Did you know that according to the Insurance Information Institute, only 35 percent of renters purchase renters insurance?
In many cities, the number of renters outnumbers the number of homeowners. The good news is that renters insurance is highly affordable (the average policy costs around $185), and it can protect you and your family against several calamities.
Coverage Available
Liability Insurance
A renters insurance policy can provide liability insurance that will protect you from bodily injury or property damage you cause to others. Many limits are available up to $500,000.
Property Insurance
A renters policy will also provide coverage for the personal items within your home against losses from fire or smoke, lightning, vandalism, theft, explosion, wind damage, and even water damage (excluding flood).
Additional Living Expenses
Renters insurance includes additional living expenses (ALE) coverage if you cannot live in your home because of a hurricane, fire, or other disaster listed in the policy. ALE pays for hotel bills, temporary rentals, restaurant meals, and other expenses you incur while your home is being repaired or rebuilt.
Type of Policies Available:
There are two main types of renters insurance policies:
- Actual Cash Value coverage pays to replace your possessions up to the limit of your policy minus a depreciation deduction.
- Replacement Cost coverage pays the actual cost of replacing your belongings (regardless of depreciation) up to the limit of your policy. This usually costs about 10 percent more but is a much better value in the long run.
If you have expensive jewelry, furs, sports or musical equipment, or collectibles, you may want to consider adding a floater to your policy. Most standard renters’ policies include a limited dollar amount for such items. A floater is a separate policy that provides additional insurance for your valuables and may even cover them if they are accidentally lost.
Denver Renters Insurance Quotes
If you would like to receive a Denver renters insurance quote, please get in touch with our office. We can provide multiple money-saving insurance quotes from various top insurance companies.
