A lot of people are renting homes. If you are renting, for any reason, you will want to know about insurance on rented property and what it covers. Basically, insurance on rented property is a form of financial protection that operates more or less the same way as medical or vehicle insurance. Here is what you might want to know about insurance on rented property.

Personal Property Damage

If you are renting out your property and it gets damaged, rental insurance will take care of the cost of the damage up to your policy’s limits. There are several forms of damage that will be listed in the policy’s terms and conditions. For instance, the policy can come with conditions like when your property is damaged by fire, wind, or theft. Before you take out rental insurance, it is important to read the fine print so you won’t get any surprises.

Personal Liability

Rental insurance also covers personal liability. For instance, if a person is injured on your property and you are at fault, rental insurance can cover the liability costs. This can include legal and medical costs. Most rental policies can cover up to $100,000 in liability coverage. Contrary to popular belief, situations like this happen frequently. There are about 42 million homes occupied by renters, according to a study done in the fourth quarter of 2020. With this many people renting, lawsuits, injuries, and legal issues are common occurrences.

Additional Living Expenses

If one of your rental homes becomes uninhabitable due to something that’s covered in the policy, the renters’ insurance will pay for expenses that are separate from your normal living expenses. In insurance terms, this is known as loss of use coverage. It is money that will help you sustain yourself until your situation is figured out. However, you must also read your insurance policy before assuming it covers everything.

Rental insurance can also cover medical costs in certain instances. However, you may see that there is limited coverage in the case that one of your guests is injured on your property. Apart from that, insurance on rented property is worth considering, and it has many benefits. To get the most out of rental insurance, you have to make sure you understand it fully. This will eliminate any doubts and risk for surprises.

Over time, renting has become very popular. For instance, there are about 74% more renters today than in 1960. There are many reasons why this is so. However, with the increase in the number of renters, rental insurance has also become more popular. Here are three reasons why you might want to invest in rental insurance.

Coverage for Damage You Caused

It is not uncommon for a renter to cause unintentional damage to a property they will be staying in. For instance, you can leave the water running and it can flood some rooms and ruin some personal belongings including a couch or bed. Situations like these can be quite costly, and if you are not prepared financially, you can end up spending a lot of money to replace those. However, if you have rental insurance, you can simply contact your insurance company and have them handle the cost of replacement.

Protection for Your Guests

Accidents are common and sometimes unavoidable. If you have pets on your property, you will be held liable if they attack one of your visitors. In some states, you will be required to compensate your guests if they are injured by your pets on your property. With rental insurance, you will be covered against personal injury. Apart from that, you will also be covered against injury to one or more of your visitors on your rented property.

Your Landlord Might Require It

If your landlord has insurance, chances are the insurance only covers the actual premises and not your belongings. That is why you should have your own rental insurance. Also, many landlords now require that their tenants have renters insurance. Not only that, but they will also want to see proof that you have an active policy.

Sometimes this is just the landlord’s idea of making life simple. However, in some instances, they could have been instructed to do so by their own insurance company. The general idea is that if the tenant is covered, then a lot of the blame will not be directed towards the landlord. If you need help getting rental insurance, you can talk to your landlord and find out if they know anything about it.

Rental insurance gives you financial protection against loss or damage of property. There are several products offering different advantages and with different terms. It is advisable to find the best one and make sure you are always up to date with your premiums.

There is great pride in owning your own vintage car — it’s hard to find someone more passionate about these relics and beautiful pieces of machinery than the biggest car enthusiasts on the planet.

However, owning a vintage car comes with great responsibility. Insuring your vehicle is another large piece of the puzzle. If you’re looking to invest in that shiny red Mustang or Corvette, continue reading. Here are the most vital things you should know about insurance for antique cars.

Why Not Get Regular Car Insurance?

We know what you’re thinking. Why get insurance for antique cars when you can purchase normal insurance for your vehicle?

Well, the unique difference lies here — traditional insurance only covers your car’s cash value. This is equivalent to the cost to replace it, subtracting the depreciation. Antique car insurance, on the other hand, can cover an agreed-upon rate of the car.

The Right Insurance Agency Knows How to Take Care of Your Car

When working with the right agency that has experience with antique cars, they are likely to understand the car’s condition better. These classic cars are over 50 years old, which means they don’t work quite as effectively as the cruisers and standard cars nowadays.

So What Makes an Antique Car?

Wondering if you can invest in insurance for antique cars? It’s important to know the classification of the vehicle in question. For example, if your car is over 15 years old, it can be considered a classic or antique car. However, many classic cars are typically in the 25 to 30 age range. Another main difference? Many cars today begin to lose value as soon as you sign the paperwork and drive them off the dealer’s lot. They accumulate lots of wear and tear the more miles you put on the car.

