Ohio Landlord Insurance
Get a complete analysis of Ohio landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Ohio
With millions of rental housing units available, Ohio offers landlords many rich investment opportunities. But landlords face unique risks that homeowners don't, which must be accounted for in the proper policy. Whether you own a single townhome, a few homes, or even a multi-unit apartment building, you need to have comprehensive landlord insurance coverage.
Luckily, an independent insurance agent in Ohio can get you set up with all the landlord insurance you need today. They'll get you matched to the ideal policy with ease. But first, here's a closer look at Ohio landlord insurance requirements and more.
Best Landlord Insurance Companies in Ohio
Many insurers in Ohio offer landlord insurance coverage, but they're not all equal in terms of rates, discounts, reviews, and more. That's why we've created a list of just a handful of our top recommendations for the best landlord insurance companies in Ohio. When you're ready to find the coverage you deserve, start by looking into these top-rated carriers.
- Safeco Insurance: This insurance company sells landlord insurance and many other forms of personal insurance. Safeco is highly rated by AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Stillwater Insurance Group: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), offers 24/7 claims reporting, and offers coverage nationwide.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength, many discount options, and offers 24/7/365 customer service.
An independent insurance agent in Ohio can help you shop and compare landlord insurance quotes from these top-rated insurers and others who offer coverage where you reside.
What Is Landlord Insurance?
You can think of landlord insurance as being somewhat similar to homeowners insurance. Landlord insurance includes coverage for dwellings on your rental properties and your personal liability if you get sued by a tenant or another third party for bodily injury or personal property damage. If you experience a covered disaster in one of your rental units, such as fire damage, vandalism, etc., you might need to file a landlord insurance claim. If your claim is approved, your insurance company can reimburse you for the damage, loss, or destruction up to your policy's limits.
How Is Landlord Insurance Different from Home Insurance?
Since landlords profit from their renters, their coverage must include various aspects of business insurance, which sets it apart from standard homeowners insurance. Landlords also face greater and unique risks when compared to homeowners, so their coverage takes this into consideration. One of the key protections offered by landlord insurance is loss of income coverage, which can reimburse landlords for rental income they're not able to receive during a temporary suspension of operations due to a covered peril like a break-in or fire damage.
Is Landlord Insurance Required in Ohio?
Landlord insurance isn't required by law in Ohio. However, as a landlord, you're vulnerable to various risks, and without coverage, you could end up having to pay hefty losses out of your own pocket. Just one lawsuit could lead to bankruptcy if you lack enough coverage. Further, you could end up having to pay to repair or replace your rental properties if you don't have landlord insurance.
What Landlord Insurance in Ohio Can Cover
In Ohio, you can design your landlord insurance policy in a way that works best for you. Here are some of the most common coverage options you can choose from:
- Loss of income coverage: This can reimburse you for lost income if a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire.
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.
- Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
- Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event, such as an accident, while staying at your rental property.
- Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Optional coverage: Additional coverages are also available for landlords, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
Your Ohio independent insurance agent can recommend the exact types of coverage that would benefit you the most to include in your landlord insurance policy.
What Landlord Insurance in Ohio Won't Cover
You'll find that your landlord insurance policy also has certain listed exclusions. Typically, Ohio landlord insurance won't cover any of the following:
- Flood damage
- Water or sewer backups
- Damage or destruction to your personal property at the premises
- Property maintenance costs
- Earthquake damage
- Rental property wear and tear damage
In many cases, you can buy extra coverage or policy endorsements so your landlord insurance can cover some or all of these exclusions. Otherwise, you typically won't have coverage for these incidents.
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Average Cost of Landlord Insurance in Ohio
Ohio is one of the more affordable states for landlord insurance, with policies costing an average of just $1,093 per year. Still, the cost of your personal policy might vary based on:
- The age, size, condition, and construction of your property
- The number of rental units you own
- The location, crime rate, and weather risks of your property
- Any potentially risky features on your rental properties, such as swimming pools
Still, you might be able to greatly reduce your premiums by applying landlord insurance discounts you qualify for.
Popular Questions about Ohio Landlord Insurance
Landlord insurance isn't mandatory by law in Ohio. However, you might want to have coverage to protect yourself against lawsuits and other possible huge losses following a disaster.
Landlord insurance covers tenant damage to your rental dwellings in Ohio. But landlord insurance isn't designed to cover tenant damage to any personal property you keep in your rental units.
In Ohio, landlord insurance costs an average of just $1,093 annually. The cost of your personal policy may vary depending on your exact location and other factors, though.
We found that Safeco Insurance is the best landlord insurance company in Ohio this year. Safeco's coverage options, rates, discounts, customer service reviews, and more easily earned the carrier our top pick.
You're not required or expected to cover your renters' property as a landlord. Since landlord insurance doesn't include coverage for renters' property, you might choose to require any tenants to get their own renters insurance.
In Ohio, landlord insurance typically doesn't cover eviction costs. You can sometimes add endorsements or extra coverage to your policy to reimburse you for eviction expenses.
Ohio independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. These agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you. And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Columbus or wherever you reside.
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