A renters' policy provides named perils coverage for your clothing, bed, furniture, computers, and other items you own within the walls of your rented space. This means the policy only pays when your property is damaged or destroyed in ways described explicitly in the policy.

Apartment complex landlords buy insurance to cover their buildings and property. This insurance does not cover the tenant’s property. Owners also face a considerable risk of being sued by inhabitants and visitors to their land and structures if someone is injured while on the premises.

Fire ripped through a duplex on Halloween night in Gresham, Oregon. The fire started in the chimney and caused damage to both units in the building. Two families are now homeless. The simple purchase of a Renter Insurance policy would have provided the funds to replace their belongings and offered benefits to pay for a temporary place to live. You can often add a standard Renter Insurance Policy, ranging from $125 to $210 annually for minimum coverage, with a discount on your auto insurance.

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 condition of landlords in Oregon to force you to buy renters' insurance as part of the contract, but it also makes common sense. It’s difficult for landlords to enforce the rule, but it’s getting easier as they adapt their tenant management systems. They demand to be listed on the policy as a party to the contract and to be informed if the policy is canceled. The property manager will also receive notice when you renew your renter’s insurance contract.