Oregon: Your Need for Renters Insurance
Did you realize your apartment community's insurance policy does not cover your personal belongings when a natural disaster strikes? Most apartment communities' insurance only covers damage to the building, leaving your belongings uninsured. Renters Insurance offers protection for your personal property when fire, theft or a natural disaster occurs. Between the years of 1976 and 2004, Oregon had 12 declared major disasters. But Renters Insurance does not just cover your personal property; it also can cover your liability if someone is injured in your home.
Can you imagine trying to replace your personal belongings without insurance to help cover the cost? Or paying hundreds, maybe even thousands, of dollars in doctor bills if a friend hurts themselves while in your home? Do not wait until it is too late to realize the importance of Renters Insurance. The affordable premium is well worth the peace of mind.
Learn more about prominent risks in Oregon and the surrounding area:
Theft
U.S. Department of Justice's Bureau of Justice Statistics reports that rented households were burglarized at rates 79 percent higher than owned households. In 2001, the bureau reported that rented households experienced 210 property crimes per 1,000 households nationwide, while owned households experienced only 146 property crimes per 1,000 households. In 2004 alone, 513,266 burglaries occurred in the West according to statistics reported by the Federal Bureau of Investigation. As you can see, the most common threat to an apartment unit in the nation as well, as in Oregon, is burglary. Unfortunately, your apartment community's insurance policy does not protect your personal belongings lost due to theft. Don't allow fences or gates at your community to mislead you to think your apartment complex is safer. On most low-crime properties, the main purpose of gates or fences at apartment properties is to provide the sense of privacy and exclusivity.
Fire
Fire is a risk in all states, including Oregon. The U.S. Fire Administration reports that direct property loss due to fires was estimated at $9.8 billion in 2004. According to the Federal Emergency Management Agency, apartment fires accounted for 23 percent of residential fires between 1992 and 2001 as well as accounted for 20 percent of the dollar loss from residential fires during these years. With these kinds of statistics, it is better to be prepared and protect your property from this risk.
Earthquakes
Impossible to predict, earthquakes can cause significant damage to your property. Earthquakes occur frequently in Oregon, California, Hawaii, Nevada, Washington, Idaho, Wyoming, Montana, Utah and Alaska. In 1994, the Northridge earthquake struck the San Fernando Valley region of Southern California. Although it was considered a moderately strong earthquake, the $20 billion in property damage ranked it the costliest seismic disaster in U.S. history.
Wildfires
Wildfires are a threat in Oregon, as well as a risk to all of the United States. Wildfires consume thousands of acres of land, threatening the apartments, homes and lives of many in the vicinity. An average of five million acres burn every year in the United States, causing billions of dollars in damage. According to the National Fire Protection Center, wildfires that occurred in Southern California in October and November of 1993 resulted in an estimated $809 million in property damage.
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