Renting an apartment is similar to owning a home, except you don’t own your residence. You may not own your home, but it is still up to you to protect your belongings. A good renter’s policy will protect your possessions and also cover any general liability issues you may experience. It will also protect you in many ways you may not realize. It’s important for you to know what a renter’s policy will cover and how it will benefit you in the long run. This post will help you do know the benefits of renters insurance in Portland, Oregon.
1. Cost-Effective
Renter’s insurance is cost-effective in several ways. With a good policy, you will be covered if your possessions are lost, stolen, or damaged if one of the perils specified in the policy occurs. Replacing everything you own after a devastating event can financially destroy you. It’s more affordable to have a renter’s policy in place to take care of you.
2. Protects Personal Property
The goal of a good renter’s policy is to protect your personal property. If your possessions are lost, damaged, or stolen, a renter’s policy will cover the cost of repairing or replacing your items if a devastating event against which coverage is provided should occur. This includes fire, riot, smoke, theft, explosion, falling objects, etc. However, if you have collectibles or antiques, you may need to purchase a rider or additional coverage.
3. Required by Your Landlord
Many landlords will require you to purchase renter’s insurance as part of your lease agreement. This ensures that you won’t file a claim against their policy if something should go wrong that is out of their control. You may have to provide your landlord with a copy of your policy when you move in.
4. Liability Protection
A good renter’s insurance policy will not only protect your possessions it will also provide general liability coverage. General liability coverage pays for any medical expenses that may be incurred if a visitor falls or is injured in any way while visiting your residence. Liability costs can be devastating, especially if the injuries are severe and they miss work.
5. Travel Protection
You may think that your possessions aren’t covered when you travel. A renter’s policy is designed to cover your personal possessions while traveling away from home. This includes any electronics that you may be carrying, as well as any travelers’ cheques or other valuables. This type of insurance will ensure that you have the means to get home if an emergency occurs.
6. It Takes Care of Additional Living Expenses When Needed
If you are ever displaced from your apartment due to a fire, water damage, or any other type of catastrophic event, your renter’s policy will provide you with alternative living expenses. This will allow you to get a hotel room or find another apartment if your old one is uninhabitable.
When you sign your lease, the next step is to purchase a quality renter’s policy. If you want to learn more about what a policy is for renters insurance in Portland, Oregon, includes, contact our insurance experts at Action Insurance Group. We can all your questions related to renters insurance and provide you with everything you need to purchase a policy you can depend on while you start living in your new apartment. We are among the best renters insurance providers near you.
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