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Renter’s Insurance – A Detailed Guide for All Renters in Oregon

Whether you are a new renter or have been staying in rented properties for years, you probably should know the financial importance of protecting your belongings.

After all, it is hard to predict and prepare for misfortunate incidents like fire breakouts, theft, burglary, etc.

In every way, it is crucial to safeguard your personal properties before it’s too late. And the best way to do that is by purchasing renter insurance in Oregon. 

Oregon, the US state on the western side of the Pacific Northwest region, is famous for its urban charms. With an average population of 4.25 million, the state is also one of the safest places to live, with Portland being the safest city. 

However, one needs to remember that no country has zero crime incidents. Taking a look at property offenses, one can find that between January 2020 to June 2022, there were 206,253 larceny cases. Vandalism cases were around 92,879, while there were 34,840 burglary cases.

These stats make it even more crucial to ensure you get a renter’s insurance done. This article will work as a guide.

1. Where to Buy a Renter’s Insurance in Oregon?

Oregon has plenty of insurance companies. One can find a lot of useful information and insights on the company’s place of operation, what coverage options they provide, etc. 

One thing that varies between different companies is the cost of the insurance policies. That cost also varies when you travel to a different state. It is essential that you do in-depth research on different companies before finalizing with one of them. 

However, if you are still unsure, consider getting professional help from any licensed insurance agent. Make sure the agent is independent and does not work with one company. It will ensure that the advice you receive is neutral and tailored to your interests.

2. What Mistakes to Avoid While Buying an Insurance Policy?

The most common mistake is not calculating exactly what insurance coverage amount they need. On average, a rented property has around $35,000 worth of belongings. But, this number can vary, and the only way to figure it out is by calculating the cost of belongings. 

Another common mistake is not including liability charges under the insurance coverage. Renter’s insurance companies provide liability coverage, which must be included in the total coverage amount.

Also, many people rely solely on what their agents opine regarding any particular company. This is a mistake because self-research is highly crucial when selecting a company. 

3. Does the Insurance Policy cover everything?

What comes under coverage varies from one company to another. In general, most trusted companies tick the majority of boxes except for damages caused by the following situations –

  • A sewage backup into your rented house
  • Earthquakes
  • Floods
  • Intentional damages or accidents caused due to negligence

So, if someone wants coverage for those exceptions, they might also need to look for additional insurance policies.

Final Words

Getting renter insurance in Oregon is one of the most affordable ways to safeguard personal items.

Most insurance companies have monthly premium options at just around $12-$20. So, unless you have any unusually expensive items in your rented home, expect the renter’s insurance policy to save you from expenses caused by unforeseen events.

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