Most of us living in the Portland, Oregon area, at some point or another, rent a living space. That might be an apartment, a condo, or a house; regardless of what exactly your home looks like, it’s important that you protect your belongings. Think about everything you’ve worked to provide for yourself and your family over the years. If you’re renting, you need renters insurance to safeguard those valuables items.
At Peggy Romero and Associates, we’ll help you design a renter’s policy that fits your needs and shields you from life’s little surprises. Renters insurance is one of the most cost-effective types of coverage, so it’s easy to get qualified and put protection in place against theft, fire, water damage, and other dangers.
Homeowners will need a separate policy. Please view our homeowners insurance page for more info.
Call 503-255-7828 for a quote!
What Is Renters Insurance?
If you rent, your landlord’s insurance covers the actual building and physical structure. Your possessions, housed inside of that building, are your responsibility: to protect those against damage or theft, you need renters insurance. If your belongings are stolen, ruined by an event in your building like a fire or water damage, or destroyed by weather, the policy will cover either the replacement cost or actual cash value of those items, depending on how you craft that policy.
A renter’s policy covers the value of your possessions as well as liability, just like homeowners insurance, so if a visitor is accidentally injured at your home, the policy may cover medical and legal fees.
Coverage also provides for items that you have assumed responsibility for, even if they’re not technically yours. If you borrow a friend’s laptop, for instance, and then suffer a burglary, your renters policy should cover that item, though coverage won’t exceed the agreed upon policy limits to account for borrowed items. Coverage also protects your possessions while you’re away from home, so if your skis are stolen out of your car, you can file a claim to recoup their cost. There is no personal property coverage on your auto policy.
Finally, renters insurance will cover living costs if your home becomes uninhabitable. Fire or vandalism may mean you have to move out temporarily, which can be pricey. Your policy covers those additional living costs if it is a covered loss.
Who Needs Renters Insurance in Portland, Oregon?
Certain restrictions delineate who qualifies for renters insurance versus homeowners insurance, but renters insurance is flexible enough to cover a wide range of rented spaces. Those commonly include townhomes, apartments, sections of a house, and condos. However we do not cover rented manufactured homes.
If you rent your living space, you’d be wise to look into renters insurance, even if you don’t think you have much of value. Your possessions may be more valuable than you think.
Maybe you bought your living furniture used for $100.00 and mom may have given you your dishes ; if you had a loss you’d not have time to be out shopping for the best deals again. You will be reimbursed to replace the item of like kind, regardless of what you originally paid for it. That means the furniture may cost you $1000.00 to replace and the dishes another $100.00. While you may take every precaution available to minimize dangers, it’s impossible to predict the future. By getting a renters policy, you’re ensuring that you can reclaim the value of lost or damaged possessions.
What Does Renters Insurance Cover?
When you set up a renters insurance policy in Portland, Oregon or Washington, it will generally cover the following perils:
- Fire, lightning, and smoke damage
- Windstorm, hail, or damage from the weight of ice, snow, or sleet
- Riot or civil commotion
- Damage by aircraft or vehicle
- Volcanic eruption
- Falling objects
- Accidental damage from the overflow or freezing of the building’s plumbing, heating, air conditioning, or automatic fire-protective systems, or from a household appliance
- Sudden and accidental damage caused by the tearing, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning system, or an automatic fire-protective system
- Sudden and accidental damage from an artificially generated electrical current (not including a loss to a transistor, tube, or similar electronic component)
At our agency we sell replacement cost policies, so that will pay out the cost of your belongings without taking depreciation into account.
Other coverage includes liability protection– including bodily injury and property damage– up to your agreed upon limit, additional living expenses if you have to move out of your home, and personal property possession when you’re traveling with your belongings. Policies also include guest medical expense coverage, which is no-fault coverage that provides protection when someone at your home incurs an injury that doesn’t fall under liability coverage.
There are a few perils that renters insurance does not cover, such as floods or earthquakes.
How Much Coverage Do I Need In Portland?
Many people underestimate the value of their belongings, which leads to crafting an insurance policy that doesn’t adequately protect them. The smartest thing to do before deciding on policy limits is to take a home inventory: carefully assess all of your possessions, listing their cost to replace, regardless of today’s “used “ cost.
Though this might be time-consuming, that inventory is an indispensable tool in the case of damage or theft. We advise walking through with a video camera and emailing it to us or yourself. Not only will you know that you have the correct amount of coverage, but you’ll be able to easily work through the claims process.
Our policies have a minimum of $15,000 for personal property coverage. You need to be aware that this personal property does not include any business property you may have in your possession. There is a separate policy for business property in Portland, Oregon.
You also need to take special items into account in order to decide on coverage limits. If you have high-end jewelry, sporting equipment, musical instruments, or furs, you may need an additional endorsement (scheduled personal property) on your policy to cover the cost of each item. We will request a picture and a receipt or appraisal of each item we endorse.
Outside of personal property coverage, our renter’s policies provide $100,000 – $300,000 of liability coverage, though you could increase that amount with under-writing permission.
What Is The Cost Of Oregon Renters Insurance?
Renters insurance is one of the easiest types of coverage to pay for, since you’re not covering the cost of your home’s physical structure. At Peggy Romero and Associates, we believe that every renter should be able to afford coverage. We give a discount on your auto insurance policy and we do not write a renter’s policy unless you have your auto policy with us.
To qualify for renters insurance, you’ll need to answer some questions about the structure of your residence, any security features you have, the value of your possessions, and your proximity to a fire station and fire hydrant. The vast majority of property will qualify easily for a policy. However, we do not insure manufactured homes.
Our premiums are as low as $70.00 annually; costing as little as $12.00/month.
To ensure that you get the lowest rate possible, take a couple smart steps:
- Install safety features in your living space: deadbolts, fire alarms, and security systems.
- Choose a higher deductible: these often range from $500 to $2000. If you can afford a higher limit, your premium will be lower.
- Maintain good credit.
With a little planning, you’ll be well on your way to protecting your possessions.
Quick Facts About Portland, OR Renters Insurance
How many renters buy insurance?
As of 2012, only 31% of nationwide renters insured their possessions.
How many people rent their homes in Oregon?
According to the 2010 U.S. Census, 37.8 percent of people in Oregon rented their homes.
Can my policy be cancelled?
It’s unlikely. However, if you caused damage to your possessions through negligence, such as smoking in bed and causing a fire, your company may choose to non-renew your policy when you file a claim.
Are college students covered by parents’ policies?
If a student lives in an on-campus dorm, his or her possessions would be covered under a parent’s rental policy.
For a quote on renter’s insurance in Oregon or Washington, please call our Portland office at 503-255-7828.