The beautiful state of Oregon is home to almost four million people and is a year-round tourist attraction for many. Considering the high price of real estate in the area, more than half of all people living here rent property. Rentals come in the form of apartments, condominiums, townhouses and time shares. Even senior citizens renting rooms in assisted living facilities are considered renting tenants and can obtain rental insurance just as easily as someone living in an apartment complex. Rental insurance is a necessity for those living in Oregon who want to protect their belongings.
What is Rental Insurance?
Renters insurance is specific to those who do not own their own properties and are instead renting a place to live. Renters insurance protects your possessions and belongings inside your apartment in the case of fire, floods, weather-related damage and theft. Just because your landlord has a property insurance policy on the building does not mean that you’re covered inside your rented apartment. Property insurance only safeguards the outside of the building, leaving tenants inside responsible for their own insurance. Rental insurance in the state of Oregon is cheap and easy to obtain, which makes it ideal for renters of all kinds.
Are You Eligible?
Taking out a rental insurance policy is effortless if you’re currently renting an apartment, home or room. Apartment and condo dwellers can sign up for a policy as well as seniors living in nursing homes and students living inside dorm rooms. In fact, many companies offer multi-package plans for multiple people renting the same place. For instance, a dorm that has two or three college students living there at the same time can take out one blanket policy and save money by paying it together. If you own the property you’re living in or your name is on its deed, you cannot obtain this type of coverage and should instead look into homeowners insurance.
The Process of Signing Up
Signing up for an Oregon renters insurance policy shouldn’t take you more than about an hour of your time. First, you’ll need to find a reputable company offering this form of coverage. You can read reviews to determine how professional a company is and if they’re a good choice for your needs. In most cases, you can sign up for a policy right on the provider’s website and have your insurance documents emailed to you or mailed to your address.
One of the most important parts when signing up for renters insurance is taking pictures or videos of your rental. You will be required to go around and take photos of all your items in each room. In some cases, the company will send their own agent out to do this for you. These pictures are used in the event that you have to file a claim and are suffering loss or damage. Your insurance provider will keep these photographs in your file for safekeeping.
Choosing a Policy
As you’d find with car insurance, the amount you pay for your premium is dependent upon the type of coverage you have. If you go with a basic plan, it will cover a lot less than a premium plan, but it will be more affordable for you in the long run. The specific type of coverage you obtain should reflect your current circumstances. For instance, if you’re living in an area of Oregon that deals with a lot of crime or weather-related issues, you’ll want to go with a more advanced plan that protects from these problems. Your insurance agent can sit with you and go over different plan options before you sign up for anything.
Benefits of Rental Insurance in Oregon
One of the major benefits of taking out an insurance policy on your Oregon rental is that it protects you in the case of a future emergency. No one likes to think about fires, floods or burglaries, but if any of these happen to you, you’re essentially left holding the bag because you never took out an insurance policy. It is better to safeguard your future so that you won’t have to deal with the financial burden of not being covered.