Colorado Renters Insurance
Protection For Renters Of Homes And Apartments In The Centennial State
Renters insurance is crucial even for those who don't believe they have belongings worth replacing. The average renter has around $35,000 in belongings. Without renters insurance, you could be looking to replace everything out of pocket after a disaster.
At BluCanopy, we provide great customer service and reliable renters insurance policies for tenants across Colorado. To get started, connect with an insurance professional at (800) 573-0226 or get an online quote today.
Common Colorado Renters Insurance Questions
1How Much Is Renters Insurance Per Month For An Apartment in Colorado?
The average cost of renters insurance in Colorado is about $15 a month.
2Do You Need Renters Insurance In Colorado?
Renters insurance is not required by law, but most landlords will require you to carry renters insurance as a part of your leasing agreement.
3What Does Renters Insurance Cover In Colorado?
A basic renters insurance policy includes:
- Personal Belongings Coverage: This coverage, also known as personal possessions coverage, provides compensation for damage and loss of your items due to fire, smoke, lightning, theft or vandalism.
- Personal General Liability: This coverage steps in if a third party suffers bodily injury or property damage on the rented property. For example, if someone slips and falls in your apartment, this coverage can help with their medical bills and possible legal expenses that follow.
- Additional Living Expenses: Additional living expenses (ALE) help with the cost of temporarily moving elsewhere while the rented property is being repaired or rebuilt after a disaster.
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4What Type Of Renters Insurance Is Available In Colorado?
There are two possible types of policies available when it comes to personal belongings coverage: actual cash value and replacement cost value. Actual cash value policies provide compensation for lost or damaged items while accounting for depreciation. This means that the amount of compensation you can receive goes down as the market value of your personal items goes down. Replacement cost value policies provide compensation without accounting for depreciation, allowing you to replace personal belongings with items of equal or similar value. This second policy is generally more expensive. But it may allow you to more fully replace your lost belongings.