Here’s the good news about vintage cars, however. They actually go up in value over time, making them worthy investment pieces to add to your portfolio.

Classic Cars and Limited Provision

Classic cars also have limited provision, meaning that the vehicle insured cannot be driven a certain number of miles for the insurance to apply. This may include enough millage for one to travel to auto shows. How often do you plan on driving your antique car? This is another question you should ask yourself when analyzing your own insurance needs.

Securing the Car to Get the Most of Your Insurance

Even with insurance it’s important to keep the car under safeguard from inclement weather. The reason being is that some policies may not cover rain or hail damage. Ensure you ask your insurer before selecting your policy.

Having a Clean Driving Record

The last thing to consider when getting the antique car of your dreams? Remember that your driving record is always taken into consideration when you purchase insurance to cover your classic car. Carriers will analyze your record and check for accidents to see if you qualify for coverage.

Insurers also like to cover drivers who have been legally allowed to drive for ten years or more. They also check for accidents within 3 years of applying. This amount of time can vary, depending on the state you’re in. But’s it’s a decent rough estimate across the board, so if you’re looking to score a solid policy, buckle up and drive safe!

A Final Word on Insurance for Antique Cars

As you can see, insurance for antique cars is a must. Car enthusiasts love their beautiful, vintage vehicles. Therefore, it would be a shame to bring one of these metal marvels without extra security. Insurance is always a good move, so consider classic car insurance for your timeless car!

In the U.S, about six million automobiles are purchased every year. Most of these car owners opt to insure their vehicles in case of damage or accidents.

The car insurance industry is currently worth nearly 310 billion dollars. Choosing a car insurance company is not an easy task. You have to consider the cost and type of policy. The best option is to hire a professional and reliable company.

However, knowing the right insurance center to sign on to needs a lot of research and critical thinking. To help you make the right decision, top insurance agents compiled a checklist of factors and tips to consider.

1. Recommendation from Local Body Shops

Visit a body shop you trust and ask for their opinion and recommendations. Managers in this sector often interact with insurance agents and adjusters. Therefore, they can give you first-hand advice.

The managers know what insurance center offers the best policies, competitive rates and use genuine OEMs. Additionally, body shop staff will help you identify companies or agents that have a swift claim process.

2. Check Financial Strength

The worst-case for people who own classic cars and unique vehicles is a difficult claim process. Finding out that your insurance agency can’t handle the claim because of a poor financial status is a major setback.

There are rating agencies that assess the status of all insurance companies. Compare two or three ratings to shortlist insurance agents.

3. Ease of Business Transactions

Never work with an agent that you don’t get along with. The best insurance centers make it easy for clients to access information or contact them. First, check their customer service. If you are unsatisfied with how the agents treat prospective clients, then it is not worth it.

Also, visit their site and social media platforms. Do you see any complaints? Do you find the company professional enough? Screen every bit of their online presence to garner enough info about their reputation.

Lastly, confirm if you can pay bills and file claims online. This would be great if you live far from the company’s offices. At the end of the day, you should feel a hundred percent comfortable hiring the insurance agency.

Check the Department of Insurance Website

After shortlisting prospect companies, give the final list a once-over. Every state has a Department of Insurance, and most have a website. The last step before contacting your ideal insurance center would be to do your research on the site. Here, you will find all consumer complaints that will help you vet potential companies.

Compare the merits with the complaints ratio. If an insurance company has complaints from your state or others, it is best not to go in that direction.

Car Insurance, Tigard, Portland, and Beaverton

Are you in Oregon and own classic cars, unique vehicles, or any other automobile? Do you want motorcycle insurance, rental insurance, business insurance, or home insurance? Trust your number one family-owned insurance agency.

AOA West Tigard insurance agents will help you select the best policy and file successful claims. Connect with the agents today and request a quote!

The short answer to the question of whether or not you should ensure your classic car is a yes. Anything can happen, and you don’t want to be left covering the cost of a disaster alone. Your classic car is not immune to the problems faced by any other car. The three most common insurance claims are for fender benders, theft, and whiplash. To make sure you will have help when one of these happens to you, it’s advisable to insure your classic car.

What Type of Insurance DO You Get for a Classic Car?

Classic cars usually need a special type of insurance. As such, you can not insure your classic car using regular auto insurance. The reason is that the amount will not be enough to protect your classic against damage or loss.

You will need to consult your insurance agent to find out what type of classic car you have and what category it falls into. For instance, collectibles exceed their original selling price; therefore, they are candidates for specialized classic car insurance. Usually, cars that require classic cars auto insurance include the following:

• Cars more than 25 – 30 years old
• Modified cars and hotrods
• American muscle cars
• Classic trucks
• Exotic cars
• Vintage military cars
• Classic motorcycles

If you are not sure whether your car is a classic or not, you can consult with an insurance agent, and they will help you out.

