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Renters insurance is simpler than regular home insurance because there’s no structures to cover, but it still provides you with important coverages. It’s relatively inexpensive, usually $75 to $200 annually, and most landlords require it.
3 Main Parts
Covers Personal Property
A renters policy protects you against losses from theft, fire, and other events. It’s important to know:
- How much personal property is covered?
- Are there special limits on certain items such as jewelry, instruments, or special collections?
- How much is your deductible?
- Can it include earthquake coverage?
This covers you against lawsuits for property damage or injuries unintentionally done by you.
Additional Living Expenses
If a fire makes your rental unlivable, this coverage will help cover the costs of transitioning to a new place.
Other Guides & Helps
- The State of Oregon has put together a consumer guide here at Help with Renters Insurance, including their Renters Insurance Shopping Tool.
- Here’s a consumer guide from NAIC: “Renting Your Home? This is What You Need to Know About Renters Insurance.”