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Lake Oswego renters insurance protects apartment, townhouse and rental house residents from the financial fallout after a theft or disaster. Renters do not always consider the risks they face, but insurance is not just for homeowners. If your rental home is damaged, destroyed or robbed, the landlord or property manager will take care of the structural damage, but the loss of your personal property falls on your shoulders. Lake Oswego renters insurance protects your assets so you can rent worry-free.

Lake Oswego is an affluent suburb of Portland, OR. Located in northwest Oregon, Lake Oswego was once the hub of the state's iron industry in the late 19th century. As the city of Portland grows, more people are retreating to the suburbs. The population of Lake Oswego has grown substantially in recent years, and housing prices have increased rapidly, with the median home value doubling between 1990 and 2000. Some residents of the Portland suburb are choosing to rent rather than own so they can experience the town's benefits without the high cost of living.

The weather of northwest Oregon is not much cause for concern for Lake Oswego renters. Renters in places that experience extreme weather may require additional riders on their Oregon renters insurance policies to cover certain perils, but the OR climate is mild. Brief, heavy snowfall could cause roof damage and fallen tree limbs. Precipitation can be heavy in the Oregon winter and spring, so Lake Oswego rental units in low-lying areas may experience flooding, which requires a special policy. Otherwise, theft and liability are the two primary concerns for Lake Oswego renters insurance customers.

What Your Policy Covers

Homeowners insurance type 4, or HO-4, is designed specifically for renters. It protects the contents of a rental unit from specific perils listed on the policy. It is important to know exactly what situations are covered to you can begin recovering losses immediately after a qualified incident. Homeowners policies have six basic forms of coverage, A-F, but HO-4 does not include A and B, which cover structural damage. That is the responsibility of your landlord or property manager.

The first type of Lake Oswego renters insurance coverage, Coverage C, compensates the policyholder for damage to, destruction of or theft of the property inside the home. Some policies may also cover property away from the home, including that inside a car or storage unit. A claim is honored when the damage or loss is due to a listed peril. Standard OR policies cover fire, windstorms, lightning, smoke, hail, vandalism, theft, falling objects, weight of snow or ice, building collapse, damage from a vehicle collision, damage from an electrical surge and burst pipes. Some things that are not covered include intentional damage, flooding, hurricanes, mold and pet damage.

Lake Oswego renters insurance Coverage D helps pay for living expenses when the home is rendered unlivable due to one of the named perils. If a windstorm rips the roof off of your apartment, HO-4 part D will pay for your temporary stay at a hotel or another unit. This will not pay for all of your living expenses, only those in excess of what you normally pay.

Coverage E covers personal liability for injuries and property damage that occur at your home. If a neighbor slips on your wet floors and breaks her arm, liability insurance will be needed to pay her medical expenses and your legal fees when she sues. For accidents that are not deemed your fault, Lake Oswego renters insurance Coverage F reimburses the injured party for reasonable medical expenses. If the neighbor slips in her high heels on your dry floors, liability will not be necessary.

Shopping for Renters Insurance

When shopping for Lake Oswego renters insurance, it is important to compare rates from several companies to find the best deal. Renters insurance rate quotes can be easily solicited from our website or from the providers directly. Take the time to obtain at least four quotes, and have handy some information to streamline the process.

Gather some information about the Lake Oswego rental property, including age of the home or complex, distance from the nearest fire and police stations and security devices in the unit and on surrounding property like alarms, gates and security guards. You should also prepare an inventory of your personal property, listing each item, its age and value and a picture or video. This will help the Lake Oswego renters insurance provider calculate the value of your goods for an accurate rate and coverage limit.

When obtaining Lake Oswego renters insurance quotes, have an idea of your desired limits. Limits should cover the value of your belongings, plus at least $100,000 in liability and $10,000 for Coverage F medical payment. Also select a deductible, the amount you pay out-of-pocket before renters insurance kicks in. A higher deductible gets you lower premiums.