Qualifying Criteria for Classic Cars Insurance

Having an old car is not enough to qualify for classic car insurance. There are several requirements that your car has to meet, and these often differ with policies from different companies. However, most companies have the following requirements:

Limited use

For a classic car to qualify, you must not use it as a daily runner. Other policies might even include mileage limits and proof that when you do travel with it, the car will be kept in a safe and secure place. As such, you might also find that insurers will need you to have another car for daily use.

Secure storage

When you are not using your classic car, insurers want proof that you will store it in a safe and secure place. This means it would be helpful if you had a private, locked structure where you keep your car at home.

There are some insurers who also need you to have a clean driving record for them to insure your classic car. Instances of reckless driving might disqualify you. You must also make sure that the car is in good condition.

Running a successful business is no easy feat. Owning your enterprise comes with a string of obligations, responsibilities, financial and operational risks. Proper business insurance coverage can help protect your small enterprise when certain challenges arise in your entrepreneurial journey. Natural disasters, lawsuits, theft, on-site injuries, property damage, and other circumstances can risk your business going bust.

Sadly, over 75% of U.S. businesses are underinsured. And 40% of small business owners do not have any insurance coverage. Insurance is a vital part of your business operations that can help cushion you from the operational upheavals. The cost of paying the premiums is only a fraction of what you may incur when an unexpected incident occurs.

Here are seven reasons why you should consider picking up business insurance.

1. Protect Your Business Assets

Most businesses require some sort of infrastructure to keep them running. Taking out coverage from your insurance agency can help protect the substantial investment made in inventory, equipment, or property. You can replace your assets in no time to resume normal operations.

2. Safeguard Your Employees

Most states require that business owners have a worker’s compensation plan for all their employees. The insurance process helps you to compensate any member of your team that sustains injuries while at work. The compensation may cover their lost wages, medical bills, physical or emotional pain.

3. Build Your Brand Credibility

Modern clients and customers are increasingly picky about the brands that they purchase from or source their services. Business insurance can help quell their worries by indicating that you take managing risks seriously. Savvy clients can now conduct quick background checks that can reveal if you have insured your business or not. You can net more business for your enterprise by getting insured.

4. Keep Your Business Afloat

Natural disasters, cyberattacks, and civil lawsuits can all run your business to the ground. Forced closure of your business for an indefinite period can spell trouble for your enterprise. Indemnity can act as a backup plan and bail you out to start afresh.

5. Comply with the Law

Some industries are heavily regulated, requiring business owners to have insurance before operating. Failure to carry certain mandatory insurance policies such as worker’s compensation can result in punitive fines, civil or criminal penalties, cease and desist orders, or exclusion from public contracts. These consequences will cost you more than the price of paying premiums to your insurance company.

6. Help Venture into New Risks

Risk-taking is a crucial factor for business success. However, no matter your diligence in calculating your risk, there is still a chance that it would blow up on your face. Business insurance enables you to venture out without worry. The insurance payout can help you get back to your feet and start over.

7. Protect You and Your Business from Lawsuits

Lawsuits are quite costly. Disgruntled employees, unsatisfied clients, or your industry competitors can initiate legal proceedings against you and your business. Insurance can help protect you from lawsuits and their outcomes. Fines and settlements paid up through insurance can help keep your business afloat.

Insurance is a key part of any business. To discuss the different business insurance coverage that you need, reach out to AOA West, Inc. We also offer renters insurance, insurance for antique cars, and home insurance.

Your home is supposed to be your safe space for you and your family. Owning a home is one of the most significant investments anyone ever makes in their lifetime. Obtaining insurance for a home should always be just as important as choosing how you will live, move, and create memories in your home.

Insurance for a home is not always required by law, but in America, at least 85% of homeowners have homeowner’s insurance. Being a knowledgeable insurance agent in the Portland area, we get our fair share of questions about homeowner’s insurance. Here are some frequently asked questions surrounding insurance for a home.

Why does homeowner’s insurance go off replacement costs instead of resale value?

Replacement costs are the actual costs of fixing or replacing a home if a qualified claim is made against the insurance policy. If the materials and labor costs are higher in today’s market than 15 years ago, then the replacement cost may be higher than the sale price from 15 years ago. In some areas of the country, the opposite is true. Sometimes labor and materials cost less than the home’s resale value, so the homeowner’s insurance policy will be for a smaller amount.

What is a qualifying event?

Qualifying events are outlined in your insurance policy. Many homeowner’s insurance policies cover hail, lightning, theft, vandalism, and other common issues. In some areas of the country, you must pay for additional flood, windstorm, hurricane, tornado, and earthquake coverage. Each policy explains what is covered and what is not covered. A qualified insurance agent can walk you through your unique needs.

