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Weinland Park renters insurance is an important, but often overlooked, investment for people who rent their homes. Disasters do not discriminate based on ownership, and renters are susceptible to the same perils as homeowners. Many renters falsely assume that the rental property management will compensate them for damage due to disasters like fire, wind damage or burst pipes, but the extent of the owner's liability is the structure and not the contents. To recover compensation for your property loss after a disaster, you must have Weinland Park renters insurance.

Weinland Park is a largely residential neighborhood in the University District of Columbus, OH. The University District, located north of downtown, encompasses the main campus of The Ohio State University and is populated in large part by the university community. Weinland Park has been undergoing renovations since 2006 to convert old businesses and warehouses into a farmers' market, restaurants and brand new housing. This is a prime place for renters, especially those who desire a small college town feel in the large city of Columbus, OH.

What Renters Insurance Covers

If a storm tears the roof off of your apartment building, you will not be responsible for its repair. But if the resulting water and wind damage claims your television, iPod and furniture, you will have lost a significant amount of property without proper Columbus renters insurance. The contents of your unit can be covered under Ohio renters insurance. Limits are based on an estimation of the value of your goods.

For renters who own large collections or valuables, special riders can be included in your Weinland Park renters insurance. These add value to your property insurance to recover the loss of things like jewelry and furniture. Weinland Park renters insurance also covers loss from theft or vandalism, so you can rest assured that a break-in will not totally wipe you out.

An important coverage included in your Weinland Park renters insurance is liability. If a visitor falls down your stairs and breaks a leg, he can sue you for his medical expenses, but your liability coverage absolves you of financial responsibility. You may think it will never happen to you until you wind up in small claims court defending yourself, so Weinland Park liability insurance is a wise precaution.

If your upstairs neighbors' dishwasher overflows, soaking your kitchen and destroying your appliances, you may think the Weinland Park apartment complex is responsible. Technically, the neighbor's Ohio rental insurance should cover your damage, but if he neglected to buy a policy, you have little recourse other than suing. Having your own policy will help you gain compensation for those losses without the hassle and cost of a court battle.

What your Weinland Park renters insurance policy likely doesn't cover is flooding and earthquakes. The latter is not a major concern for residents of Columbus, OH, but floods have been known to damage property here. For flood coverage, you will need a separate endorsement on your policy. A Weinland Park renter on the ground floor has much more interest in flood insurance than a second-story tenant, so weigh the cost against the likelihood of a central Ohio flood before you spend the extra money.

Actual Cash Value Versus Replacement

When you have to make a claim on your Weinland Park renters insurance, you might be unpleasantly surprised at how much you are compensated. Weinland Park providers differentiate between actual cash value and replacement cost when evaluating a claim. Find out upfront what the company's claims policy is, and keep an eye out for companies that offer replacement cost.

Actual cash value is what the damaged item was worth at the time of loss. For instance, the TV you paid $500 for five years ago is worth significantly less today. If it is lost in a fire, the company may only offer the actual cash value of $150. This is common practice, since it is far less expensive for the company.

Replacement cost benefits you far more. When that five-year-old $500 TV is lost, the replacement cost will cover the price of a comparable new product. You might get all $500 back, or the company may decide that a reasonable replacement costs $400. Either way, you are a lot closer to a new TV than you would be with an actual cash value settlement.

Keep in mind that the settlement, whether it is actual cash value or replacement cost, will be less your deductible. If you must meet a deductible of $250, you might only see $250 for a replacement television. You have some control over your deductible--the amount you pay out-of-pocket before Weinland Park renters insurance kicks in. The higher deductible you choose, the lower your monthly premium, but you must be able to pay that deductible at the time of the disaster to receive any compensation from your Weinland Park renters insurance policy.