No doubt, you’ve been watching the effects of hurricanes Harvey, Irma, and Maria. Thousands of people have lost everything in these storms, reinforcing the idea that Colorado renter’s insurance is more important than ever.
Many renters are unaware that their landlord’s insurance only covers the structure they live in, not their personal possessions. Landlord insurance protect’s the owner’s property, while you are responsible for protecting the your belongings. Similarly, while landlord insurance offers liability protection for the policy holder, that protection usually does not extend to tenants.
Typical renter’s insurance covers liability, your personal belongings, and will sometimes even provide funds for temporary housing should your rental home become unavailable.
This coverage may help protect you from paying if you’re found legally responsible for injuries to other people or damage to their property. This would cover repairs if someone on your policy damages someone else’s property, or would cover the cost of medical bills if you’re found responsible for a guest’s injuries.
If something like a big storm hits your rented home, the only way you can replace your personal possessions is through renter’s insurance. This coverage will cover the cost to repair or replace your belongings up to your policy limit. So if your computer is stolen, or your furniture is destroyed by a fire, this coverage will pay for the replacement cost. (Note: Hurricane or earthquake damage may not be covered by rental insurance policies. Be sure to read your policy carefully, and research whether or not you need flood insurance in your area to cover damage like that seen in the recent hurricanes.)
This coverage could pay for the cost of hotel bills, or for any increased costs above the amount you would typically spend because you are unable to live in the home you’re renting.
There are many helpful articles about renter’s insurance that can help you find the policy that is just right for you. These policies differ greatly on things like deductibles, so make sure you choose the policy right for you.
Here is the link to the Colorado.gov site: Colorado Renter’s Insurance