renters insurance costs about $142 per year. For that rate, you can get coverage for your personal property, loss of use, personal liability, and medical payments for anyone injured in your rental home.

When going under contract for your apartment, buying insurance may be the farthest thing from your mind. But renter's insurance will guarantee financial and legal security for any kind of loss or accident in your home.

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What is renters insurance?

A renter's insurance policy provides financial protection if your property is damaged, destroyed, or stolen in a named peril. Most policies also include personal liability coverage.

A renter's insurance policy usually includes the following coverage:

Personal coverage (Coverage C): This coverage will protect the actual cash value (ACV) or replacement cost of your belongings if they are destroyed by a covered peril.

Loss of use coverage (Coverage D): Loss of use, or additional living expenses (ALE), coverage pays for living expenses, like a hotel room or food delivery, if your rental is uninhabitable because of property damage.

Personal liability (Coverage E): If someone is injured or their property is damaged in your home, your personal liability insurance will cover any amount you're legally required to pay, including court and attorney costs.

Medical payments (Coverage F): this coverage pays for any medical expenses when someone is injured on your property.

Conduct an inventory of your belongings, including furniture, electronics, and art, to calculate the amount of coverage you need. Your landlord will likely set the requirements for liability coverage, which is usually around $300,000 or $500,000.

What does renters insurance cover?

Renter's insurance covers only the perils named in the policy. While perils can vary from place to place, generally, you can expect your policy to cover:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Your policy may cover every named peril listed and more—or it could cover less.

Carefully read your policy carefully, so you understand what's covered. For example, if you live in Ohio, you may want to consider adding flood and windstorm coverage to your policy.

What does renters insurance not cover?

Renters insurance covers a lot, but it will not cover everything in your home. Here are some exclusions you should be aware of:

Work-related items: If you work from your rental home (or run a home business), your office equipment isn't automatically covered by your renter's policy. Any property associated with work from your laptop to your high-end gaming chair might need alternate coverage.

Valuables: Your grandmother's pearls and your collection of limited-edition comic books may not be covered by a basic renter's policy. Expensive collectibles and jewelry often require additional coverage.

Your car: Unfortunately, your vehicle is not covered by your renter's policy—even if it was parked on the property. You must buy

r insurance that meets your state's minimum insurance requirements.

MORE:

Ohio minimum car insurance laws

Key Takeaway Renters insurance doesn't just cover your belongings—it's vital for legal liability if an incident takes place on your property.

Is renters insurance required in Ohio?

By law, renters insurance is not required in Ohio. That said, your landlord may require you to purchase a renter's insurance policy as part of your lease agreement. Even if your proprietor does not need it, you're still making a smart purchase because renters insurance doesn't just cover your property but your legal liability in the event of an accident on your property.

Don't worry! Renters insurance is pretty cheap. While costs vary each year, Ohio renters tend to pay about $142 annually for a policy—which is about $17 below the national average. Essentially, you should expect to pay about $12 a month for a policy that could pay out thousands of dollars in case of the unexpected.

Whether your concern is hail damage, rambunctious kids, or theft, getting renter's insurance is a financially savvy decision. This is the best way to protect your finances and your personal belongings.

How to build an Ohio renters insurance policy

Creating a renters insurance policy is easy-peasy. First, start by conducting a personal asset inventory for each room in your home. Then, make a note of the following information for all furniture, electronics, art, and appliances:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Take pictures of your items. Gathering this information now and documenting your property will help the claims process later if you ever need to file one.

Choose a personal liability limit. Typically, your landlord will require a certain amount of liability insurance (often $300,000 or $500,000), but you might be able to choose a limit as low as $100,000.

Actual cash value vs. replacement cost

You'll need to choose between a policy that covers either the actual cash value (ACV) of your belongings at the time of damage or the replacement cost.

How do you know which you need? Let's say you bought an awesome TV five years ago for $1,500. If that television was damaged due to a named peril, you'll be able to claim whatever your TV is worth based on depreciation if you have ACV coverage. On the other hand, if your policy covers replacement costs, you'll be able to claim the total of $1,500 to buy a comparable replacement TV.

A policy with replacement cost coverage looks may seem like the better idea—but you'll pay more. Weigh your needs and the risk in your area to make the best decision for your situation.

MORE: What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

Cheap renters insurance is easy to find, but you can get a better bargain by bundling your renter's insurance with your auto policy. Most companies offer discounts anywhere from 5% to 25% on both policies for bundling renters and car insurance.

In fact, renters insurance is so affordable that if your car insurance payment is at or above $300 per month, you could find a bundle that basically pays you to have

renters insurance

The easiest to find the ultimate auto insurance bundling deal is by downloading the

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Is renters insurance worth it?

Most definitely! In most cases, renters insurance is one of the cheapest types of insurance. Plus, it gives you broad coverage for personal liability and property damage.

What is the average cost of renters insurance in Ohio?

Renters insurance rates indeed change yearly, but Ohio's rates tend to be just below the national average of $173 per year. You can expect to pay about $142 a year for an Ohio renter's insurance policy.

You could save 15% or more on renters insurance by bundling

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