Colorado Residents – Why should I buy renters insurance? Isn’t it just an extra expense?
Serving Denver, Golden, Lakewood, Arvada, Littleton, Wheat Ridge, Morrison, Evergreen, Westminster and Summit County
Here at Denver West Insurance brokers, when someone calls in for a quote for their auto (and don’t own a home) we always suggest they allow us to quote a renters insurance policy as well ….and this is why.
Renters Insurance Is Cheap
The average cost of a policy is $15-$25 a month. And the purchase of renters insurance will give you a discount on your auto policy called a ‘multi-policy discount’. This discount will sometimes pay for most or all of the renters insurance policy.
Renters Insurance Replaces Your Belongings if Destroyed or Stolen
Imagine all your belongings gone up in smoke in a matter of minutes. How much would it cost you to replace everything? This could mean a huge financial hit for most people. Isn’t $15 – $25/month worth getting coverage to replace your property?
Renters Insurance Pays for Living Expenses
Several years ago, a huge hailstorm hit Golden, CO. Our client lived on the top floor of an apartment complex that suffered major damage and water leaked through the roof and caused electrical shorts throughout the building. Our client was told he had 24 hours to move out. He had to hire a trailer and move his belongings into a storage unit while he moved into a residence motel temporarily. Because he had renters’ insurance, all these additional costs were paid by his insurance carrier under a coverage called ‘Additional Living Expense ‘.
Liability Coverage is Included in Every Renters Insurance Policy
If someone came into your apartment and got injured, or if your dog bit someone, or if you knocked someone over while skiing; liability insurance coverage would pay the injured party for the medical bills on your behalf. All polices are written with at least $100,000 in liability coverage, but it’s extremely cheap to increase this limit to $300,000 or even $500,000.
Purchasing a Renters Insurance Policy Makes your Auto Insurance Cheaper
Multi policy discounts would be applied to both your auto and renters’ policies if you purchase both with the same carrier. We’ve seen situations where the discount on the auto actually pays for most of the cost of the renters insurance policy. It’s definitely worth at least getting a quote for renters’ insurance along with a quote for auto insurance.
Most Landlords Require a Tenant to Retain a Renters Insurance Policy
In the Denver Metropolitan area, more and more landlords are requiring their tenants to purchase a renter’s policy. They know this protects them as well as the tenant.
At Denver West Insurance Brokers we’ve seen many happy clients replace belongings because they were covered properly with renters’ insurance.
Give us a call at 303-960-5290 Let us quote a renters policy for you so you can see for yourself how inexpensive these policies are. We are located west of Denver in Golden CO.