Colorado Renters Insurance

Renters insurance, sometimes called tenants insurance, provides coverage for the personal property of individuals renting a home, apartment, or other type of residence. Renters insurance policies provide peace of mind for a relatively low premium and protect renters in a variety of scenarios.

These policies can help to cover the cost of replacing or repairing personal property that is damaged or stolen. They may also include liability coverage to protect against legal fees and medical expenses if an individual is injured on the rental property. Some policies also include additional living expenses coverage to help with the costs of temporarily living elsewhere if the property is uninhabitable due to the losses covered by the policy.

Renters make up a significant portion of the population in Colorado. According to the U.S. Census Bureau, about 44% of households were renter-occupied in 2020. The percentage of renters changes over time based on factors such as housing market conditions, location, age, and income. With a variety of coverage to offer, renters insurance is a cost-effective way for those renting properties to protect themselves and their belongings according to their coverage needs.

Renters insurance is not legally required in Colorado or any state within the US; however, it is often a requirement of many landlords and property owners. Landlords may list renters insurance as a condition in the leasing agreement in order to limit their own liability for damage or injuries that may occur on the rental property, and some may offer renters insurance as a part of the rental package. Even when it is not required by the property owner, renters insurance is a great option for protecting yourself and your belongs against the unexpected.