Renters Need Insurance Too

Property insurance is not just for people that own a home or are making monthly mortgage payments.  Besides homeowners, people who own a condo unit and people that simply pay rent each month might need property insurance.  Renters can protect their own personal property by purchasing Renters insurance.  Why risk losing all of your posessions when you can simply go out and buy some renters insurance that will cover everything from your big screen TV to the bed you sleep on each night.  It is a good idea to educate yourself about renters insurance so you can make an educated decision on whether or not to purchase a policy.  –Denver Insurance


Personal Property Coverage

A person that rents you an apartment has insurance that only covers his physical property against loss.  It may cover the appliances and other fixtures in the apartment, but it does not cover your personal items.  To protect yourself from theft or other loss of your own property, you should consider buying a Renter’s policy.  Coverage under such a policy can make you whole in the event of a covered loss.  Some of the more common losses that are covered under this type of insurance include loss from the forces of nature, burglary or home invasion robberies and even a civil uprising where your property may be seized.  Doing an inventory of your belongings may reveal that you have tens of thousands of dollars in clothes, electronics and other property that would be quite difficult to replace.

Liability Coverage

Personal liability coverage is probably even more important than property coverage.  Without liability coverage a person that gets injured while on your premises can sue you for untold amounts of money.  A basic policy usually includes $100,000 worth of protection, but, you can increase that amount for better coverage.  Valid claims will be paid under this policy and it will also reimburse you for legal costs if the case is found to be without merit.

Loss of Use

Do you know where you will live in the event a fire destroys your apartment?  If you were the cause of the damage, your landlord may insist that you continue to pay on your lease even though you can not live there.  Temporary housing is covered under a Renters plan and it also provides assistance with purchasing new clothes and other items that may have been lost or destroyed.  Generally speaking, this type of coverage will be extended for up to 24 months from the incident by most insurance companies.

In summation, personal property, liability and loss of use coverage are amongst the most vital protective values built in to a Denver rental policy.  Without renters insurance, you are responsible for replacing lost items.  Unless you have plenty of money in the bank, the replacement cost for all of your personal items can be prohibitive.  Be smart and talk to an insurance agent and get a few quotes. You might be very surprised at just how affordable this important coverage can be.

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