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Atrium Insurance Group

6970 S Holly Cir #104
Centennial, CO 80112

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Why Renters Insurance is a Must

Whether you are renting a home, an apartment, a condo, or anything else in between, you’ll want to have a renter’s insurance policy to protect your personal belongings. Your landlord may even require that you have a renter’s insurance policy before turning over the keys of the unit to you. Contrary to public opinion, your landlord’s insurance policy will pay for damage to the actual unit itself, such as the foundation, the roof, and their personal belongings inside it, but it will not cover anything that you own, nor will it provide liability protection. 

While many renters choose not to purchase insurance because they feel it is too expensive, the reality is that it is likely to be significantly cheaper than your rent. If you were to add up all your personal belongings to include electronics, clothing, furniture, and more, it is highly likely that the total figure will be far higher than you could expect. Failing to have renter’s insurance means that you’ll be on the hook for replacement if your belongings are damaged in an incident. With renter’s insurance, you’ll have coverage to repair or purchase new items at no or little cost to you. Additionally, if a visitor or friend slips and falls while at your rental, your renter’s insurance coverage will help pay for their medical bills and any other fees in the event that you are sued. 

At the Atrium Insurance Group in Centennial, CO, we can help you understand the pros and cons of renter’s insurance so that you make an informed decision. We’re sure that you’ll agree with us when we say that renter’s insurance is a must for Colorado residents. Give us a call today to learn more! 

 

Is renters insurance required in Colorado

Renting in Centennial, CO puts you in a wonderful area for enjoying the great outdoors. The mountains offer year-round access to nature. Whether you hike, bike or ski, you will find plenty of good reasons to call this area home. At Atrium Insurance Group in Centennial CO, we believe that the secret to a thriving business is giving our customers quality products at the best price. We will take the time to get to know you so that we can provide what you need. 

Renters insurance is not required by the state of Colorado but it may be required by your landlord or management company. Be sure to read your lease and understand the requirements. But even if it isn’t required, having it is a good idea and offers many benefits. 

You may think that your landlord has insurance that protects you, but he doesn’t. He only cares about his building, you are on your own to cover your personal property. 

Renters insurance offers three types of coverage:

  • contents
  • liability
  • loss of use

Contents

Everything you own is probably in your rental and if it was destroyed or you were robbed, you could lose quite a lot. With renters insurance, you would be able to replace some of the things you need and get back to life as usual. 

Liability

If someone is injured while visiting your rental, you could be liable for medical expenses and potential legal action against you. Renters insurance would help with the cost. 

Loss of use

If your rental is damaged and you are not able to stay there, you will need somewhere to live. Loss of use coverage will help with a hotel or a temporary rental until you can go back home. 

Contact Atrium Insurance Group in Centennial, CO to discuss why renters insurance may be right for you. 

Renters insurance FAQs

Centennial is a great place to live. Located about 16 miles southeast of Denver, it has excellent schools, and 16% of the population comprises renters. Renters insurance is often overlooked and leaves renters without protection if a disaster strikes. At Atrium insurance Group in Centennial, CO, we have been in business for more than 30 years and believe in providing our customers with the most choices at the best prices.

Doesn’t my landlord’s insurance cover me?

No, your landlord probably has insurance on the building, but that does not protect you. They have liability insurance covering the exterior of the property, but that won’t help you if someone is hurt inside your home or by a member of your family away from home. 

Will renters insurance replace my possessions if I lose them in a fire?

Yes, contents is one of the coverages offered by rental insurance, and fire is a covered peril. You can choose to have actual cash value coverage or replacement cost coverage. With actual cash value, depreciation is taken into account, so you may not receive enough actually to replace an item at today’s cost. 

If my phone is stolen from my car, is it covered? 

Yes, your personal possessions are covered when you are traveling away from home with them. Keep in mind there is a deductible attached to your renters’ policy, and depending on how high it is and the type of coverage you have opted for, you may not collect anything. A three-year-old phone and a $500 deductible will not provide the coverage you think it will unless you have replacement cost. 

Do I need liability coverage as a renter?

Yes, you do if you have any assets. 

If you consider renters insurance, give us a call at Atrium insurance Group in Centennial, CO, or stop by our office.

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