Portland attracts all kinds of people, and all kinds of lifestyles. But no one has the time to focus on Portland, OR renters insurance. That’s why we created this guide, to bring you all the information you need about Oregon Renters Insurance quickly and easily.
Effective Coverage is the only national insurance providers focused exclusively on the insurance needs of renters. Nationwide, only forty-four percent of renters have renters insurance. That’s in large part because they don’t even know they have the option! One of our core values is education, and as part of that we’re embarking on the 2017 Effective Coverage Renters Insurance Challenge to work towards getting 40 percent of American’s renters insured.
How well do you really know your Portland, OR renters insurance?
Portland, OR Renters Insurance
- True or False: Renters insurance in Portland, OR is more expensive than the rest of the country?
- False! Portland, OR renters insurance averages about fifteen dollars a month, squarely in line with the national average.
- True or False: Portland renters insurance doesn’t cover wind damage, because of the coastal risks associated with the city’s location?
- False! Renters insurance in Portland covers the standard named perils, which generally include wind, hail, and many other risks on a standard policy form.
- True or False: In Portland, renters insurance covers theft, but only from your apartment or your direct possession?
- False! In Portland, renters insurance covers theft of your personal property anywhere in the world, subject to certain limitations regarding long term storage off premises. But if you’re traveling, the property is protected the same as if you were at home.
- True or False: Most water damage is covered under renters insurance in Portland, but you’ll have to endorse on water backup coverage if you want coverage for damage from overflow of toilets, sinks, and drains?
- True! If you want coverage for water backup from toilets, sinks, or drains, you’ll need to endorse that on. The good news is, it’s only a few dollars a year. Also, bear in mind that if you’re affected by someone else’s water backup, such as an upstairs neighbor, that’s a different matter altogether. The liability portion of their policy may provide coverage.
- True or False: Renters insurance in Portland, OR covers property in storage?
- False! Generally 10% of the personal property coverage amount (Coverage C) is available for property in storage or otherwise kept not on the residence premises. The major exception to this statement is that if you’re in the process of moving your principal residence, you generally have coverage at either location or both for a period of up to 30 days while you are actively in the moving process. If half your stuff is in the old apartment and half in the new, coverage would be available at either location. The other exception is property which is in storage or otherwise moved from the residence premises because the residence premises is being rebuilt, repaired, renovated, or is otherwise unfit for use as a residence on a temporary basis. Remember that the policy language governs, so make sure to read your policy document!
- True or False: Reading the declarations page of your Portland renters insurance policy is sufficient, you don’t need to bother reading the entire document in all its fifty page glory.
- False! You as the insured have a responsibility to know what’s in your policy. Items listed in the declarations page may have exclusions, limitations, or conditions which must be fulfilled in order for coverage to apply. It’s on you to understand this. Working with an Oregon Renters Insurance expert can be helpful in this matter, because insurance policies often are long, complex, and self-referential. If you have a question about a coverage or a provision, call Effective Coverage for further details.
- True or False: Portland renters insurance covers all my property up to the personal property coverage limit shown on the declarations page of my policy.
- False! You need to be aware of what are called “special limits of liability,” or sub-limits. Certain types of property of significant value or which are easily lost and/or difficult to inventory or prove possession of may have lower limits for that category. Cash is limited to $200 or less, usually, business property may have limitations, jewelry may have limitations, and those are just a few examples. If you have property in these categories that exceeds those sub-limits, you can often endorse on extra coverage for those items to increase the special limit of liability. If you do so, consider increasing total personal property coverage as well – endorsing on additional jewelry coverage does not increase the total coverage available for all your property in aggregate, unless you also make that change as well.
- True or False: Vehicles are never covered by renters insurance in Portland.
- False! Generally, the statement is true however watercraft which are not required to be registered may be included under the special limits of liability referenced above. Vehicles which are used strictly and solely for transport in or service of the residence premises and which do not require registration or insurance of their own may be covered. This could include a golf cart that you use to travel to the mailbox because you have difficulty walking, for instance. Bear in mind, however, that coverage would be provided strictly for physical loss – you may not have liability coverage for that golf cart.
- True or False: If there’s a covered loss to a computer, an Oregon Renters Insurance policy provides coverage for the computer and the data stored on it.
- False! Your policy covers the computer itself. If the only copy of your doctoral thesis is on the device, and it’s stolen or destroyed in a fire, there is no coverage for the data itself. A Portland, OR renters insurance policy will cover the device and the blank media such as a USB drive, but it will not pay for someone to re-write your doctoral thesis. Commercially available software may be covered, reference your policy document. Backups are strongly advised, as always.
How did you do? How much do you know about your coverage? Were there a few surprises along the way? Many people get at least a few of these questions wrong, and that’s some pretty crucial information. The best way to be sure you have the coverage you need is to work with the Portland renters insurance experts at Effective Coverage. We’ll take the time to go over the policy, the coverage, and the cost to make sure all three are a perfect match.
Renting In Portland, OR
Portland, OR is a popular place to live. This quiet, peaceful Pacific Northwest city of 600,000 has grown by 14 percent since 2000. What’s interesting is that real estate prices haven’t increased quite as much as they have in other areas with similar population growth. The median home value is just $268,800. The median gross rent is just $905. That’s still a bit of money, but not nearly on par with, say, renting in San Diego.
Portland was built where the Willamette and Columbia rivers join, and is the 29th largest city by population in the US. The metropolitan area has about two million people, making it the 19th largest metropolitan area in the country. The city of Portland was officially formed in 1851 and grew to become the county seat.
With strong public transit and well considered land use planning, Portland has shaped itself into one of the most environmentally aware cities in America. It’s also one of the easiest cities to get around, for the same reasons – great transit and good planning. Getting around Portland actually makes sense, which is not the case in all cities, for example, Washington, DC.
With easy access to all the major cities in the Pacific Northwest, and easy access to anywhere via air, rail, and car, Portland is a great place to live. But don’t make the mistake of thinking that because it’s so safe, you don’t need Portland, OR renters insurance to protect your family!