Oregon Renters Insurance

Renters Insurance Is Very Affordable in Oregon

There are currently half a million renters in the state of Oregon. Whether you lease an apartment in downtown Portland for an easy commute to work, an off-campus house in the college town of Marylhurst or an Oceanside villa in Astoria, you can benefit from the protection that a renters insurance policy can afford you. Most renters in Oregon spend more time reviewing various floorplans than they do comparing renters insurance quotes. However, this very inexpensive insurance is the best way to protect your finances if you should suffer a major property loss in your rented home.

Oregon Renters Statistics, 2010

  • Approximate number of Oregon homes (all types) that are renter-occupied: 574,158
  • Percentage of Oregon homes (all types) that are renter-occupied: 37.8%
  • Approximate number of apartments in Oregon: 452,752
  • Percentage of Oregon homes that are apartments: 11%
  • Average annual cost of renters insurance in OR in 2008: $153

Why Consider Renters Insurance?

Many renters are under the impression that renters insurance is expensive and unnecessary. In fact, neither is true. This type of coverage is highly affordable and may be necessary in order to protect the investment you have made in your personal property. Consider how you would fare if all of your belongings were destroyed in a disaster such as a fire. Your landlord is not responsible for covering your personal belongings, so you would face a total loss in the absence of coverage.

While you may not think that your property is valuable enough to bother insuring, take a moment to add up the value of everything you own including your clothing, furniture, electronics and cookware. The value of your belongings may surprise you. Renters insurance can provide you with a way to replace all those items following a major loss.

Oregon Burglary Statistics

  • There were approximately 22,000 burglaries reported in this state last year.
  • The state’s burglary rate equates to 5.62 burglaries per 1,000 homes.
  • By comparison, the national rate is 6.70 burglaries per 1,000 homes.

Overall, the crime rate in Oregon is lower than the national average, which plays a role in keeping renters insurance rates low. Renters in cities like Eugene and Gresham, where burglary rates are higher than in most other parts of the state, should expect to receive slightly higher rates when requesting quotes. However, because this type of insurance is quite inexpensive to begin with, the difference will not be substantial.

Statistically, rented homes are more likely to be the targets of burglary than owner-occupied homes are. You can take precautions by always locking your doors and keeping entryways well lighted. If your home is the target of burglary, you should take the following steps:

  • First, make certain that you and your family are safe. Remember that, potentially, the burglars could still be in your home.
  • Contact the police immediately, and then go through your home with a police officer and make an itemized list of your stolen property.
  • Request a copy of the police report; you will need it when you file your insurance claim.
  • Contact your insurance agent or the insurance company directly, and let them know about the burglary.
  • Your insurance company will send an adjuster out to meet with you; in some cases, the adjuster will write you a check on the spot.

Being the victim of a property crime such as burglary can be very stressful, but having an insurance company behind you can make the ordeal a bit easier to cope with.

What Renters Are Paying per Month in Oregon

  • Less than $200: 17,922 renters (3.8% of renters)
  • $200 to $299: 16,569 renters (3.5% of renters)
  • $300 to $499: 88,237 renters (18.9% of renters)
  • $500 to $749: 198,313 renters (42.4% of renters)
  • $750 to $999: 84,141 renters (18.0% of renters)
  • $1,000 to $1,499: 35,197 renters (7.5% of renters)
  • $1,500 or more: 8,847 renters (1.9% of renters)
  • No cash rent: 18,373 renters (3.9% of renters)
  • Median cost to rent a home in Oregon: $620 per month

Are Quotes for Renters Insurance Reasonable in Oregon?

The affordability of rate quotes from different insurance companies may surprise you. In fact, Oregon is among the least expensive states in which to purchase a renters insurance policy. In 2008, the average premium for renters insurance in this state was just $153 a year. At less than $15 a month, many renters can enjoy the security that goes along with a solid insurance policy for less than they might pay for a daily cup of coffee.

Because rates for renters insurance are so low, they will not fluctuate significantly from one person to the next. Some factors that have the potential to influence your policy costs include the following:

  • Your ZIP code
  • The amount of contents coverage you are purchasing
  • The amount of liability coverage you are purchasing
  • Whether you own a pet
  • Whether you permit smoking in your home
  • The amount of your deductible

There Is an Easy Way To Compare Renters Insurance Quotes

Even an overpriced renters insurance policy in this state is likely to be highly affordable, so there is no reason to pay more than you need to for this important coverage. Comparison-shopping enables you to be sure you are purchasing your policy at a competitive rate. An independent insurance agent in the Trusted Choice® network can help by presenting you with a variety of policies for your review. These agents can also help you determine how much coverage is enough to adequately cover your belongings.

Contact a Trusted Choice agent with an office in or near your Oregon neighborhood to get more information. With your agent’s help, you can start comparing renters insurance quotes in no time.

Now, who's ready to get their insurance problems solved?