- Details
- Written by: Shelly Campbell
- Category: Renters
- Hits: 109
You need renters insurance if you rent an apartment, house, condo, or manufactured home. Up until recently, landlords did not require it. Things are changing. Not only is it a requirement of landlords in some parts of Oregon to force you to buy renters insurance as part of the contract, it just makes common sense. At this point, it’s difficult for landlords to enforce the rule, but it’s getting easier. They demand to be listed on the policy as a party to the contract and will be informed if you let your policy cancel and renew the contract.
Why do you need renters insurance? It has two major parts: Liability and Personal Property Coverage. Liability is probably the most important part. If you damage other people’s property or cause injury to someone through your negligence, you will be held accountable and responsible for the damage or injury. Heaven forbid you start a blaze in your unit because you left a space heater burning all night that catches some nearby paper on fire. Now let’s say that fire engulfs your apartment and spreads to others before the fire department can put it out. You will be responsible for the damage you cause to others’ personal property and the building.
What if someone dies or is severely burned and suffers from smoke inhalation? You must pay for that. The liability portion will kick in and may help you out with a legal defense and pay up to the limit in the policy. And, of course, your personal property, like beds, clothes, and food, will be covered subject to a deductible.
Renters insurance is more affordable than you may think. Don’t get left out in the cold with no place to live and no clothes to wear with a big lawsuit. Call us for a quote.