If homeowner’s insurance isn’t required by law, why does my mortgage company make me have it?

Homeowner’s insurance isn’t required by law for those who own their homes outright. For homeowners who still have a lienholder against the house, the lienholder may require sufficient insurance coverage to protect the investment if foreclosure conditions are met. When the home is paid in full, you can drop the policy altogether, although we strongly discourage that.

If my spouse injures themselves while working in the garage, will the homeowner’s insurance pay for the medical bill?

Typically, the answer is no. Homeowner’s insurance only covers medical bills for those who do not live in your home.

Contact Your Portland Homeowner’s Insurance Company

Faithfully serving the Portland area for the last 40 years, we’re here to help you find the proper homeowner’s insurance for your needs. Contact us today for a free quote!

If you don’t ride, you may not understand. The hum of the engine, the rush of the wind against your body, and the smell of the road are all lures for the motorcycle enthusiast. With warmer weather making its appearance, motorcycle riders are venturing out into the streets.

A Motorcycle Insurance Policy is Part of Your Safety Gear

While we understand firing up the bike and getting out on the road can’t be helped, we know that approximately three-quarters of motorcycle accidents involve a collision with another vehicle. As a locally owned insurance company with over 40 years of experience, we want nothing more than for our community members to enjoy life to the fullest. Just like you should never ride without a helmet, you should also never hesitate to add a motorcycle insurance policy to your coverage.

Customize Your Insurance Like You Customize Your Rides

No two riders experience the same thing while out on the road. No two insurance policies will be the same. One insurance policy might work for one person, but another may not need the same type of coverage. Our insurance agents help you pick what you might need.

• Minimum liability coverage pays for damages and medical bills for others involved in an accident and is required by law for most bikes.
• Comprehensive and collision coverage helps you get repairs done to your bike with a deductible.
• Trip interruption coverage helps pay for things like rental vehicles or hotel stays, depending on your situation.
• Layover coverage may help you save money if you don’t ride year-round.

Pricing Flexibility in Stand Alone or Combined Policies

Our insurance agents can help determine which coverage and combinations can save you the most money. Your policy configuration depends on a few things:

• Are you already insured with us on another vehicle?
• Is the bike being financed, or is it paid in full?
• The age and classification of the bike.
• How many customized parts exist.
• How many operators exist.
• How often the bike will be ridden and the approximate annual mileage.
• The purpose of the motorcycle (commuter, cruising, occasional use, etc.)

Discounts May Be Available

Riders who take an approved motorcycle safety course, ongoing educational courses, or other certifications may qualify for insurance discounts. Discounts are never guaranteed but are worth checking into based on your local area and your riding preferences.

Contact Your Portland Area Motorcycle Insurance Agency

Faithfully serving Portland and the surrounding areas, we’re here to help you find the right motorcycle insurance policy for your needs. Contact us today for a free quote!

Did you know there are 74% more renters today than there were in 1960? That makes renters insurance a big business. Renters are often told by friends and family to “get some renters insurance”. Strangely enough, those same people are often unable to explain exactly why you need it or what it is.

Why Do I Need Renters Insurance?

If you are thinking that your personal property is insured under your landlord’s insurance, guess again. As a renter, you are responsible for your personal property, liable for accidents that may occur in your unit, or expenses that you may incur due to not being able to use your unit. A landlord’s insurance will normally only cover their building and possibly the unit you live in.

What Types of Things Are Covered by Renters Insurance?

A rental insurance policy can, but does not always, cover the following:

• Replacement costs for your personal property, such as household items, in the event that they are damaged, destroyed, or stolen;
• The liability you may face due to an accident in your residence. For example, if a guest is seriously injured while visiting you, your insurance may cover their medical bills or lost wages;
• If you can not live in your home due to an unforeseen event that is covered by your insurance, often your rental insurance will cover those expenses.

What Should I Look for When Purchasing an Insurance Policy? What Questions Should I Ask?

Because all insurance policies are a bit different, it is important to do your due diligence before you buy an insurance policy:

• read it, including the small print;
• have your insurance agent go over anything you don’t understand;
• ask what the deductible is (the amount you will pay before the insurance kicks in); and
• confirm exactly what is covered and what is not.

You should also keep in mind any special circumstances you may have. Just a few examples of questions you might want to ask are:

• I have a roommate, are they covered?
• What about my dog or cat?
• What does the policy say about water damage?
• Am I covered if there is a theft or fire?

These are all questions you can ask your insurance agent if they apply to you. If you have personal items that are valuable, such as expensive jewelry or art, you also may want to ask about whether these items are covered by your rental insurance policy, or if they should be insured separately.