Who needs renters insurance?
Anyone that rents an apartment, house, condo, or townhome in Colorado should have renters insurance. Many lessors will require a renters policy.
Why do you need renters insurance?
Renters insurance provides similar coverage for you that a homeowners policy would cover if you owned a home.
Personal contents coverage would cover your personal belongings against covered perils. Perils such as theft, fire, or weather-related damage when in your dwelling.
Once you are out on your own, you start to acquire personal belongings (furniture, dishes, etc.) you should insure in the event of a loss. You would want to insure these belongings for a value that would allow you to replace them. Note with this, you would want to insure them for replacement cost verses actual cash value.
Liability Insurance is another coverage provided under a renters policy. This may cover a bodily injury or property claim made against you.
Medical Payments would cover a medical expense someone incurred after getting injured at your residence up to the limit selected.
Common questions regarding Colorado Renters Insurance.
I am renting a house with another roommate; will their renters policy cover my items. No, they would not be covered. An exception to this might be if you were related.
I am storing my items in a friend’s garage. Will the friend’s policy cover my items? Not likely, you should have your own policy.
What is the cost for renters insurance?
As with all insurance policies, it depends on the insurance coverage and limits you select as well as the area you may live in. Overall, we find these to be very affordable policies. We have seen them go for anywhere between $160 to $500 or so for a year.
A great way to make this affordable is to bundle the renters insurance with your auto insurance policy if you own an auto. You then can get a multiple policy discount that applies to both policies. Call us if you have any questions.