National Renters Insurance Stats

Average renters insurance cost $117 Year

National average cost to rent in US $1,825 Per month

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  • National yearly average: $188
  • Colorado yearly average: $169

Most people who are buying renters insurance for the first time are surprised by how affordable it is. For less than a dollar a day, you can ensure that personal belongings are covered and that you are protected from personal liability losses

You can be certain that you are getting the best rate for your renters insurance coverage by comparing a few quotes before making a purchase. Independent insurance agents make comparison shopping easy.

Unlike car insurance, renters insurance is not required by law. In many cases, however, landlords will require their tenants to have this insurance as one of the terms of their lease.

Whether or not your landlord requires it, having this coverage is a good idea. Renters insurance is very affordable and is a small price to pay for the peace of mind it can give you when you know that your property and your finances are protected.

If you are like many renters, you may feel that this insurance isn’t really necessary. However, if there is a fire in your apartment building or if a tornado rolls through and causes massive destruction, you risk losing all of your personal property.

If you add up the value of all your personal belongings, you may be surprised by how much they are worth. Renters insurance can cover everything from your clothing to your electronics to your cookware.

But renters insurance does more than just cover your property. Let’s look at what a policy can do for you:

Pay to repair or replace your belongings

  • If your property is lost or damaged due to a covered event, your policy can help. Example: Someone breaks into your apartment and steals your laptop computer, television, and jewelry.

Pay for someone else's injuries or property damage when it's your fault

  • This is called personal liability insurance and it can cover you, your children, and your pets. This coverage includes legal fees, court costs, and damages. Example: While playing tag football in the park, you accidentally cause someone to suffer a severe injury that requires surgery and physical therapy and they sue you.

Pay for temporary living expenses when your home is damaged

  • If the home you are renting is rendered uninhabitable, your renters insurance can cover temporary housing and miscellaneous expenses until you can return home. Example: The building your apartment is in is severely damaged by fire, and you must stay in a hotel until fire and smoke remediation work can be completed. 

Your landlord's responsibility is to have insurance to cover the structure of the building as well as any contents that are included with the home. If the landlord provided appliances and a lawnmower, then loss or damage to these items is your landlord’s responsibility, not yours.

Your landlord is under no obligation to pay for loss or damage to your personal property and does not need to cover your temporary housing costs if your home is uninhabitable after a disaster.

This is why many landlords require their tenants to have renters insurance.

If you are searching for the best renters insurance policy to meet your coverage and budgetary needs, you can start by looking for an independent insurance agent in your area. 

Independent agents aren't locked into offering coverage from just one carrier, so they are free to work with and request customized quotes from many different providers. That way you can compare policy offerings and rates before making a purchase.

There are currently 252 independent insurance agents located in Colorado. Find an agent near you to learn more.

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