Renters Insurance in Oregon
There are different types of property insurance, and renter’s insurance is one of the most common. Renters insurance is for individuals who rent the place they live, and it doesn't cover the apartment or home that is being rented. It covers the person renting the property, their belongings, and offers liability coverage and loss of use the same a Homeowner policy does. This type of insurance is essential because it can covers your belongings, also known as contents insurance, and it covers you if you are at fault for damages or injuries to others, also referred to as liability insurance. As a renter, here's what you need to know about renter’s insurance.
What Does Renters Insurance Cover?
Renters insurance covers you for:
- Damage you cause
- Visitor's injuries
Theft - you may have a collection of items and other personal belongings in your home. In the event that someone breaks into your residence and steals your belongings, renter’s insurance covers you to replace those items with new or reimburse the value of those items at the time of the loss subject to the deductible, or self-insured amount, you choose.
Damage - renters insurance protects you from unforeseen damage cause by covered perils such as fires. If your possessions are damaged or destroyed, this type of coverage will help with the replacement of your belongings and pay for another place you can stay while repairs and renovations are being made on your rented space.
Damage You Cause - if you're visiting a friend or relative and you accidentally break or damage someone else’s property, renter’s insurance can help you pay for the damage you caused due to your own negligence. This type of insurance also covers damage or injury caused to others by your pets or household relatives.
Visitor's injuries - if a guest in your home is injured while visiting and gets injured, renter’s insurance may help with covering the cost of their medical expenses or your legal expenses and damages if they sue you over the incident.
What Does Renters Insurance Not Cover?
Renters insurance does not cover:
- Auto theft
- Earthquakes (unless included by request) and floods
- Highly Valuable un-scheduled items that exceed your limit of coverage
- Roommate's belongings
- Costs that are covered by your landlord's insurance
Here at Allen & Associates Insurance Inc., we are here to help you protect the life you’ve built for yourself and your family. Contact us today to inquire about any and all of your insurance needs.