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Renter’s Insurance: What You Need to Know

With many new renters in the local Colorado area, we’ve been receiving more questions lately about renters insurance. Whether you live in an apartment or a house, if you’re renting, it’s a good idea to get renters insurance even if your landlord doesn’t require it. Why? Accidents happen, and most of the time, they’re out of your control. 

Buying renters insurance to protect your possessions may seem like an unnecessary expense, until you experience a theft or fire in your rented home or apartment and lose some of your most treasured possessions forever. If a fire or similar incident destroyed your home and you didn’t have renters coverage, it would be up to you to replace everything you own. 

Plus, if someone claimed you caused an injury or property damage, without adequate insurance protection, you could be at risk for an expensive lawsuit and paying that person for his or her damages. Even if you don’t hang out with sketchy people, unfortunately your neighbors and their guests are completely out of your control as well. 

As you consider whether to get renters insurance, here are some things you need to know: 


You Can Be Compensated if You’re Forced to Relocate
Most renters policies provide additional living expenses coverage if your home becomes uninhabitable due to an event such as vandalism, theft, fire or water damage from home utilities. This benefit usually includes the cost of living expenses, up to your policy limits. You may think that you’re covered if your landlord has insurance, but that coverage only protects the structure. So if there were a fire and your house or apartment burns down, your landlord’s insurance would only pay the cost to rebuild the residence. What your landlord’s insurance won’t pay for is the loss of your property, nor would it cover your cost of temporarily moving to another location while repairs are being made to your damaged home or apartment. By having your own separate renters insurance, you can trust that it will cover the replacement of your belongings and more.

Renters Insurance Also Provides Off-Premises Coverage
Renters insurance does more than cover the cost of lost or damaged possessions in your home. There is coverage if your bicycle is stolen from a bike rack at the park, or if your laptop is taken from your car while you’re at the supermarket. This is a huge added benefit for getting renters insurance.

A Home Inventory Can Help Determine Your Coverage Amount
Before you decide how much coverage you need, it’s important to know how much it would cost to replace your possessions. You can calculate replacement costs by conducting a home inventory and checking with us to make certain you’re fully covered. You may not realize how much stuff you have that’s valuable enough to insure. Think of your electronics, collectibles, clothing, etc. While some of these things may not be that valuable, think about having to replace them all at once.

You May Be Eligible For Discounts
The good news is that renters insurance is fairly inexpensive and can give you that peace of mind you’re looking for. There are even a variety of ways to reduce the cost of renters insurance. One option is to select a higher policy deductible, the amount you must pay before your insurance coverage takes effect. You also may want to consider buying all your insurance policies from one carrier. For example, when you bundle your auto and renters policies, you may receive additional savings.

If you’re renting, consider adding a renters’ insurance policy. Trust us, you’ll be thankful you did. To learn more about your options, contact us today for a quote.