In case you go through distressing events like a fire, flood, or even theft at your home, homeowners insurance can provide you coverage to compensate for the heavy loss. 

But what happens if you don’t own your home? Isn’t financial protection also required if you are renting? 

You would be glad to know that if you plan to rent a house, insurance companies provide renters insurance in Colorado to cover the damages you aren’t responsible for. Now let’s talk about renters insurance in detail: 

What is Renters Insurance?

When a person resides in a home they own, their homeowner's policy protects them from any damage that occurs to the building or structure, the content on the property, and also from liability claims of injury sustained at the property. 

Similarly, a renters insurance policy protects the person residing on rent on a property they do not own. The policy intends to cover damage to structure (to a limit) and personal belongings and protects from liability claims for injuries that do not occur due to structural issues.

In case someone in a rented property sustains injury due to structural problems, then the landlord is held responsible for it and must pay compensation toward it.

Renters insurance is a wise investment that will help you in unpredictable circumstances that may cause a sudden financial burden because of loss.

Damage to the property is not always because of a natural disaster or burglary. At times, if you live in a shared property or building, you may have to suffer due to someone else's negligence. Buying renters insurance will ensure you are protected from all areas and will have a safety net in case of emergencies. 

What Does Renters Insurance in Colorado Cover?

There are three different types of coverage available on renters insurance in Colorado. Each type will provide varying protection, but they hold equal importance. 

 Following are the coverage for Colorado that renters insurance provides: 

Personal Property

Your presence and your personal items make your rented house a home. At times, we don't think we own anything that may have a high value, but despite our thinking, we do have some precious things and sentimental items that we are attached to, and of course, such items are invaluable and irreplaceable. 

Fortunately, Colorado renters insurance provides coverage for damage to your personal belongings in case of theft, fire, burglary, or water damage. However, this coverage is given in two ways: 

Named Peril 

As the name suggests, named peril only provides coverage for a situation that is named and mentioned in the policy, like theft, a fire, explosion, or water damage on the property. The specifics are shared with the policyholder, so they are aware of the kind of coverage they have. Additionally, if the renter wants to file a claim against a named peril, they must provide evidence that the incident occurred due to the specified cause.

Open Peril

In contrast, the coverage under open peril does not require any reason unless it is specifically excluded from the policy. The cause of damage may or may not be included in the policy, but the insurer will be liable to pay compensation for it. Of course, this means better coverage but also heavier costs. If the renter files a claim, it will be up to the insurer to provide evidence that coverage is excluded. 

Medical Payments to Others

Minor accidents happen in homes all the time. Of course, if someone else has an accident in your home, you may want to pay their medical bills out of courtesy and kindness. Even though this is a small coverage, your renters' insurance will cover this cost. 

Personal Liability

Personal liability occurs when a person sustains an injury at your home. They could probably file a personal injury case against you in this case.

In such a case, you will get coverage to bear the bills for damage to the property, medical bills, and also your court fee.

In addition to this, your Colorado renters insurance might also include:

Additional Living Expenses

In case an incident occurs that is covered in the personal property protection coverage and leases the property uninhabitable, your insurer can cover additional living expenses like food take-out or hotel room rent to accommodate you in the best way.

What Factor Determine the Cost of Renters Insurance in Colorado?

The cost of an insurance policy is always influenced by some factors. Here are the following in case of Colorado renters insurance:

• Location - Where in Colorado you have rented a house, the zip code, etc.
• Deductible - The amount you are willing to pay by yourself really matters 
• Coverage - The kind of coverage you get can increase or decrease your cost of renters insurance. 
  
  

What is the Cost of Renters Insurance in Colorado?

Renters' insurance is said to be the most affordable insurance one can get. With several insurance companies offering reasonable rates, they go as low as $15 a month or about $187 annually. Evidently, the cost of renters insurance in Colorado is low enough for even students to be able to afford it. Hence, instead of spending hundreds and thousands of dollars on replacing your items, it is far better to buy renters insurance and get the financial security you need in a rented home. 

Conclusion

A benefit of buying rented insurance is that you get coverage for your personal belongings that may have perished. Furthermore, insurance advisors can help you get additional coverage for your insurance policy at the best rates. Hence, it is essential to get in touch with experienced people like Badger Insurance Advisors, who have the knowledge and expertise to guide you on renters insurance in Colorado. Our decades of work in the field make us competent enough to understand what you need from your insurance policy. 

In order to get reasonable rates with wide coverage, get in touch with Badger insurance Advisors today!