There absolutely is a definition of renters insurance. The short version is that it’s a policy for renters with a wide variety of coverage types, see the link above for the long version. So if there’s a definition, how could they have bought something that they thought was renters insurance in Oregon, a state with strong consumer protections, and yet not have coverage?
It’s simple, they bought coverage through the landlord which protected the landlord’s interests and only the landlord’s interests. The policy that they purchased, likely billed with their rent, didn’t cover their interests because it wasn’t renters insurance. It also likely wasn’t advertised to do so, but it’s easy to misunderstand when you just want to sign your lease and move into your new apartment.
The policy sold by the landlord covered damage to the building from smoke, water, fire, and explosion. That’s it. Cheap renters insurance can be had easily, and you can buy a policy in less than sixty seconds – the average cost is around fifteen dollars a month – but in some situations either price or convenience seems to win out. Liability only renters insurance is not actually renters insurance, of course, but it meets the lease requirements and if it’s not explained properly, it might seem that’s all that’s necessary.
It is, of course, necessary to meet your lease requirement, but all the landlord cares about is that his deductible will be paid and his insurance company reimbursed for the claim through subrogation if you cause a fire or overflow your bathtub and damage five apartments below you. They don’t care about your personal property. They’re not obligated to, and they couldn’t insure it if they wanted to.
On average, the programs offered by your landlord that cover their interest cost between ten and twelve dollars a month. Renters insurance in Portland is usually about fifteen dollars a month, and covers your interests fully as well as offering liability coverage if you cause bodily injury or property damage to someone other than the landlord – like your neighbor, or someone you hit while riding your bike in this lovely bike-friendly city.
So what happened that made this couple who thought they had renters insurance realize that they only had a limited liability policy? They went on vacation for the holidays and got burglarized. Their home on SW Park Avenue in Portland was left locked, but they left keys in an envelope for a friend who was supposed to pick up the keys and watch the place for them. It seems that someone else got to the keys first. They had written their apartment number on the envelope in which the keys were left.
They lost pilot gear that he needs for his job, they lost family heirlooms and jewelry that had been passed down through generations, and they lost their dignity and their sense of safety. Your home is the place in which you rest and relax, and it’s a place that you feel safe. When that sense of safety is shattered by a theft like this, you feel violated. Often, when people feel violated, it can impact other areas of your life, and even risks future mental health issues.
In addition, at least one birth certificate was stolen, along with other documents. These are typically left accessible by many people, or perhaps stored in a fire safe which is easily stolen and easily cracked at a thief’s leisure. Just because it protects the documents from fire does not mean that the lock is particularly strong or secure, and when the thief can work at it in a private place and take all the time they need, it’s no challenge at all. Perhaps the document theft is the most terrifying part. Everything that someone needs in order to become you is in your home.
If they get your birth certificate and can find the last four of your social security number, they can probably go to DMV and get a duplicate of your drivers license. Now they aren’t just stealing your identity, they have actually become you. They have everything they need to go open a post office box in your name, in person, with that license and then they can start running up bills in your name.
Renters insurance identity theft coverage is one way to combat this risk. While you’re not responsible for credit cards opened in your name, you are responsible for the costs of cleaning up the mess and handling the legal processes. Renters insurance with the proper endorsement can cover those losses, as well offer access to trained professionals who can help to guide you through the process.
Having renters insurance is about more than just having the coverage you need in case you were to start a fire that damaged property belonging to someone else. It helps to protect you so that you don’t have to replace your personal property out of your own pocket if it’s stolen or damaged by things beyond your control. What if someone else had a fire? Their policy’s liability would pay you actual cash value for your stuff, while your personal property coverage would generally pay the replacement cost of that property. There’s a huge difference between those two numbers, often as large as ninety percent of the cost of the new item!
It’s not hard to get Oregon Renters Insurance, either. Effective Coverage has made the process incredibly easy, so easy that it takes just sixty seconds to buy renters insurance online. But don’t worry, there’s a team of experts available if you have questions, as well!
To find out more about your insurance needs or to get covered, just call (800)892-4308 or click to get covered - whether you need Oregon renters insurance quotes online or coverage anywhere else!
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Photo Credit: Razvan Orendovici Portland Skyline CC BY 2.0