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Landlord insurance in Portland, Oregon
In 2019 37.12% of households were renters in Oregon. Oregon has statewide rent control laws and has a lot of landlord-tenant laws that heavily favor the tenants. Landlord insurance may help with liability concerns and help protect in the event of a natural disaster! Oregon has had 79 federally declared disasters since 1953, making it the 10th most natural disaster-prone state.
Who needs landlord insurance in Portland OR?
Landlord insurance (also known as rental insurance) is a policy for people who rent their homes to others. Landlord insurance is not required for a landlord, but insurance can bring many benefits:
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Windstorm, hail, & lightning
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
Riot and civil commotion
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Vandalism & theft
Malicious mischief coverage, as it’s known, covers repairs to broken glass, graffiti removal, and replacement of stolen or damaged property like shared washing machines.
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Many policies also include coverage for a long list of other perils such as riots or civil commotion, explosions, volcanic eruptions, and damage caused by vehicles.
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