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Choice One Insurance, Inc

9111 SE St Helens St
Clackamas, OR 97015

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How Much Renters Insurance Should You Have?

It isn’t just homeowners who need insurance. Renters often experience the same hazards that homeowners do. And, while the landlord may have insurance to cover damage or destruction to the property itself, it will not cover the risks to the renter’s personal property. If there is a catastrophe, renters insurance can be a critical part of recovering from the disaster. The question is, how much renters insurance is enough? 

Coverage Specifics

The first step in finding the right amount of insurance starts with talking to an agent. For example, the insurance team at Choice One Insurance Inc. in Portland OR asks questions to help determine the right coverage plan. Knowing how to determine the value of one’s personal items, finding out if there are roommates, and considering the various hazards a particular renter may face are all parts of the equation.

TIP: Renters’ living situations vary, so there is no one-size-fits-all answer. Agents take stock of all the various factors and begin to put a plan together.

Coverage Considerations

Insurance agents recommend putting together a home inventory. This will entail making a video, or taking photographs, of the items the renter wishes to cover. In Portland, OR the agents at Choice One Insurance Inc. recommend listing belongings in groups, like hobbies, collections, art, etc. The renter should keep all original receipts in one place. Appraisal documents should also be saved as part of this record. Records should be maintained in a safe place, and a fire-proof box is a great option.

TIP: Keep the inventory current so it’s ready if it’s needed.

Contact Us Today

The right amount of insurance is found by working out the variables and coming up with a specific plan based on the individual factors of each renter. Give us a call at Choice One Insurance Inc in Portland, OR today for expert advice.

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.

Oregon Renters Insurance Guide: When A Tenant in Your Building Damages Your Property

If you have neighbors that annoy you, you might live in an apartment building. But annoying you and destroying your property are two very different things. 

At Choice One Insurance Inc. in Portland, OR, we know apartment living can have its challenges. Here’s what you need to know when a tenant in your building damages something.

Oregon Renters Insurance Basics

Oregon’s renters’ insurance covers personal property and liability. Sometimes you might get additional expenses covered, such as a hotel room, if damages leave your apartment uninhabitable.

Property insurance will cover your furniture, clothing, and electronics. Each renters’ insurance policy will have its own limits and caps on how much it provides.

Liability works like any liability coverage. It covers you if you accidentally damage something on someone else’s property. It also covers you if they have medical bills after an accident on your property.

When a neighbor wrecks your stuff, you can file a claim for property damage.

To Do: Before the Damage

If that hasn’t happened yet, take an inventory of your belongings. Do a video of each room, and be sure to capture every major piece of furniture and technology. 

Get renters insurance if you don’t have it already.

To Do: After the Damage

After the problem has already happened, notify your landlord immediately. Take photos of every possible inch and angle of the problem. Clean up the mess and remove any items that might sustain further damage if it’s a problem like a flood.

Call your insurance company to start the claim. They will ask you for a list of items that were damaged and what their value is. See if you can find receipts or banking statements to corroborate what you claim is their value.

In the end, you may have a deductible to pay ahead, but you may not. Your insurance company can help if you have that policy before the problem happens. You can use the funds to replace the damaged items.

Get a Free Quote

You can’t choose your neighbor, but you can choose your insurance company. Contact Choice One Insurance in Portland, OR today to get a free quote on renters’ insurance.

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