Protect What You Own with Ohio Renter's Insurance

Ohio Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Ohio. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Ohio and how to obtain a policy in this state—from cost and coverage to additional policies you may need.

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Ohio Renters Insurance :

Renters insurance in Ohio protects you and your belongings from a range of perils. In Ohio, your home and personal property could be damaged by severe winter storms, thunderstorms, landslides, wildfires, coastal erosion/flooding, and tornadoes. Damage and loss of use expenses from many of these disasters is covered by an Ohio renters insurance policy. Renter’s insurance can also cover legal or medical expenses if you are liable for an injury in your home.

How Much Does Renters Insurance in Ohio Cost? 

What does renters insurance cost in Ohio? Fortunately, the cost of renters insurance in Ohio is very affordable. According to NerdWallet, the average Ohio renters insurance premium in 2024 is $124, or about $10 a month. Ohio’s average renters insurance rates are several dollars cheaper than the national average of $12 a month, making it a relatively inexpensive investment. 

Remember that other factors will influence the cost of your insurance as well, such as the specific risks in your location and the amount of your deductible. The cheapest renters insurance companies and policies tend to have higher deductibles, while more expensive policies will have lower deductibles. If you’re looking for cheap renters insurance, many renters insurance companies also offer renters insurance discounts for bundling with an existing policy, like your car insurance. 

What Are the Most Common Claims in Ohio?

Common renter’s insurance claims in Ohio include vehicle theft and winter storm damage. In 2023, there were about 235 vehicle thefts per 100,000 people in Ohio, which was a 28.14% increase from the previous year. Property crime in general is up 3.64% in Ohio compared to 2021. While your car itself is covered by your auto insurance, your personal belongings inside your car (e.g., phone, laptop, etc.) are not covered by auto insurance. You can, however, recover the cash value or replacement cost value of these items by filing a claim with your renters insurance if your car is stolen. 

What Additional Policies Do I Need in Ohio? 

Ohio renters may also need flood insurance. Flooding is common after storms and near large bodies of water.  

FEMA data from the past several decades shows that flooding is common across Ohio, especially in southeastern counties bordering the Ohio river. Some counties, like Belmont, Hamilton, and Franklin Counties, have had more than 100 flood events since 1996.  

If your home is in a floodplain or has a high likelihood of flooding, flood coverage may be needed. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renter’s Insurance in Ohio

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.