If you have car insurance, you should call your insurance company to ask if they offer renter’s insurance. Your insurance company may be able to bundle your insurance policies which could mean a lower insurance premium cost for you.
Your landlord’s insurance policy generally does not cover damage to your personal property. Personal property is things like your laptop, phone, televisions, clothing, furniture, jewelry. Renter’s insurance is designed to protect you, and reimburse you, from losses to your property from a variety of random acts of nature (flood, fire, etc.) or humans (theft).
Your landlord’s policy generally only covers damage to the building, not damage to your personal items. If your landlord causes the damage to your personal property (such as by failing to fix a water leak that eventually ruins your things), your landlord may be liable to you for your losses. However, if the damage is caused by a third party (such as another tenant in the building who accidentally starts a kitchen fire or a burglar) or by an act of nature (such as a flood, lightning strike, etc.) your landlord may not be liable.
It is up to you to do the research to determine what plan is the right plan for you. You should base your choice on what issues are most likely to affect your home. If your house or apartment is very old, the company you obtain renter’s insurance from should cover damages from water leakage, fires, electrical surges, explosions, and falling objects. Living close to campus you may want to look at protection from burglaries, vandalism and malicious mischief, accidental damage to appliances, broken glass, and riots. Some policies also cover theft on or off of the rental property, credit card loss, and stolen or forged checks. Certain items may require a separate policy due to their personal value (such as photographs or mementos) or their value (rare books, artwork, computer equipment, musical instruments, etc.).
To determine how much coverage you need (and to aid you in the event of a later insurance claim), you should make a complete and accurate list of all your personal possessions. List the purchase price and current value of each item. Attach a copy of any receipts that you may have. Photographs are especially helpful when trying to process a claim. Once you complete your inventory list, store it in a safe place and keep a digital copy for our records. You could also ask your parents, a friend, or a relative who lives in a different residence to keep a copy of the list for you.
The cost of renter’s insurance is very inexpensive. Depending on your situation, renter’s insurance may only cost a $10-$20 a month.
Student Legal Services does not endorse any of the agents or agencies listed above and is providing the list for information purposes only. This information only refers to the Ohio law and does not constitute legal advice. If you need legal advice, you must contact at attorney. The law may have changed since the date of this publication.