The average Oregon renters insurance policy costs $112 a year. For that low price, you’ll be covered for your personal property, plus loss of use, personal liability, and medical expenses for injuries that happen in your rental.

While most people know about home and auto insurance, renters insurance is a lesser-known type of policy. You might be thinking, “I don’t own the building. What is there to insure?” However, a

renters policy

can give you financial security for a low price. With both property coverage and liability coverage, you can rent without worry.

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made this guide to teach you everything there is to know about renters insurance in Oregon. We’ll teach you what it is, how to get it, and how much it’s likely to cost.

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What is renters insurance?

Renters insurance provides renters with a slew of financial protections. It is an affordable way to keep your possessions covered while renting, while also getting personal liability protection.

Most renters insurance policies offer the following coverage types:

Property coverage (Coverage C): You’ll be covered for the replacement cost or actual cash value (ACV) of belongings that are damaged, destroyed, or lost due to a covered peril.

Loss of use coverage (Coverage D): You’ll be covered for any living expenses accrued while forced out of your rental due to damage to the property. This includes temporary housing, food delivery, and more.

Personal liability (Coverage E): You’ll be covered for legal payouts and fees if someone is injured on your property or someone’s property is damaged.

Medical payments (Coverage F): You’ll be covered for medical expenses if someone is injured on your property.

To figure out how much property coverage you’ll need, you should inventory your belongings. This is figuring out the current cost or replacement price of your furniture, electronics, art, and jewelry.

For liability coverage, many landlords set a required amount—usually between $300,000 and $500,000.

Key Takeaway Renters insurance covers your belongings, plus provides liability insurance.

What does renters insurance cover?

A renters insurance policy will cover you for named perils. These are specific incidents that are named on your policy. Named perils are always sudden and unexpected—damage from negligence or age is never covered.

Some common named perils include:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Always know what you’re covered for before signing up for a policy. You don’t want to find out after an incident that you’re not covered.

What does renters insurance not cover?

While renters insurance is pretty comprehensive, it doesn’t quite cover everything. Here are a few things that won’t be covered by your policy:

The rental itself: Any damage to the rental should be covered by your landlord’s homeowners insurance policy. Damage to the rental will not be covered by your insurance, nor should fixing it be your responsibility.

Your car: Even when parked on the rental property, your car isn’t covered. You’ll need

car insurance

to protect your vehicle.

Work items: If you’ve got a work laptop at home, or keep your store’s inventory in your rental’s closet, these things won’t be covered. Renters insurance is only for personal property.

MORE:

Car insurance in Oregon

Is renters insurance required in Oregon?

Renters insurance is not required in Oregon. Some landlords may require it to sign a lease, however.

Even if it is not required, renters insurance is a fantastic investment. It is one of the cheapest forms of insurance and still offers strong coverage for a long list of possible issues. The average renters insurance policy in Oregon only costs $114 a year! That’s under $10 a month.

Oregon renters insurance is much cheaper than the national average—an Oregon rental insurance policy is $46 less than the national average.

How to build an Oregon renters insurance policy

To start your renters insurance policy, you’ll need to inventory your personal assets. That means going room to room and taking note of all your possessions. For all your furniture, electronics, art, and appliances, write down their:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

When inventorying, it's wise to take photos of everything. Photographs will greatly simplify the claims process down the road.

After you’ve inventoried, you’ll need to set a personal liability limit. The higher your limit, the more your policy will be. Be aware that some landlords may require a certain amount of liability insurance (usually between $300,000 and $500,000).

Actual cash value vs. replacement cost

When starting your policy, you need to pick between insuring your possessions for their actual cash value (ACV) or their replacement cost.

The actual cash value will pay out for your item's depreciated value. If you bought a television for $2,000, you might be given $1,000 due to its loss in value over the years. With replacement value, you’ll get enough to fully replace whatever has been damaged. For the television example, you’d get a full $2,000.

While replacement value provides better payouts, it is the more expensive policy type. You’ll need to decide whether the initial investment is worth a higher payout after a claim.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

If you want to get renters insurance for a low price, consider bundling your renters and auto insurance policies. Insurers offer discounts of up to 25% when you buy multiple policies. The savings you’d receive from your auto policy could easily pay for your entire

renters insurance

policy!

If you want to find a bundling deal without any hassle, you need to download the

Jerry

app. A licensed insurance broker, Jerry can give you dozens of competitive car insurance quotes in just moments, making it easy to find great coverage at a low price.

Join now and see why the average Jerry user saves almost $900 a year!