Renters Insurance Insurance Basics for Students

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

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

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

Your Insurance Needs n Shopping for insurance n 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 n Evaluate your need for an agent - is it important to you to have an insurance professional for advice? n Insurance premiums n Paid monthly, quarterly, semiannually, or yearly n Homeowners - watch for PITI in your mortgage –Principal, Interest, Taxes, Insurance

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

Your Insurance Needs n Settling an insurance claim n Contact insurance agent/company ASAP n Take steps to prevent future losses to property n Gather as much info as possible about the loss –witnesses, videotape/photo damaged property n An insurance company representative will contact you (claims adjuster) asking details about the loss –Adjuster may want to record your conversation n 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 (

OII Mission Statement n To strengthen public understanding of and confidence in Ohio’s property/casualty insurance industry. n 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.

How to reach OII n Phone: n Fax: n n n US Mail: –OHIO INSURANCE INSTITUTE –P.O. Box 816 –Columbus, OH