Lyles Insurance
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote

Understanding the Basics of an Ohio Renters Insurance Policy

4/18/2017

0 Comments

 
​ Regardless of whether or not you are required by your landlord to carry renters insurance, it is always a good policy to have. Renters insurance provides you with very valuable coverage at an affordable price. If you are new to renters insurance, this article is intended to help you understand the basics of what you need to know as far as coverage is concerned.

You will learn the basics of coverage plus you will also learn about additional optional coverage that you may be very interested in. But first let's start with the basics the main features of a renters insurance policy include:


Basic Coverages


  • Personal property coverage. This is what covers your personal belongings of both you and your family in the event of a loss such as a fire. Coverage levels range as low as $10,000 or as high as $50,000. You can choose your level of coverage.




  • Liability coverage. This protects you if a visitor gets seriously injured on your property. You can choose coverage levels of 25,000, 50,000 or 100,000.




  • Loss of use coverage. In the event that some type of disaster prevents you from living in your apartment, loss of use coverage helps you with associated expenses such as lodging and food. Coverage is provided up to 20% of the coverage you selected for personal property.




  • Medical payments to others coverage. This is the part of a renters insurance policy that covers minor injuries if a visitor was to be injured on your property. Coverages offer up to $2000 for minor injuries. This is intended to make to make someone happy if a visitor happens to suffer a minor injury on your property. This sometimes will make them go away instead of causing bigger problems that may need to be filed as a liability claim.
Picture
Additional and optional coverages


There are several additional coverages offered that go beyond what a general renters insurance policy covers. Some of you may be very interested in selecting these additional coverages. They include:




  • Replacement cost coverage on your contents and personal property. By selecting the replacement cost option any personal property that suffers a loss will be valued at the cost it would take to replace it. Without replacement cost coverage personal property is only valued at its current market value which takes into account depreciation.




  • Identity fraud expense coverage. Identity fraud is becoming more and more common. Should this happen to you, this additional coverage would cover you for expenses related to fighting these ID fraud charges and claims.




  • Equipment breakdown coverage. This coverage is normally not included in a standard renters insurance policy. So to have this kind of coverage, you need it added onto your policy.




  • Water backup/sump discharge coverage. Again, this is usually not covered unless added on. It involves covering damage to pressurized plumbing systems.




  • Ability to add non-family members to your policy. Renters insurance only covers your immediate family. So to have anyone else covered can be difficult with some renters insurance companies, as many won't allow it. With this policy you can add occupants that are not related to you that are living with you.




Summary: Renters insurance offers valuable coverage for an affordable price. Yet less than half of renters take advantage of the coverage. Ask yourself, what would you do if a disaster suddenly displaced you from your apartment? If you haven’t considered renters insurance before, you should at least consider it.




Get an Ohio Renters Insurance Quote with Lyles Insurance


Call me for a Quote



Related Blog Articles:


Why Ohio Renters Insurance is a must have


0 Comments



Leave a Reply.

    Picture

    Author

    Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..

    Archives

    March 2021
    November 2020
    September 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    December 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    August 2015
    December 2014
    November 2014
    October 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    May 2012
    April 2012
    March 2012
    December 2011

    Categories

    All
    Things You Must Know When Buying Snowmobile Insurance In Michigan

    RSS Feed

Lyles Insurance copyright 2020
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote