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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Dec 11, 2023

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If a visitor hurts themselves in your apartment, a fire breaks out downstairs, or wind and water wreak havoc on your belongings, renters insurance policies could save you. That’s because renters insurance is designed to protect you and most of your belongings from things outside of your control and provide financial assistance to replace items or pay for medical and legal costs.

While it’s a common misconception, the homeowners insurance on your home does not cover you as a renter. Moreover, you are not immune from liability, and your belongings may cost more than you think if you have to replace them all at once. If you are a renter in Oregon–looking for renters insurance–the guide below was designed for you.

How High Is The Cost of Renters Insurance?

Do you know the going rate for renters insurance in Pennsylvania? It might surprise you. Annually, the cost of renters insurance is only $156 on average 17%, which is below the national average. This is a fraction of the cost of homeowners policies. More importantly, even if you’re working a minimum wage job, you can pay for the whole year with a small part of your pay stub.

Since renters insurance covers thousands of dollars of property and tens of thousands of medical and legal expenses, it’s worth the cost. Even if you just consider the personal property coverage, your closet could easily add up to thousands of dollars without you realizing it. Add in your laptop, TV, and other electronics, and the prices add up quickly. The price of renters insurance policies does not, especially if you have no past claims.

Can You Count on Renters Insurance Companies When You Need Them?

In 2012, there were 276,023 burglaries in Pennsylvania. Protecting yourself with the best renters insurance can ensure financial protection if your belongings are stolen and need to be replaced. Pennsylvania renters insurance can also protect against fire, smoke damage, water damage (not flood), and wind. We hope you never have to file a claim due to a misfortune, but you may have to.

Can you trust a renters policy to cover your losses when you need it? Luckily, many industry giants offer reliable policies with high coverage limits and plenty of coverage options. Medical payments, additional living expenses, liability, and even security deposit insurance are all services some companies offer for the average cost of $156 per year.

How Can You Get Discounts on Your Renters Insurance Rate?

Your renters insurance premium is based on factors that insurance companies use to measure how much risk is tied to writing you a policy. These factors include, your address, claims history, current policies, and more. While renters insurance, even with additional coverage, is cheap, nobody wants to pay more than they have to. You may be able to pay less if you qualify for the following discounts:

  • Multi-Policy: Bundle auto or another insurance plan with renters insurance and save. If you’re not sure where to start, see if your auto insurance carrier offers a renters policy.
  • No Prior Claims: Save on your insurance bill if you have a clean claims record.
  • Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts.
  • Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.

Where Can You Find An Insurance Expert for Your Renters Policy?

In Pennsylvania, 30% of residents rent properties. Since the average policy is only $156 and a two-bedroom apartment’s rent is on average $914, it’s a relatively cheap protection plan for all that it offers. If you work a minimum wage job for $7.25 in Pennsylvania, it would only take you 22 hours to pay your annual premium. In the long run, that small investment can save you if you ever have to file a claim.

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