Oregon Renters Insurance

Your Oregon renters insurance will cover property damage and personal liability.
Written by Nick Kunze
Reviewed by Melanie Reiff
Updated on May 02, 2022
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. 
Car insurance
comparison and broker app
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.
Compare auto insurance policies
No spam or unwanted phone calls · No long forms · No fees, ever

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.

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.

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
If you want to find a bundling deal without any hassle, you need to download the
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!
was fantastic! I got a great bundling deal on my auto and renters insurance. So cheap, so fast, so easy!” —Susan W. 
Let Jerry find your price in only 45 seconds
No spam · No long forms · No fees
Find insurance savings (100% Free)


Compare Car Insurance Quotes For Free
Jerry automatically shops for your insurance before every renewal. Members save $872/year.
rating primary
Rating on App Store
Start saving money!
12,000+ Reviews
Trusted by 3.5M car owners like you

You might also be interested

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free