability coverage and a smaller amount for medical payments coverage.
Covers Your Belongings When You Travel
As mentioned, renters’ insurance covers your personal belongings. Therefore, if they are in your home, car, or with you while you travel, your possessions are protected from loss due to theft and other covered losses anywhere you go.
May Cover Additional Living Expenses
Suppose your home becomes uninhabitable due to one of the covered perils. In that case, your renter’s insurance policy may cover “additional living expenses,” including the cost associated with finding a temporary home, food, etc. Be sure to review your policy to determine how long it will cover additional living expenses and if it caps the amount the provider will pay.
Where Can You Get Renters Insurance in Cincinnati?
There are a multitude of insurance providers in the United States. However, not all of them have your best interest at heart. Most insurance companies are providing coverage to millions of individuals across the nation, and to them, you are “just another customer.” This means you may not be getting all the coverage you want or need, and you could be overpaying for your current policy.
More and more people are turning to work with smaller insurance firms, like Zimmer Insurance Group, to help find them the best and most affordable insurance providers. Zimmer Insurance Group is a family-owned and operated insurance agency employing an experienced team with over 30 years of industry experience, offering their clients exceptional quality and convenient service.
The primary goal at Zimmer Insurance Group is to not only assist you in all your insurance needs, but they want to build a trusted relationship with all their customers to continue for years, even decades as in the case of many current clients. To them, you’re not “just another customer,” you are family.
Zimmer Insurance Group knows that insurance begins with you, and they cannot suggest coverage options without first assessing your needs. Therefore, they take the time to get to know you, your family, or your business. Then, after evaluating your needs, they seek out the best policies to offer you a variety of insurance products to choose from at a fair price.
Conclusion
Don’t let other insurance companies take advantage of you and your needs. If you are in the Cincinnati, Ohio area, or you’re simply looking for a trusted insurance agency, then look no further than Zimmer Insurance Group! Check out what Zimmer Insurance Group is all about and give them a call or visit them in person today to get started!
Zimmer Insurance Group is staffed with ten highly trained and experienced insurance agents who can discuss your insurance needs anytime, anywhere.
