Yes, You Need Renters Insurance!
Renter’s insurance is the first expense that people forego when they are trying to cut back on their monthly or annual expenses. And, you’re not legally obligated to get it, like auto insurance. Plus, you’re renting, why do you need insurance for someone else’s property? We’re glad you asked.
Protect your personal belongings with renters insurance
Renters insurance is for you, the tenant, not the landlord. Have you ever lost a suitcase and had to replace all the items for your vacations? It’s expensive, right? Think of how long it took you to build up a good wardrobe of mix and match separates, both casual and fancy? Then there are shoes, socks, underwear, toiletries, makeup, etc. Before you know it, you’ve out a lot more money than your monthly budget allows.
Now imagine that it wasn’t your suitcase that got lost in transit, but your entire apartment full of personal belongings that got lost, damaged, or destroyed due to fire, flood, theft, mold, etc. Can you afford to replace all of your belongings? Didn’t think so!
For many rental properties, the landlord may require that you have renters insurance as part of the rental agreement. The landlord or building owner will cover damage to the physical structure of the building, but everything inside is your responsibility. Don’t assume that your landlord’s insurance policy also covers you!
Protect yourself from liability lawsuits with renters insurance
Another thing to consider is the liability. If a guest gets injured in your rental, the person who is held liable may very well be you, and not the landlord. Injuries can range from needing a simple band-aid, to thousands of dollars in medical bills, lost wages, rehabilitation, emotional distress, etc. And here you were worried about replacing your brand new Macbook. How are you going to cover the hospital bills for a simple slip and fall accident?
Luckily, renters insurance is quite affordable, costing you a mere $100-$250 annually (not monthly). A couple of hundred bucks are nothing next to what it could cost you without renter’s insurance.
Get renters insurance in Colorado
Talk to an independent insurance agent in your area and get the coverage you need.