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Overview:
Renters insurance is simpler than regular home insurance because there’s no structures to cover, but it still provides you with important coverages. It’s relatively inexpensive, usually $75 to $200 annually, and most landlords require it.
4 Main Parts
Deductible
In a covered loss, it’s important to remember that renters insurance will begin paying coverages for damage to your property after the deductible. Typically, the deductible is $500 or $1,000 on renters policies.
For example, if a fire damaged ruined all of your furniture and you had a deductible of $500, you’d be responsible for the first $500 of damages but, after that, the insurance company would cover your items at replacement cost as you replace them. So, if all your furniture totaled up was $3500 and you replaced it all, you could expect the company to cover $3000.
Covers Personal Property
A renters policy protects you against losses from theft, fire, and other events. It’s important to know:
- Is it covered at replacement cost?
- How much personal property is covered?
- Are there special limits on certain items such as jewelry, instruments, or special collections?
- How much is your deductible?
- Can it include earthquake coverage?
Liability Protection
This covers you against lawsuits for property damage or injuries unintentionally done by you.
Additional Living Expenses
If a fire makes your rental unlivable, this coverage will help cover the costs of transitioning to a new place.
Options
Water Backup
Basic renters policies do not cover damages caused by water backing up through drains into the house. This option adds coverage for those damages that a water backup might cause to your personal property.
Usually, this coverage is limited on renters policies to $5,000 or $10,000.
Other Guides & Helps
- The State of Oregon has put together a consumer guide here at Help with Renters Insurance, including their Renters Insurance Shopping Tool.
- Renters Insurance Basics | NW Insurance Council Insurance information and resources in Washington, Oregon and Idaho
- Here’s a consumer guide from NAIC: “Renting Your Home? This is What You Need to Know About Renters Insurance.”
- Learn more About Us (actual people!), our Sensible Approach, or our Carriers.