Renter's Insurance for Utah Residents
May people who choose apartments or rental homes in Glide Oregon may believe that renters insurance is too expensive. Others may think that because the landlord has insurance on the building, renters insurance is unnecessary. However, renters insurance can save you a lot of trouble if disaster strikes.
Why You Need Renters Insurance
Not having renters insurance is a pretty big gamble, considering that without it you could face the cost of replacing your personal belongings in case of fire, theft or other disasters. Additionally, you could face the prospect of defending yourself in a lawsuit because of some accident for which you might be held legally responsible, whether it happened where you live or elsewhere.
The Benefits of Renters Insurance
In many cases, renters can protect their financial futures for less than a couple hundred dollars a year. But many renters still don’t believe they need such insurance. A survey conducted by Cambridge Reports, Inc. for the Insurance Information Institute found that fewer than three out of every 10 renters purchases renters insurance.
Choosing a Renters Insurance Policy
To determine how much insurance coverage you need, take a complete inventory of your personal items. An insurance agent can help with this by estimating the total value of your property. You’ll also need to decide whether to opt for depreciated or limited replacement cost coverage.
Depreciated coverage is the cost to repair or replace your belongings minus depreciation. For example, let’s say you bought a quality sofa with an expected useful life of 10 years. It is now five years old and would cost about 1,000 to replace. With a standard policy, you could expect to receive about $500 (less deductible) if your sofa were destroyed by fire. Limited replacement cost coverage costs a little more, but you could expect to receive $1,000 for your sofa minus your deductible.
Keep in mind that renters insurance coverage for some types of personal property is limited in terms of total payouts.
Helpful Renters Insurance Tips
Most renters insurance policies give you personal liability coverage and can help cover medical payments to others who are accidentally injured while in your home, apartment or elsewhere if the injuries are caused by your actions. If you are forced to live elsewhere because of damage to your residence due to a covered loss, renters insurance may also cover additional living expenses.
Remember, you may not own the building in which you live, but you still need to have insurance to protect your property in the case of fire, theft or other hazards. Talk with one of our preferred insurance agents in Glide Oregon for more information.
Get a Renters Insurance Quote Today
Get the right renters insurance coverage you need for your Oregon rental. Contact us today to get a range of competitive quotes.
