Best Renters Insurance in Oregon (2024)

Renters insurance is a cheap yet powerful asset to protect your belongings. It protects your personal property in the event of a fire, theft, water damage, and other perils that vary by policy. Oregon has a very high cost of living compared to the rest of the country, so many of its residents are renters.^[1]

The average cost of renters insurance in Oregon is only $16 per month for a policy that covers $30,000 in property and $100,000 in liability, according to Insurify data. While you don’t legally need renters insurance, it can be very helpful to have — and your landlord may require it in some cases.

Here’s what you need to know about finding the best renters insurance in Oregon.

How renters insurance works in Oregon

Renters insurance in Oregon works just like it does in any other state. A basic policy has three main coverage components: personal property, liability, and additional living expenses coverage.

Getting renters insurance is easy. First, inventory your personal belongings, estimate their total value, and determine if you need an insurance rider for any items, like expensive jewelry or niche electronics. Then, compare quotes and policies from different insurers in your area that suit your coverage needs and have good customer service. Finally, pick a policy and start paying your premiums.

Insurance companies base your policy premium based on numerous factors, including:

• Location: If you live in a safe neighborhood with low theft and crime rates, your policy will likely be cheaper.

• Coverage limits: As with any insurance policy, the higher your coverage levels are, the more expensive your premiums will be.

• Apartment condition: If your apartment is old or in bad condition, your rates may go up, as it’s at greater risk than a new apartment.

• Credit history: Insurers consider your credit history when setting your rates. People with good credit history often pay a lower premium.^[2]

• Safety features: If your apartment has safety measures installed, such as burglar alarms and smoke detectors, you’ll likely pay cheaper rates.

How to file a renters insurance claim

Here’s what you need to do if you have to file a claim:

1. Inform your insurance company. Let your insurer know about the incident as soon as you can and provide them with as many details as possible about what happened.

2. Document the damage. Take pictures and videos and find any receipts for damaged items.

3. Submit your claim to your insurer. This may be online, over the phone, or through an app.

4. Have an adjuster assess the damage. An insurance adjuster will call you or visit your apartment in person to assess the damage.

5. Your insurer will pay your claim. If you disagree with the paid amount, you can appeal your claim.

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Best renters insurance companies in Oregon

Oregon has plenty of excellent renters insurance options. Allstate is at the top of the list, with one of the cheapest policies and excellent policy management through the Allstate app. But insurers like State Farm and Farmers are only a dollar or two per month more expensive and offer excellent customer service and claims forgiveness, respectively.

Renters insurance coverage is fairly cheap, so you can focus on choosing a company with unique coverages and benefits that suit your needs. Take a look at the table below for five of the best renters insurance companies in Oregon and which customers they’re best for.

What renters insurance covers in Oregon

Renters insurance in Oregon covers your personal belongings, liability, and additional living expenses. It offers protection from a variety of risks, including wildfires, water damage, theft, hail, vandalism, severe windstorms, smoke damage, and more.

• 

  Personal property coverage

  Personal property coverage protects your personal belongings from risks like theft, fire, and water damage. Insurers generally pay out claims on a replacement cost basis.

• 

  Liability coverage

  Liability insurance protects you from legal action if someone incurs an injury on your rental property.

• 

  Additional living expenses coverage

  Also called loss of use coverage, additional living expenses coverage pays for the cost of temporary housing if your home is unlivable after a catastrophe, such as a major flood or fire. It covers the difference in cost between your temporary housing (like a hotel) and your rent.

Here’s a list of what renters insurance can cover through personal property, liability, and additional living expenses coverage:

• Furniture

• Appliances

• Clothing

• Jewelry

• Books

• Electronics

• Bodily injury

• Medical expenses

• Property damage to someone else’s home

• Legal expenses, fees, and payouts

• Hotel rooms

• Meals

• Laundry

• Storage

• Transportation

Renters insurance doesn’t include coverage for the following perils:

• Pest damage from insects or mice

• Any undocumented items — if you don’t have proof of existence or ownership, your insurer may not pay for it

• Floods and earthquakes

Unique considerations for renters insurance in Oregon

Renters insurance is especially important in Oregon due to its location in the country. The state is at risk for a number of different weather events, including, but not limited, to:

• Coastal flooding: This flooding can cause severe water damage to items in your home, especially electronics.

• Earthquakes: Earthquakes can cause high-value items to fall off shelves and break.

• Wildfires: Fires can completely destroy your entire home and all your possessions.^[3]

How to save on renters insurance in Oregon

You can save money on renters insurance in Oregon in a number of ways, including:

• Bundle policies. Most insurers offer reduced rates if you buy multiple policies with them. Consider bundling your renters policy with your auto insurance.

• Raise your deductible. Increasing your deductible will lower your premiums, but you’ll need to pay more out of pocket in the event of a claim.

• Install a security system. Insurers consider safety measures in your apartment when setting rates. Having a security system will likely deter a potential burglar, making your apartment safer and therefore less risky to insure. This usually results in lower rates.

• Add smart home devices. Smart locks and cameras are also excellent deterrents for burglars, making your home safer and resulting in cheaper rates.

• Ask about discounts. Ask your insurer about available discounts. Many offer discounts for loyalty, non-smoking, and certain professions, such as teachers and the military.

• Pay annually. Some insurers offer discounts for paying your yearly policy costs all at once, rather than monthly.

• Compare quotes. Like with any type of insurance policy, it’s important to compare renters insurance quotes.

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