Renters insurance in Salem OH offers coverage for your lost, damaged, or stolen personal belongings. It also provides coverage for injuries to a person that happens in your rented home or apartment. Today we’re discussing what is – and isn’t – covered with most renters insurance policies.
What is Covered By Renters Insurance in Salem OH?
Following are some considerations when choosing renters insurance in Salem OH.
Fire and smoke damage: The amount of compensation you receive in the event of fire damage depends upon several factors, including:
- The amount of coverage you have purchased on your possessions;
- Whether you choose actual cash value (depreciated) coverage or replacement cost coverage;
- The amount of your deductible which must be paid before coverage kicks in
Theft: Renters insurance covers your possessions from theft. It will typically cover your belongings, whether your rental home is burglarized, or the items are stolen from your car or while you are traveling, but would not cover damage to the car itself.
Items in Storage Units: This will depend on if your possessions are damaged, stolen or destroyed while in your storage unit, according to the specifics of your renter’s insurance policy.
Dog Bites: Many renters insurance policies exclude certain pets, but some insurance companies will not provide coverage at all if you have a high-risk breed or an exotic animal.
Bed Bugs: Policies typically exclude bug infestations of any kind, including bed bugs, cockroaches and other bugs as well as rodent infestations.
Flooding: Most policies do not cover damage caused by floods, so renters must purchase flood insurance separately to be covered for damage from flooding.
Broken Electronics: This depends on the coverage you buy and the cause of the damage. Normal wear and tear is not covered.
How Much Renters Insurance Do I Need?
When you choose renters insurance in Salem OH, you will need to choose coverage amounts for three basic types of coverage:
Personal property: Typically a minimum of $15,000 worth of coverage;
Liability: Amounts you choose, such as $300,000 of coverage for liability claims and legal defense; $5,000 Medical Payments coverage is desirable in case a visitor is injured due to your negligence.
Additional endorsements/policies: Coverage you may need for your collectibles, personal items of value such as jewelry, and outdoor toys such as snowmobiles, ATVs or personal watercraft.
Did you know that the average person has over $20,000 worth of personal belongings? The best way to define how much renters insurance in Salem OH you should carry for your personal property is to create an itemized list of your possessions and their replacement costs. (Yes, there’s an app for that!)
It is important to determine how much it would cost to replace each item as brand new. This should give you a ballpark figure for the total amount of insurance coverage you should carry.
The best and most common way to purchase renters insurance in Salem OH is through an insurance agent.
Call our office today at 330-336-9557 to discuss your coverage with our helpful agents and make sure that you and your possessions are adequately protected.
Pearl Collins is a freelance journalist and copywriter. Her work has been published in the International Business Times, The Guardian, and CNBC. She’s also written for startups such as Focal Point etc..