As an insurance agency, we answer tons of questions. We get questions about policy specifics, areas where one would find good schools and directions around the city. When we start to hear many folks asking the same question, we like to address it in a larger medium. One that frequently comes up is: “Does my roommate need renters insurance if I have it?” Short answer: depends.
Renter’s Insurance in Oregon:
Long answer: There are a few things to consider when we talk about renters insurance:
- Importance: Everyone knows that insurance is important, but there are some misconceptions in regards to renters insurance. Perhaps that is why only a third of renters in the U.S. have a renter’s insurance policy.
- Property: One misconception is that your landlord’s insurance will cover your property. In reality, your landlord’s policy will only cover damage to the structure and other items (like appliances) that belong to them. It will not cover your personal property.
- Tenants: If you are not related to your roommate (marriage, sibling, parent,) chances are your renter’s insurance policy will not cover their items, although each insurance provider is different. You should check with your agent to see if a non-related roommate can be added or covered under your renter’s insurance policy.
- Coverage: Renter’s insurance covers more than just personal property. It also provides a certain amount of liability damage should someone be injured in your home due to negligence. This is similar to homeowner’s insurance coverage.
- Floods: It is crucial to understand that your renter’s insurance policy does not cover flood damage to your personal property. You must have a separate flood insurance policy for your personal effects. Check with your insurance agent or floodsmart.gov/floodsmart/ to see if you are in a high-risk flood area.
Renter’s insurance is a very inexpensive way to make sure that your personal effects are covered in the event that damage occurs in your rental unit. More and more landlord and property management companies are requiring renter’s insurance for their tenants, so talk to your agent at Carr’s Insurance Agency in Beaverton, OR today. You may even be able to bundle your renter’s insurance with another plan, like auto insurance, for a discount. Their years of insurance experience can save you a bundle, and they live right in your area, so know first-hand what your insurance needs might be. You can also visit their insurance website 24/7 to learn more about the insurance products they offer.