When is renters insurance required?

Moving into a new apartment or rental home is always a very exciting experience. When you are moving to a new place, there are many important responsibilities that you need to fully understand. One responsibility that you will likely have will be the need to have renters insurance in place. 

Required by Landlord and Lease

In the vast majority of situations, you will be required to carry renters insurance by your lease agreement. You will be required to carry this coverage for the entire term of your lease and the landlord may require that you provide evidence of coverage before you are able to move in. This could include requiring you to show that you have paid for at least one year’s worth of coverage in advance.

Why it is Required 

There are many reasons why a landlord will require that you have renters insurance in place. A renters insurance policy will provide both you and your landlord with a variety of different types of available protection. For the landlord, this will include providing them with coverage if you cause any damage to the property. It will also provide them with additional liability protection in the event you were found liable for some form of an accident.

Even if you find a landlord that does not require you to have renters insurance, it is still a good idea to have this coverage. The renter’s insurance policy that you received will provide you with coverage for both your personal property and liability should someone become injured.

If you are a renter in the Portland or Tigard, OR area, contacting PorchLight Insurance is a smart insurance move to discuss all your coverage needs. The team at PorchLight Insurance will ensure that you and your Portland or Tigard, OR rental unit are properly covered and that you have a reliable insurance policy for your home.

What is an umbrella insurance policy?

You might have heard something at some point or another about umbrella insurance and were thinking, "What is umbrella insurance?" Umbrella insurance is a term that many people are unfamiliar with, but if you have ever been the defendant of a lawsuit, you might have some idea of why it is important. Continue reading or contact an agent from PorchLight Insurance in Tigard, OR to learn more about umbrella insurance and why it might be important for you.

Umbrella Insurance Defined

Umbrella insurance provides an additional layer of liability insurance. It can help protect you from lawsuits and other claims against you. It helps to protect your personal assets and the integrity of your future. These are two ways this kind of insurance can help you.

What Does Umbrella Insurance Do?

One way it protects you is by providing the extra liability coverage above any limits of other policies including homeowners, auto, and boat policies. It will kick in once the limits have been reached on those insurance policies. Another way it helps is by providing the coverage for claims that might have been excluded by your other policies in their terms. This can include things like slander or libel, false arrest, and even the liability coverage of rental property. 

What is Covered?

Injuries, damage to property, certain kinds of lawsuits, personal liabilities, and other situations can be covered by these policy types. Various claims can be filed against you where you are considered at fault, and umbrella insurance can hedge against these circumstances. You might have to cover damage to property as the result of an accident and umbrella policies can help here too. There are many similar scenarios. For specific questions on coverage and policies, you should contact an agent at PorchLight Insurance in Tigard, OR. 

Shaking Walls and Stereo Earthquakes

Teens love their music. Generation after generation has had to deal with teenagers who play their music loud. However, today’s teens probably have the most capability of doing something close to structural damage because the stereos they have are capable of literally shaking the walls, and that’s a real problem in a shared residential facility like a condominium. Whether it’s a stereo, exercise equipment, an entertainment system or similar, anything that generates big noise and bass is going to cause vibrations, and they will carry through the walls to the neighbors.

The first defense for an affected condo resident is to use the condominium association to enforce the residential rules. However, that approach typically only deals with behavior and not the outcomes. The second step, if a clear responsibility can be linked, is to talk to the responsible party when damage has been caused. Some folks will immediately take responsibility, deal with the problem, and restore the status quo. However, if no cooperation is possible, and the condo owner has no idea where the cause is coming from, the owner’s condo insurance policy may or may not be an option.

A lot depends on what kind of terms the current condo insurance policy covers. Some are bare bones and only deal with structural issues like a burst pipe or frame break. Other policies are far more robust and cover unexpected damage to property for all sorts of problems, including noise vibration. There is no one standard, so a Tigard, OR resident has to do a bit of research. To help find clarity, PorchLight Insurance can help. Our staff is well-trained and experienced in policy comparisons and matching various products to specific condo owner needs. Give PorchLight Insurance a call today to find out how we can help.