Colorado Renters Insurance
Renters Insurance in Colorado covers personal property, loss of use, liability, and medical protection, but it won’t cover damage caused by flash floods.
Written by Talullah Blanco
Reviewed by Melanie Reiff
Colorado
renters insurance costs $128 per year on average. This base renters insurance rate covers personal property, loss of use, liability, and medical protection if anyone is injured in your rental. Whether you are a snowboard bum living in Steamboat Springs or a college student living off-campus in Boulder, you’ll want renters insurance to protect your belongings and ensure financial and legal security in case of loss or damage in your home.
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What is renters insurance?
A renters insurance policy protects provides financial protection to you and your belongings after a covered loss.
The base renters’ insurance policy usually covers:
- Personal property (Coverage C): This covers the cost of replacement or actual cash value of your personal belongings if they’re damaged or lost by a covered peril.
- Loss of use (Coverage D): If your rental home becomes unlivable due to covered perils, this part of your insurance can help you pay for temporary living expenses. Think basic expenses like hotel rooms, takeout food, and laundry.
- Liability protection (Coverage E): This coverage pays for any legal fees if someone is injured or their property is damaged in your home.
- Medical protection (Coverage F): If someone is injured on your rental property and requires medical attention, this part of your insurance will cover the cost of medical expenses.
The amount of coverage you need will depend on the value of your personal belongings, your landlord’s set minimum liability coverage requirements, and where you live.
Key Takeaway: Your renters’ insurance will cover the cost of your belongings in case of loss as well as medical and legal fees in case anyone is injured in your rental home.
What does renters insurance cover?
Renters insurance only covers the perils named in your policy. Covered perils vary depending on where you live, but you can expect your base renters insurance policy to cover:
- Fire or lightning
- Windstorm or hail
- Smoke
- Explosion
- Falling objects
- Volcanic eruption
- Weight of ice, snow, or sleet
- Freezing
- Vandalism
- Theft
- Riots
- Aircraft
- Vehicles
- Accidental discharge or overflow of water steam
- Tearing, cracking, burning, or bulging
- Sudden and accidental damage from artificially generated electrical current
Before you sign your renters’ insurance policy, carefully read it to understand what is and isn't covered. There may be a state-specific peril that isn’t covered by your policy.
Standard renters insurance rarely covers floods, but flash flooding occurs in Colorado every year. Depending on where you live, you might need to purchase flood insurance.
What does renters insurance not cover?
Your renters’ insurance covers a lot, but take note of the major events and items your policy doesn't cover:
- Natural disasters. While renters insurance covers many acts of God, it does not cover floods, sinkholes, or earthquakes.
- Your car. Your renters’ insurance does not cover your car, even if it’s parked on the rental property. OnlyColorado car insurancecan provide coverage for your car.
- Your roommate’s stuff. Unless you and your roommate are related by blood or marriage or their name is on the policy, their personal property isn’t covered under your policy.
Key Takeaway: Make note of common causes of damage where you live. If the peril is not covered by your renters’ insurance policy, purchase additional insurance to be fully protected.
Is renters insurance required in Colorado?
Renters insurance is not required by law in Colorado, but your landlord may require you to purchase a renters insurance policy as part of the lease agreement. Even if your landlord doesn’t require it, renters insurance is worth purchasing in the event of an unexpected disaster that could cost you thousands.
Colorado renters can expect to pay just $12 per month or $128 annually for renters insurance, which is $31 less than the national average cost. The cost of your renters insurance could be higher, depending on how you build your policy.
How to build a Colorado renters insurance policy
Building and customizing your renters’ insurance policy to your lifestyle and where you live is easy.
Take inventory. Start by taking an inventory of everything you own in your home. While going through each room in your home and assessing your belongings it’s a good idea to photograph or digitally document the following information:
- Quantity of items
- Purchase date
- Purchase price
- Brand number
- Serial number
From your furniture and appliances to the denim in your closet, a comprehensive inventory will help you if you have to file a claim in the future.
Set coverage and personal liability limits. Your coverage limits should be reflective of the actual cash value of your belongings. If everything you own inside your home is worth $20,000, then your coverage limit should be set at $20,000. Liability limits will likely be set by your landlord.
Add flood insurance. Flood insurance is not required as a renter, but flash floods are a common hazard and cause of damage in eastern Colorado. You’ll need to purchase flood insurance if you live in Colorado Springs, or anywhere else on the eastern side of the Rockies.
Key Takeaway: Choose a coverage limit based on the value of your personal belongings.
Actual cash value vs. replacement cost
When you are purchasing renters insurance, you’ll need to choose between a policy that covers the actual cash value of your belongings or one that covers the replacement cost.
The actual cash value policy accounts for the depreciation of an item and will only cover the current value of your belongings at the time of loss.
A policy that covers the replacement cost will reimburse you based on the original amount you paid for the items you lost. In other words, it doesn’t account for the depreciation of your items’ value.
Both will help cover the cost of your belongings in the event of loss, but you’ll pay more for a policy that covers replacement costs. Consider the rates of burglary and potential environmental perils in your area and decide accordingly.
Pro Tip: Keep the receipts of items you’ve purchased and are in your rental home. If your policy covers replacement costs, they’ll make filing a claim easier.
How to find cheap renters and car insurance
If you are shopping for
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