Ohio Says Homeowners-Turned-Renters Need Coverage

The economy is turning more homeowners into renters, and the Ohio Department of Insurance wants them to remember to protect their possessions.

Insurance director Mary Jo Hudson says not buying renter’s insurance may save money in the short term but could end up costing you thousands of dollars if your stuff is damaged or stolen.

Hudson said on Dec. 12 that renter’s insurance is relatively inexpensive, costing between $15 and $30 per month. She says it’s a mistake for renters to think their property is covered under a landlord’s policy, because building owners are typically covered only against structural damage.

The insurance department says more and more people are turning to rentals as they lose their homes to foreclosure or downshift for economic reasons.