How to Save on Your Homeowners and Renters Insurance Policy.
(Renters, if you don’t have insurance, you should.)
Whether you own or rent your home, insurance is essential to protect your property and household goods. Comparison shopping for the best rates will certainly save you some money, but you also can save by following these tips:
- Choose a higher deductible—increasing your deductible by just a few hundred dollars can make a big difference in your insurance premium.
- Ask your insurance agent about discounts. Dead bolts, smoke and carbon monoxide detectors, security systems, storm shutters and fire-retardant roofing material are just some of the home safety features that can often lower your rate. You also may be able to get a lower premium if you are a long-term customer or if you bundle other coverage, such as auto insurance, with your provider. Some companies also offer senior discounts for customers who are older than 55 years.
- Don’t include the value of the land when you are deciding how much coverage to buy. If you insure your house, but not the land under it (e.g. in a condominium) , you can avoid paying more than you should. Even after a disaster, the land will still be there.
- If you’re a renter, don’t assume your landlord carries insurance on your personal belongings. They likely don’t provide renters insurance. Purchase a separate renters’ policy to be sure your property—like furniture, electronics, clothing and other personal items—is covered.
Don’t wait until you have a loss to find out whether you have the right type and amount of insurance. For example, many policies require you to pay extra for coverage for high-ticket items like computers, cameras, jewelry, art, antiques, musical instruments, and stamp and coin collections.
Furthermore, not all coverage will replace fully what is insured. An “actual-cash-value” policy will save you money on premiums, but it only pays what your property is worth at the time of loss (your cost minus depreciation for age and wear). “Replacement” coverage gives you the money to rebuild your home and replace its contents.
Finally, a standard homeowners’ policy does not cover flood and earthquake damage. The cost of a separate earthquake policy depends on the likelihood of earthquakes in your area. Homeowners who live in flood-prone areas should take advantage of the National Flood Insurance Program.
If you have questions about the properties you own, call us at (503) 779-5884 or visit us at our Bend office in the Old Mill District!
©2017 Brick House Property Management. Brick House Property Management understands that each investor, landlord, and tenant may have a unique circumstance. The information provided on this website is general, and may not be applicable to you. If you have a specific legal issue, you should speak with an attorney.
A Must Read for Portland Landlords and Tenants.
Information on City of Portland Ordinance 188219,
On February 2, 2017, the Portland City Council passed Ordinance 188219. The ordinance is commonly referred to as the Relocation Assistance Ordinance or the Tenant Protection Ordinance. The new law mandates that Portland landlords provide relocation assistance to tenants if they issue a no-cause eviction or increase rent by 10% or more in a 12-month period. Ordinance 188219 only applies to rental units within the city of Portland. Depending on the size of the living space, landlords have to pay tenants between $2,900 to $4,500. Relocation Assistance must be paid to the tenant at least 45 days before the move out date given on the tenant’s termination notice. There are some exceptions depending on the type of lease the tenant has and the number of properties the landlord owns. For example, the ordinance does not apply to week-to-week tenancies, tenants who occupy the same dwelling unit as the landlord, and a landlord who rents only a single unit in the city of Portland
The definition of a no-cause eviction is the eviction of a tenant who has not broken the terms of the lease. Tenants evicted for for-cause (aka just-cause) evictions would not qualify for relocation benefits under the Relocation Assistance Ordinance. To view the factsheet that the City of Portland created about the new landlord/tenant law, click here. To view Ordinance 188219, click here.
If you have questions about the properties you own, call us at (503) 779-5884, email firstname.lastname@example.org, or visit us at our Portland office!
©2017 Brick House Property Management. Brick House Property Management understands that each landlord and tenant may have a unique living situation. The information provided on this website is general, and may not be applicable to you. If you have a specific legal issue, you should speak with an attorney.
Our motto: Happy tenants = Thrilled clients!