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?
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.
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.