Portland has it all: It’s a big city but somehow feels like a small town, it’s biker and pedestrian friendly, and features the perpetually snow-capped Mount Hood as its backdrop. While the number of people flocking to Portland has plateaued slightly in recent years, population is still growing at a healthy clip, and almost half the city’s occupied units are currently rented rather than owned.^ If you do rent in The City of Roses, you may want to consider purchasing renters insurance.
Yes, renters insurance ensures that your personal belongings are protected, but it also protects your bank account if someone is injured in your home and sues or requires medical expenses. There are countless reasons you should consider renters insurance if you live in Portland, from rate affordability to the high risk of weather-related damage to break-ins. Read on to learn more about why renters insurance makes sense for Portland residents.
Best renters insurance in Portland
† Not available in Portland
Methodology: We pulled renters insurance quotes online from five of the most popular insurance companies: State Farm, Lemonade, Allstate, Travelers and Stillwater. Quotes were for policies with $500 and $1,000 deductibles for a 30-year-old male apartment renter. We deferred to the most comparable coverage amounts when identical policies were unavailable.
† Not available in Portland
Understanding renters insurance quotes
Renters insurance is about far more than just protecting your personal property. Here’s a rundown of the components you should look for in a policy when comparing renters insurance rates.
Property coverage: reimbursement for lost, stolen, or damaged property.
Liability coverage: covers legal expenses in the event someone is injured in your residence and they sue you.
Loss of use: covers temporary living expenses if your residence becomes uninhabitable.
Medical payments to others: covers medical costs in the event someone is injured in your residence and requires medical treatment.
We’ve got a full explainer of what renters insurance covers here.
Is renters insurance legally required in Portland?
While renters insurance is not legally required in Portland or the state of Oregon, some landlords or management companies may require renters insurance as a condition for signing the lease. When applying for a residence, always be sure to double-check with the broker or landlord about renters insurance before signing.
It's also worth remembering that although renters insurance may not be legally required, it may save you a legal headache at the end of the day. Having liability coverage alone is reason enough for you to think about investing in renters insurance.
Reasons to buy renters insurance in Portland
Renters insurance is among some of the most affordable insurance types to buy, and considering your most cherished personal belongings are typically stored in your residence or storage units, it should be a no-brainer in any city.
In 2016, Portland experienced 24,198 instances of theft and 4,096 instances of burglary, and while the per-capita rate is lower than the highest theft and burglarized cities in the U.S., property crime rates are still far higher than the national average.† If you live in Portland, you may want to consider renters insurance as a safeguard.
Crime Stats in Portland
*per 100,000 people
Did you know that renters insurance also protects your belongings if they’re damaged by certain weather hazards? Well rest easy, Portland residents, because those uncharacteristically intense winters you’ve been experiencing lately‡, causing your pipes to burst and roof to fall in (and subsequently damaging all of your stuff) just met its match in renters insurance.
Portland residents looking for more information on renters rights and resources should check out the following:
Community Alliance of Tenants: CAT is a statewide, grassroots tenant-controlled and tenant-rights organization. The organization’s mission is to educate, organize, and develop leadership of low-income tenants, according to their website.
Portland Housing Bureau: City of Portland organization that provides rental services and attempts to solve resident’s unsolved housing needs.
South Portland Tenant Rights: Tenant resources, rights, and responsibilities for South Portland residents.
Portland Housing Center: Housing and rental information resources for Portland residents.
† FBI CDE