Oregon Renters Insurance

Q. What Is Renters Insurance?

Renter's insurance is similar to homeowners insurance, however, it is for people who rent their property. It protects your property against damage or loss and may insure you in case someone is injured in your rented space. Basically, this is the insurance that you would purchase if you're renting your house or apartment. Your landlord's insurance will cover repairs to the house you live in, but it does not cover your personal property such as your clothes, furniture, computer, jewelry or anything else.

What Does Renters Insurance Cover?

Renter's insurance covers the value of most of your personal possessions. However, there may be limits for specific items such as computers, jewelry and art. It is possible, however, to purchase additional coverage for items not covered in your basic policy. Also, you'll need to purchase separate coverage for losses due to earthquake, flood, wildfires or other natural disasters.

Renters Insurance For Students In College

It is important to note that as a parent your homeowners or renters insurance policy may not cover your students attending college. Typically, if your child is under the age of 26, attending college, and living in a door, your homeowners and renters policy may give you some coverage. However, it is important to should read the fine print on your policy. Most of the time, a parent's homeowner's or renter's policy will not cover children living in an apartment or house.

"In Your Possession" Clause

It is interesting to note, that usually, any items that are considered "in your possession" are covered by most standard renter's insurance policy. This protection from loss against something that is in your house or apartment may belong to someone else. For example, if your friends bicycled it's stolen from your apartment, your renter's insurance policy should cover it. Again, it is important to check the fine print of your policy.

Can Roommates Purchase Renters Insurance Together?

Yes. However, you may need to update your policy if you get a new roommate. And, you may need to name each roommate on the policy itself, although domestic partners are usually given coverage automatically. It is important to read your policy to see what exactly is covered. To be sure, you might want to consider carrying separate coverage for each adult tenant.