RentersRentersInsuranceInsurance

Insurance BasicsInsurance Basics

for Studentsfor Students

Renters InsuranceRenters Insurance A “package” policyA “package” policy Types of homeowners policiesTypes of homeowners policies Your insurance needsYour insurance needs

Shopping for insuranceShopping for insurance Insurance premiumsInsurance premiums Cost saving tipsCost saving tips Tips for settling insurance claimsTips for settling insurance claims

Renters InsuranceRenters Insurance A “package” policyA “package” policy

Personal belongingsPersonal belongings Liability coverageLiability coverage Medical payments to othersMedical payments to others Damage to property of othersDamage to property of others Additional living expensesAdditional living expenses Buildings & structures (with a Buildings & structures (with a

homeowners policy)homeowners policy)

Renters InsuranceRenters Insurance Types of homeowners policiesTypes of homeowners policies

RenterRenter– Covers belongings and provides liability Covers belongings and provides liability

coveragecoverage Condo OwnerCondo Owner

– Covers belongings, some improvements to Covers belongings, some improvements to interior walls and provides liability coverageinterior walls and provides liability coverage

Home OwnerHome Owner– Covers belongings, the building and structures Covers belongings, the building and structures

and provides liability coverageand provides liability coverage

Your Insurance NeedsYour Insurance Needs Shopping for insuranceShopping for insurance

Agent, toll-free numbers, internetAgent, toll-free numbers, internet– Have agent/company representative explain what’s NOT Have agent/company representative explain what’s NOT

COVERED in the policy - this avoids surprises after a lossCOVERED in the policy - this avoids surprises after a loss– Many prefer to investigate coverage options and prices Many prefer to investigate coverage options and prices

via the web, then contact an agent or companyvia the web, then contact an agent or company Evaluate your need for an agent - is it important to Evaluate your need for an agent - is it important to

you to have an insurance professional for advice? you to have an insurance professional for advice?

Insurance premiumsInsurance premiums Paid monthly, quarterly, semiannually, or yearlyPaid monthly, quarterly, semiannually, or yearly Homeowners - watch for PITI in your mortgageHomeowners - watch for PITI in your mortgage

– Principal, Interest, Taxes, InsurancePrincipal, Interest, Taxes, Insurance

Your Insurance NeedsYour Insurance Needs Insurance cost saving tipsInsurance cost saving tips

Ask about discountsAsk about discounts Good student, more than one car, carrying other Good student, more than one car, carrying other

types of insurance with the same companytypes of insurance with the same company Increase deductiblesIncrease deductibles

Generally, the higher the deductible, the lower Generally, the higher the deductible, the lower the premiumthe premium

Avoid filing frivolous and/or excessive claimsAvoid filing frivolous and/or excessive claims Comparison shopComparison shop Keep property (car and home) well maintainedKeep property (car and home) well maintained Use credit wisely and only as neededUse credit wisely and only as needed

Your Insurance NeedsYour Insurance Needs Settling an insurance claimSettling an insurance claim

Contact insurance agent/company ASAPContact insurance agent/company ASAP Take steps to prevent future losses to propertyTake steps to prevent future losses to property Gather as much info as possible about the lossGather as much info as possible about the loss

– witnesses, videotape/photo damaged propertywitnesses, videotape/photo damaged property An insurance company representative will contact An insurance company representative will contact

you (claims adjuster) asking details about the lossyou (claims adjuster) asking details about the loss– Adjuster may want to record your conversationAdjuster may want to record your conversation

Work with adjuster to an agreeable negotiationWork with adjuster to an agreeable negotiation– If not satisfied, you have the option to contact Ohio If not satisfied, you have the option to contact Ohio

Dept. of Insurance - Consumer Services Division - for Dept. of Insurance - Consumer Services Division - for info or to file a complaint info or to file a complaint (www.ohioinsurance.gov)(www.ohioinsurance.gov)

OII Mission StatementOII Mission Statement To strengthen public understanding of To strengthen public understanding of

and confidence in Ohio’s and confidence in Ohio’s property/casualty insurance industry.property/casualty insurance industry.

The OII is a public information and trade The OII is a public information and trade association representing insurance companies association representing insurance companies and agent groups for the property/casualty and agent groups for the property/casualty insurance industry. A primary objective of the insurance industry. A primary objective of the OII is to help Ohioans achieve a better OII is to help Ohioans achieve a better understanding of insurance and related safety understanding of insurance and related safety issues.issues.

How to reach OIIHow to reach OII Phone: 614.228.1593Phone: 614.228.1593 Fax: 614.228.1678Fax: 614.228.1678 Email: info@ohioinsurance.orgEmail: info@ohioinsurance.org www.ohioinsurance.orgwww.ohioinsurance.org US Mail: US Mail:

– OHIO INSURANCE INSTITUTEOHIO INSURANCE INSTITUTE– P.O. Box 816P.O. Box 816– Columbus, OH 43216-0816Columbus, OH 43216-0816