Is Renter Insurance Required by Law for Apartments?
According to Ohio law, renters insurance isn’t legally required to lease an apartment. However, some landlords may still consider it a necessity and outline specifications in your agreement. It’s often recommended or required to provide you with asset protection and reduce your landlord’s liability risk when it comes to property damage and personal injuries. Read on to learn what a renters insurance policy does and doesn’t cover and the benefits of having coverage.
When Landlords Can Require Renters Insurance
Property managers and landlords can include a renters insurance policy for a variety of reasons, including:
Covering the cost of damage: If a guest sustains an injury on your property, your landlord may be responsible for covering their medical costs if you don’t have renters insurance.
Easier tenant acceptance: Living in an apartment with a pet can be a liability. Renters insurance can help pay for medical expenses due to an injury caused by your animal.
Property damage protection: Depending on the extent and cause of the damage, property management may be responsible for repairs. Requiring renters insurance can eliminate that financial responsibility.
Lower premiums: Insured tenants are less of a financial risk to the property owner and can reduce their premiums.
What’s Covered by Renters Insurance
This type of coverage protects your personal belongings in your residence in the event of theft, fire and damage. The following items are usually included in a renters insurance policy:
- Furniture
- Clothing
- Electronics and appliances
- Medical and legal expenses if someone is injured in your unit
- Living expenses if your apartment is uninhabitable (hotels, meals, storage, pet boarding)
What Isn’t Covered by Renters Insurance
There are limits to these policies, so it’s important to be mindful of what isn’t protected under your plan. Typically, renters insurance doesn’t cover:
- Vehicle or car parts theft
- Damage caused by natural disasters like flooding and earthquakes
- Pest and pet damage
- Property damage or maintenance costs
- Normal wear or deterioration
- High-value items like expensive jewelry and gaming systems
- Your roommate’s belongings
Benefits of Having Renters Insurance (Even When It’s Not Required)
Property protection: Most rental insurance policies extend to anything inside your vehicle, which is important if you live in an area where theft is an issue. If your work laptop gets stolen from your car or someone breaks into your unit and takes your TV, you can fall back on your insurance policy to cover the cost of replacement.
Liability coverage: Accidents can happen. So, if a guest is injured during a party or your pet bites someone unexpectedly, renters insurance reduces the financial burden of paying for their medical expenses. It also helps pay for the cost to other renters’ property if damage extends beyond your unit.
Peace of mind: If your apartment becomes unlivable, you can rest easier knowing you have the financial support you need to relocate.
How Much Does Renters Insurance Cost?
It depends on your location, coverage limits, the type of residence and discounts. If you live in a larger city, you could face more expensive insurance premiums. Higher coverage limits also raise the monthly expense, so balancing protection and affordability takes some consideration. The number of units in your living community will also directly influence the cost of renters insurance. Monthly payments typically range from $12 to $20.
Enjoy Luxury Apartment Living in Columbus, Ohio
If you’re looking for an apartment or townhouse in Columbus, Ohio, then contact Ardent Communities. Our properties include a variety of 1-, 2- and 3-bedroom suites that are ideal for single renters, roommates and families. Contact us to schedule a tour and learn about promotions.
