We work with all of the major insurance carriers in Oregon who offer renter’s insurance to consumers. From the comfort of your home or office you can compare policies and get quotes from several different insurance companies. Our friendly and professional staff is available 24 hours a day, 7 days a week to assist you in finding the most comprehensive renter’s insurance policy for the best possible price. Let us help you take the guesswork and confusion out of buying Oregon renter’s insurance. You can then relax knowing that your personal property and valued possessions are adequately covered in the event of theft, fire, and a host of other possible disasters.
Why It’s Important to Have Renter’s Insurance in Oregon
If you are currently renting a home or apartment in Oregon, you may already be familiar with renter’s insurance and why it is so important to have adequate coverage for your personal belongings. Statistics show that over 85 million Americans are now leasing rental properties. The recent mortgage meltdown and financial crisis have made the dream of homeownership much more difficult for people to attain. Most mortgage companies have tightened their lending requirements and also continue to demand very hefty down payments from consumers trying to buy a home. This situation has caused a great increase in the number of people looking to rent a place to live. Unfortunately, even though there are more people renting rather than buying, the number of people actually purchasing renter’s insurance is alarmingly low.
In a recently commissioned survey by Allstate, it was found that nearly 43 million renters would have to personally pay to replace some or all of their personal property in the event it was lost or damaged due to fire, theft, or some other covered natural disaster. Most renters cannot afford to do this.
Insurance industry experts agree that the main reason people don’t buy renter’s insurance is a general lack of understanding about how it works. Read on to discover the common myths about renter’s insurance and why you should know the true facts.
Common Myths about Renters Insurance
- Renter’s insurance is too expensive.
The cost of renter’s insurance does vary according to where you live and what type of dwelling you lease. But on average, an adequate renter’s policy costs between $200 and $300 per year. That’s less than $1 a day which is a pretty good bargain considering it’s less than a cup of coffee at Starbucks.
- My landlord’s insurance covers my personal property.
This is a very common misconception that renters believe. The fact is that your landlord does carry homeowner’s insurance on the place you are renting. But it only covers the actual structure itself and the land on which it is built. Anything that is located inside of the rental home or apartment is strictly the responsibility of the renter when it comes to insurance coverage.
- My possessions aren’t worth very much.
A lot of people think this. A good reality check is to do this: First, make a detailed inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices.
- It’s only my things.
Most people think of renter’s insurance as protection for their personal property in the event of a fire, theft, or weather damage. But a standard policy also includes liability coverage which is very important. This protects you in the event a visitor is injured in your home. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.
Some Ways To Save
As you’ve already discovered, Oregon renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:
- Choose a higher deductible. This will lower the overall cost of a policy.
- If they aren’t already present, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
- If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
- Some insurance companies offer savings to non-smokers. Find out about this possibility.
In today’s busy world, it’s easy to put things off. But disasters have a way of striking when you least expect them. A burglary, fire, or weather-related problem can happen at any time and if it does, you want to make sure you are protected. Don’t be faced with the situation where many or all of your personal possessions are damaged or lost and the only way to replace them is to purchase everything yourself. The truth is almost no one can afford to do this. Renter’s insurance is the smart and responsible choice for anyone leasing a property in Oregon. Contact us today and we’ll help you get started!
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