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If you are renting a home or an apartment in Colorado Springs, it is important to educate yourself on renters insurance.  While renters insurance is generally not required by most property managers, there are those who will require at least a minimum amount of liability insurance to sign a lease.  Even if you are not required to carry renters insurance Colorado Springs coverage, you should educate yourself on the benefits of carrying this type of home insurance policy.  Just because you do not own the property you live in does not mean you are not at risk.  Renters who choose not to carry renters insurance could lose everything they own left to manage on their own.  Because these policy forms are so affordable and will qualify you for discounts, you should realize the importance of carrying renters insurance.

Personal Property

Rather than covering the dwelling, the main purpose of a renters insurance policy is to cover your belongings.  Personal property coverage will pay for loss or damage to your belongings that are not attached to the dwelling permanently.  Policyholders have the option to choose the amount of personal property coverage they carry.  The premiums you pay will increase if you choose higher personal property limits or if you have previous claims on your claims history record.  You can adjust your premiums by choosing a higher deductible.  Renters will be responsible to for losses that fall below their deductible.

Liability Insurance

Liability Insurance is also extremely important.  Just because you do not own the property, does not mean you cannot be found legally liable for injuries or damage to someone else’s person or property.  Liability coverage in a renters policy will pay if you are found to be unintentionally negligent and will also pay for legal defense costs and settlements.  While the standard renters insurance Colorado Springs contract offers 0,000 of coverage, policyholders can elect to raise this limit for additional premium and additional protection.

Loss of Use Coverage

If the building you live in is damaged and you are unable to reside there while it is being repaired, loss of use coverage will pay for the increased cost to stay in a temporary residence or hotel.  While some policies have a dollar limit on this coverage, others will have a time limit up to 24 months.  This coverage will also pay to replace your food or clothing if you cannot access them in your home and must buy replacements.

While these are only three of the coverages listed on a renters insurance policy, they are extremely important.  Protect yourself against unforeseen claims and take a proactive step to prevent hardships.  Because renters policies are very affordable, there is no reason to risk not being covered.

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