In Colorado, the annual rental insurance premium is about $169. That’s barely $14 a month! For less than the cost of your monthly pizza delivery, you can protect your stuff and give yourself some well-deserved peace of mind with generous coverage limits.
In comparison to other states, Colorado residents actually pay -10% less than the national average for a standard renters insurance policy. This is true whether you live in Grand Junction, Colorado Springs, or Denver. To make it even simpler to understand, someone working a minimum wage job would only have to put in 21 hours to pay for their annual renters insurance premium for the entire year.
When combined with your auto insurance under the same insurance carriers, you could save even more on both policies.
What Is Colorado Rental Insurance Coverage?
In 2012, there were 3,245 burglary cases in Colorado. Can you imagine being one of those people who came home to discover someone ransacked your belongings? What’s worse would be discovering this to be true and being without renters insurance. You would have to pay for replacements all on your own.
Theft isn’t the only danger either. Fire could leave you with just the clothes on your back. Weather and broken appliances could cause water damage to your belongings. Even your uneven floors could cause someone to fall and sue you for medical expenses. The bright side of all of this is that if you have a renters insurance policy, you can protect yourself from serious financial implications.
A renters policy doesn’t concern itself with the structure of your home, which is part of why it’s so affordable. You can get benefits if you have things like smoke detectors and a burglar alarm. But insurance companies operate knowing you only have so much control as a renter.
The cheapest renters insurance instead focuses on personal property and liability. If you have especially expensive items like jewelry or electronics, you can get renters coverage specifically for those items. Some renters insurance companies even include identity theft protection.
Of all Colorado residents, 35% are renters and they pay an average of $1,034 for a two-bedroom apartment. Compared to the $169-$200 it costs to buy the average renters insurance policy every year, your insurance will seem like pennies.
Where Can You Find Affordable Renters Insurance Quotes?
If you’re considering renters insurance, you’re on the right track. The homeowners policy on your home does not cover you. Renters insurance coverage can be extremely affordable with the average policy around the country costing just $200 a year.
The exact coverages vary based on the policy, but personal property damage coverage and liability coverage are normal. Some policies protect your security deposit at your apartment and offer other incentives to choose that company. They may even provide additional living expenses in the event your rental becomes temporarily uninhabitable. They may also have other restrictions you should consider before paying for the policy.
If you’re ready to buy a policy, make sure to get quotes from at least 3 renters insurance companies. Then compare your options and see what makes sense for you.