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Renters Insurance

Renters Insurance. Insurance Basics for Students. Renters Insurance. A “package” policy Types of homeowners policies Your insurance needs Shopping for insurance Insurance premiums Cost saving tips Tips for settling insurance claims. Renters Insurance. A “package” policy

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Renters Insurance

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  1. RentersInsurance Insurance Basics for Students

  2. Renters Insurance • A “package” policy • Types of homeowners policies • Your insurance needs • Shopping for insurance • Insurance premiums • Cost saving tips • Tips for settling insurance claims

  3. Renters Insurance • A “package” policy • Personal belongings • Liability coverage • Medical payments to others • Damage to property of others • Additional living expenses • Buildings & structures (with a homeowners policy)

  4. Renters Insurance • Types of homeowners policies • Renter • Covers belongings and provides liability coverage • Condo Owner • Covers belongings, some improvements to interior walls and provides liability coverage • Home Owner • Covers belongings, the building and structures and provides liability coverage

  5. Your Insurance Needs • Shopping for insurance • Agent, toll-free numbers, internet • Have agent/company representative explain what’s NOT COVERED in the policy - this avoids surprises after a loss • Many prefer to investigate coverage options and prices via the web, then contact an agent or company • Evaluate your need for an agent - is it important to you to have an insurance professional for advice? • Insurance premiums • Paid monthly, quarterly, semiannually, or yearly • Homeowners - watch for PITI in your mortgage • Principal, Interest, Taxes, Insurance

  6. Your Insurance Needs • Insurance cost saving tips • Ask about discounts • Good student, more than one car, carrying other types of insurance with the same company • Increase deductibles • Generally, the higher the deductible, the lower the premium • Avoid filing frivolous and/or excessive claims • Comparison shop • Keep property (car and home) well maintained • Use credit wisely and only as needed

  7. Your Insurance Needs • Settling an insurance claim • Contact insurance agent/company ASAP • Take steps to prevent future losses to property • Gather as much info as possible about the loss • witnesses, videotape/photo damaged property • An insurance company representative will contact you (claims adjuster) asking details about the loss • Adjuster may want to record your conversation • Work with adjuster to an agreeable negotiation • If not satisfied, you have the option to contact Ohio Dept. of Insurance - Consumer Services Division - for info or to file a complaint (www.ohioinsurance.gov)

  8. OII Mission Statement • To strengthen public understanding of and confidence in Ohio’s property/casualty insurance industry. • The OII is a public information and trade association representing insurance companies and agent groups for the property/casualty insurance industry. A primary objective of the OII is to help Ohioans achieve a better understanding of insurance and related safety issues.

  9. How to reach OII • Phone: 614.228.1593 • Fax: 614.228.1678 • Email: info@ohioinsurance.org • www.ohioinsurance.org • US Mail: • OHIO INSURANCE INSTITUTE • P.O. Box 816 • Columbus, OH 43216-0816

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