Renter’s Insurance is a type of insurance needed for those who do not own the property they are living in but rather, they are renting the space. It is important to have for a multitude of reasons. Since you do not own the property, homeowners insurance or other insurances either held on the property will not cover your belongings in the case of an unfortunate event such as a fire or theft. 

While the homeowner’s home insurance (or landlord insurance) will protect and cover the actual property from damages, your renters insurance coverage is what will protect your property on the inside and your peace of mind. 

Many property owners, apartment complexes, and landlords, require their tenant to acquire a renters insurance policy as a part of their lease. They do this to help protect themselves from renters assuming they are responsible for more than they are. In the long run, however, by requiring renters insurance, your landlord is really protecting you and ultimately helping you make a great decision in spending a little extra a month to protect your belongings. 

WIth that said, if you are in the market for renters insurance in Springfield, Ohio there are a few things you should know before committing to a renters insurance policy. 

Policy Timeframe

When searching for renters insurance, it can be tempting to jump to sign up for the first and best deal you see. Use caution though, as sometimes insurance companies advertise “deals” that may only cover 6 months of your 1 year lease. This allows them to advertise a low price but will put you in a tough spot 6 months from now and likely cost you more in the long run.

Be sure when you are comparing prices, you are comparing the same policy timeframe. It is best to find a policy that will cover you for the duration of your renter’s lease. 

What is Covered?

Again, when comparing pricing and coverage, be aware of what is actually covered in each policy and any caps that may be a part of a given policy. Compare what each policy covers to what you actually own. It can be a good idea to go through your valuables, take pictures, and assess the value of your belongings and see how any given policy would align with that.

What is Not Covered?

Just as you need to know what is covered in your renters insurance policy, you also need to know what is not covered or excluded from your policy. For many renters insurance policies Floods, earthquakes, mudslides, landslides, war, nuclear hazard, neglect of property, intentional loss or destruction of property, and governmental action are not covered.

Now many of these situations are not likely and avoidable but it is always good to be aware of what you are signing up for and paying for. 

Understand Your Policy

Take the time to read the fine print of your renters insurance policy. We see many renters sign up for a policy to check the box required by their landlord and then are surprised by certain limitations or loopholes within the fine print when they need to actually use their policy. 

In addition to knowing what is covered, what is not covered, and the length of your policy, you should understand what your monthly premium will be, what’s your deductible, what is the process of filing a claim, etc…

Work With an Agent

The best way to understand your policy, get a good deal, with great coverage is to work with an insurance agent. Insurance agents are experts in reading the fine print, comparing differing policies, and fleshing out the gimmicks different companies may use to attract your business. 

Working with insurance agents, like our team at Link-Hellmuth, will ensure you have adequate renters insurance coverage for your specific needs at the best price possible. It also means, should you run into questions or need to make a claim along the way, you have guidance through that process, as well.

We are here to support you, as a renter, and be sure your wallet and belongings are protected!