PORTLAND RENTAL PROPERTIES
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Benefits of Renters Insurance
Portland Rental Properties strongly recommends that all tenants carry renters insurance even if it is not a requirement of a lease. A property owner's insurance covers the rental property itself, but does not cover any of the renter's belongings or other costs associated with damage and unexpected events such as fire, theft, burglary or a visitor's injury. Renters insurance policies are designed to protect renters living in a house or apartment and include personal property, liability coverage, and additional living expenses. Renters are advised to purchase enough insurance coverage to protect any savings and property they could lose in the event of a disaster.
Personal Property
Most renter’s insurance policies provide protections for tenant's belongings up to specific limits stated in the policy. This protection generally pertains to certain risks such as fire or theft. With some policies, even personal property stolen from your vehicle or property that has been rented or borrowed can be covered. Certain types of property, such as jewelry or antiques/heirlooms, may be subject to additional coverage. Portland Rental Properties recommends discussing your individual needs with a knowledgeable insurance representative who can ensure you are obtaining adequate coverage.
Liability Coverage
This coverage protects renters from paying out of pocket costs for injuries to others in their home or damage to other's property in which they are found legally responsible. Examples of coverage include medical bills from a guest getting injured in your home or accidentally breaking something on a neighbor's property. Moreover, liability coverage can help pay legal costs in the event that someone gets injured in the rental property and sues the tenant.
Additional Living Expenses
A common misconception in the state of Oregon is that a homeowner or property manager will provide alternate housing in the event of a maintenance emergency. This is very rarely an available option. Typically, renter’s insurance should be in place to cover additional costs if the rental home becomes uninhabitable after a disaster. This would include hotel costs or even expenses to rent another home.
Don’t get caught unprepared!
For more information regarding renters insurance or for a referral to a knowledgeable agent, please contact Reed with Portland Rental Properties at Reed@PortlandRentalProperties.com or call to 503-288-8330
(503) 288-8330
6026 NE Sandy Blvd.
Portland, OR 97213
