• Contents Coverage – this is important to tenants as it covers their belongings within their leased dwelling (Our built-in liability insurance does NOT do this)
• Liability to Landlord Coverage – this is important to us as your property management company as it protects the dwelling in cases of damage. This is what we have built into our leases for those of you that don’t have renter’s insurance.
• Loss of use Coverage – this is a big part of renter’s insurance and is important to the tenant and property management company in cases where the dwelling can no longer be inhabited due to a covered incident (also NOT covered on our liability insurance)
Renters Insurance can cover anything, it’s up to you and your insurance broker to decide what you need as a renter and what might be able to be excluded from your policy. We do require at least 100,000 in liability insurance, so there’s that!
So, how much does it cost?
According to insurance industry research the number of people who purchase renter’s insurance is rising, thankfully, but currently here, less than half of all renters have an active renter’s insurance policy.
Which is a little scary for property management companies and owners alike. Lack of education about the importance of renter’s insurance is a big player here – but Renter’s insurance generally costs anywhere from $10-18 a month here in Denver.
