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Why Every Renter Needs Renter’s Insurance

The Interior of a Lake Oswego Rental After a House FireIf you’re a renter, you need to have renter’s insurance. Before moving in, many Lake Oswego property managers and landlords demand verification of a renter’s insurance policy. Still, it is advisable to purchase renter’s insurance for yourself though, even if they don’t. The truth is that renter’s insurance is not expensive to obtain, despite the fact that it may appear superfluous but more importantly, it can bring a great deal of peace of mind in the event that something were to happen to your possessions. Here are five reasons why all renters need renter’s insurance.

  1. Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.

Most likely, only the property is covered by your landlord’s insurance, not your personal possessions. You are responsible for replacing anything not covered by the supplementary renter’s insurance policy in the event of a fire or flood.

  1. Renter’s insurance is relatively cheap and can be customized to fit your needs.

Less than $20 a month could be spent on a simple renter’s insurance policy. And if you own precious objects such as jewelry or artwork, you may buy additional coverage to ensure their protection.

Additionally, you can alter your renter’s insurance plan to add liability coverage, which safeguards you in the event that someone is hurt in your home and sues you or if there is property damage as a result of something you or a guest may have been liable for. Noting that your renter’s insurance coverage does not cover your roommates’ stuff is vital if you have roommates.

Every adult occupant of the rental unit needs to have their own renter’s insurance coverage.

  1. Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.

In the event that a fire or flood renders your apartment unusable, your renter’s insurance coverage will probably pay for a hotel stay or other interim housing costs. If you don’t have the funds to pay for these unforeseen expenses, this can be a tremendous help.

  1. Renter’s insurance can help you rebuild your life if something happens to your belongings.

Renter’s insurance might assist you in replacing your possessions if you lose everything in a fire or theft. If you don’t have the cash on hand to replace everything at once, this can be a tremendous help.

If you lose or damage crucial documents like your passport or birth certificate, renter’s insurance can assist you in replacing them. You may incur financial losses and find it challenging to replace these products when they are lost.

  1. Having renter’s insurance gives you peace of mind knowing that you’re covered in case of an emergency.

Even though nobody likes to consider the worst-case situations, accidents and natural calamities do occur. Furthermore, knowing that you are protected is comforting if something were to happen to your belongings. You will feel more secure knowing you are covered in an emergency if you have renter’s insurance.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.