6 Reasons Not to Skip Renters Insurance
How much of what you own now can you afford to lose? Do you have enough in your savings to replace all the clothes that you have in case they get caught in a house fire? How about buying a new phone or a replacement laptop when you need to? All these questions lead you to one thing: What will happen if you pass on yet another opportunity to get renters insurance Oregon?
While most people would say that getting renters insurance Oregon does not keep the bad things from happening, it can definitely give you immunity to some extent. When you find yourself in an unexpected situation, your renters insurance is all you need to make your life a little less difficult.
But doesn’t renters insurance Oregon cost a lot? You’ll be surprised to know that it actually costs much less. In fact, some tenants end up paying nothing more in the process. So before you dismiss the thought of getting insurance at all, here are some of the reasons why you shouldn’t skip it at all.
The landlord’s insurance has separate coverage.
Before you sign up the contract for your tenancy, make sure to ask your landlord about their insurance coverage. Some of them may not be upfront about it, so it helps if you ask if you need to get renter’s insurance for your own coverage too.
It may be easy to assume that since your landlord has insurance coverage, you are automatically covered under it. This is one of the worst things to assume when you are a renter. Remember that the landlord’s insurance coverage only covers the damage to the structure or the building itself. It does not cover the personal belongings of the tenant.
But if you have your own renters insurance Oregon, your renter’s policy will probably cover your stolen TV or your personal belongings that got burned during the fire.
The standard coverage of a renters insurance usually includes liability coverage that begins at $100,000. This money can be used to pay for any legal expenses or damages in case you get sued for causing injury to someone or damage to their property.
You have more valuables than you think.
Most people do not consider getting renters insurance Oregon because they don’t think they own as much as they do. Some would even dismiss the thought that they own valuables they keep in the apartment where they live. But the truth may come as a surprise.
Before you dismiss the idea of buying renters insurance altogether, it is best to make an inventory of all the things that you own. Go through all your things, drawer per drawer and make a list of what you have in your home. Beside each item in your list, write down the value of each item. Whether it is electronics or clothing, make sure to write how much it cost you to make the purchase. Take a good look at your list. It will give you an idea of how much you need to replace all that you have.
Renters Insurance can help you get back up.
Have you ever talked to someone who offers renters insurance Oregon? If you have, then they probably told you about the additional living expenses benefit that comes with your policy. So what is this living expenses benefit cover?
It is the payment that you receive from your insurance company if you are suddenly forced out of your apartment due to a major claim. Usually, such claims are made after the apartment caught fire or due to extensive water damage. If you need to stay in a hotel or a temporary apartment for the meantime, then the additional living expenses should be able to cover your costs.
Such a claim is also referred to as the “loss of use.” It can also be used to pay for the restaurant meals and other expenses that might incur as you continue to live away from your home while it is being repaired.
With the right renters insurance Oregon, you won’t have to worry about all these extra expenses you may not be financially prepared for. Your insurance policy will cover all of it and maybe even offer more.
Renters Insurance will keep you financially secured.
You’ve probably heard of this before, but it is important to understand exactly how getting insurance is going to keep you financially secure. If you have been saving money to buy yourself a house or perhaps working extra hard to save up for your emergency fund, getting sued for something you didn’t intend to happen can cause you an arm and a leg. It could even cause you to lose your plans and dreams.
But if you have your renters insurance Oregon policy, it might just be able to cover the damages incurred even if the incident happened outside your home. Such coverage indeed comes in handy to cover for unwanted incidents and accidents that could cost a fortune in the long run.
Insurance covers everything you own.
Always ask your insurance provider about the extent of the coverage that they offer. Many renters policies provide coverage even if your things get stolen or damaged while you are outside your home.
Renters insurance may not cost as much.
With the ballooning expenses of daily living, people often miss out on getting renters insurance Oregon. They think that it’s not as valuable as others think and that they would rather just take care of the things that they own. But the truth about renters insurance may come as a surprise.
The average rate of renters insurance annually is less than $170, that’s roughly about $15 a month. But if you own a car, you can ask your insurance company how much the bundle would be for the car insurance and the renters insurance. They might just offer you something less since you’ll be getting two policies from the same company.
Just think of it like this. If the worst happens, you won’t feel so bad, because you know that your renters insurance Oregon will cover most of it. After all, it is the best defense you can have especially for things that you are no longer in control of.