Renters Insurance

Many renters aren’t aware of the importance of renters’ insurance, leaving their possessions unprotected. There are many misconceptions about what these policies entail. Below, we’re busting some renter’s insurance myths:

Myth: I don’t need renters’ insurance because my possessions are covered by my landlord’s insurance.

Fact: False. Your landlord’s insurance coverage is for the property owner and structure, not the belongings of the renter. Renters’ insurance protects everything tenants have worked for.


Myth: My roommate has renters’ insurance that will cover all belongings in the house.

Fact: False. Like the policy of your landlord, your roommate’s policy will only cover your roommate. You need your own policy to be protected.


Myth: Renters’ insurance is too expensive.

Fact: The average price of renters’ insurance in Oregon is $15 per month. The premium is low and very affordable! If you want to save on your premium, you can raise your deductible. The higher your deductible, the cheaper your premium. Most deductibles range from $500-$5,000. Ask yourself how much you can pay out of pocket for your deductible in the event of a disaster when making that decision.


Myth: Renters’ insurance only covers my belongings, and I don’t have anything worth protecting. 

Fact: False. This coverage works similar to a homeowner’s policy. Not only will most policies cover your belongings, they will include things like personal liability (dog bites, pool accidents), medical coverage for you and a guest (your friend fell of your ladder helping hang Christmas lights) and living expenses such as food and housing if you are displaced (typically one year) from your apartment. Typical renters’ insurance policies covers events such as fires, theft, lightning, windstorms, hail, frozen plumbing and/or vandalism. If you lost belongings due to one of these events, ask yourself if you would be able to cover the costs of replacing those items. Most liability limits range anywhere from $100,000 - $1,000,000. Would renters insurance cost less? The answer is yes! 


Myth: I have renters’ insurance, now I can sit back and relax.

Fact: Not quite! In the event of property damage, you will need to provide a list of damaged items with the age, original cost, and the cost to replace it, to the insurance adjuster. Take photos of your belongings, make an inventory list of your belongings. Store it in a secure place, like the cloud. If a disaster strikes, you will be happy you took the time to do so.


Pro-tip: Some policies offer added benefits! Explore options like travel insurance, identity theft or bike theft – even if it occurs away from your residence.

In summary, renters’ insurance is an incredibly important part of your financial security and most people can’t afford to NOT have it!

When shopping for a policy, make sure to receive multiple quotes and compare options. You can typically save money with a multi-policy discount by bundling other policies, such as with your car insurance. Some companies may also offer a discount if you have a security system, smoke detectors or deadbolt locks. Through our relationship with TruStage, members of Rogue Credit Union may enjoy discounted rates on renters’ insurance just for being a member. Click or call to get a quote today.

Last but not least, verify that the insurance company or individual you are working with has a license and is free of complaints.

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