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Choice One Insurance, Inc

9111 SE St Helens St
Clackamas, OR 97015

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An Introduction to Renters’ Insurance

One of the wisest financial moves you can make is protecting your most valuable assets. As a general rule, this means investing in the appropriate insurance to protect your vehicle and home, but if you don’t own a home in Portland, OR, then this means your apartment or home and personal belongings. If you would like to learn more about renters’ insurance offered by Choice One Insurance Inc., keep reading.

Is Renters’ Insurance Necessary?

Renters’ insurance is not exactly mandatory unless your property manager or landlord requires it. This type of insurance coverage offers protection for your belongings, such as those inside your home or apartment. Any kind of insurance that your landlord has will cover the property itself as well as any damage that is incurred to the structure. Therefore, without any of your own coverage, your own personal items will be lost, and you’ll need to pay to replace them out of your own pocket.

How Does Renters’ Insurance Work?

There are two types of renters’ insurance policies that you can choose from, and the type of policy you choose will have a direct impact on the monthly premium that you pay.

The first one is known as replacement cost value. This policy will cover the cost of repairing the item or replacing it. So, if you have a three-year-old Apple iPad that suffers damage and you file an insurance claim for it, your insurance company will offer a replacement tablet with similar specifications as the tablet that was damaged.

The second type of policy is known as actual cash value. If you file a claim for the same tablet as above, this type of policy will provide you with the item’s current value but only after accounting for its depreciation.

What Does Renters’ Insurance Cover?

At a bare minimum, your renters’ insurance policy will cover your personal belongings, such as clothing, furniture, electronics, and jewelry, in the event that they suffer damage during a covered peril like a fire or vandalism. The majority of policies will also offer legal and medical protection.

If you are in need of renters’ insurance in Portland, OR, reach out to the team at Choice One Insurance Inc. for help in protecting your assets.


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