When renting a house or apartment, it’s important to remember that the landlord’s insurance policy will only cover structural damage to the home. It doesn’t cover a tenant’s personal property or the tenant’s liability, which means you need a renter’s insurance policy to be fully protected from disaster.
What is Renter’s Insurance?
Renter’s Insurance is a type of insurance policy that helps cover renter’s from damage or disaster while living in their landlord’s house or apartment. We believe everyone renting a property should have a renter’s insurance policy to cover them!
What Does Renter’s Insurance Cover?
Renter’s Insurance has three main components of coverage that help keep you and your personal property covered while renting.
Personal Property Coverage: This coverage protects your personal belongings from unfortunate events and disasters. A great way to keep track of your property is to create a spreadsheet tracking your “categories” like clothing, kitchen appliances, electronics, etc.
Liability Coverage: This coverage gives you legal protections against lawsuits resulting from bodily injury or property damage caused by you, your family, or your pets. It can also include no-fault medical coverage in case someone gets injured on the property while you’re there.
Additional Living Expenses (ALE): If your home is damaged in a disaster that’s covered by your insurance policy, you qualify for additional living expense coverage. Generally, you can expect to be reimbursed the amount equal to your regular living expenses; however, each policy differs.
Do I Need Renter’s Insurance?
While this answer isn’t as black-and-white as Homeowner’s Insurance, we still believe that every renter needs Renter’s Insurance. That said, it is not required in all instances. Some landlords and leases will require it before signing, and others leave it to the renter’s discretion. Nevertheless, if you are interested in protecting yourself and your valuables, it’s a good idea to get Renter’s Insurance.
How Much Does Renter’s Insurance Cost?
The cost of your Renter’s Insurance depends on a few things, like the value of your personal property and if you’d like Actual Cash Value or Replacement Cost Coverage for your belongings.
Actual Cash Value: This covers your personal property but assumes that items’ value depreciates over time, which means the value of your reimbursement can decrease.
Replacement Cost Coverage: This type of coverage tends to be more expensive, but it covers the original cost of your personal property instead of its estimated current or depreciated value.
The average cost of Renter’s Insurance is $15-20 per month. Depending on the coverages you select, the value of your personal property, and your deductible, the monthly average cost estimate could be higher or lower. Contact one of our agents today to determine your monthly and annual costs.
How Can I Get Renter’s Insurance?
If you are looking for Renter’s Insurance and want to talk to one of our Denver insurance agents, reach out today! It’s helpful if you have a general idea of the value of your personal property and when you will need coverage to start. High-value items like jewelry and art will require additional coverage, so be ready to discuss your property and valuables so we can get an accurate estimated quote for you.
