Dependable Renters Insurance
When renting an apartment or home, you’ll need an insurance policy to cover your belongings. Your landlord’s property insurance policy covers losses to the building itself whether it’s an apartment, a house, or a duplex. Your personal property and certain liabilities, however, are covered only through a renters insurance policy that you, as a tenant, have to find and pay for. While 95% of homeowners have a homeowners insurance policy, only 41% of renters have renters insurance.
Why do so few renters have insurance? One explanation is that many people incorrectly assume they are covered by their landlord’s policy. Another reason is that people underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably wouldn’t take long to reach $1,000.
One more often overlooked reason is liability. If someone is injured in your house, whether it’s a friend, neighbor, or the pizza delivery person, they could sue you. Even if you thought you did not need insurance, here are six good reasons why you should get renters insurance in Portland, OR from AOA West Insurance.
KEY TAKEAWAYS
- When renting a home, you’ll need an insurance policy to cover your personal belongings known as renters insurance.
- Landlords have property insurance, but those policies cover only the building, not your personal items within.
- Most renters don’t purchase renters insurance, either because they don’t think it is necessary or because they believe they are covered under the landlord’s policy.
- Reasons to purchase renters insurance include affordability, the coverage of losses to personal property, it being a requirement, it being a liability coverage, it covering your belongings when you travel, and it covering additional expenses.