Why Should a Renter Have Insurance
March 9, 2020
Why Does my Landlord Care if I Have Renter’s Insurance?
If you’ve been a renter for more than a couple years, you’re probably aware that most landlord and property management companies require you to carry renter’s insurance. You’ve probably asked yourself, why does it matter to my landlord? In most cases your landlord is only requiring you to carry one type of insurance and that’s personal liability insurance. Personal liability insurance is built into almost every renters insurance policy. Therefore, it’s easier for a landlord to simply ask that you get a renter’s insurance policy. Mandating that you carry personal liability coverage is a way for the landlord to protect themselves financially from certain losses. You, the tenant, should be the named insured on a renter’s insurance policy. It’s not uncommon that your landlord or property manager asks to be named as an additional insured or an additional interest.
Let’s say your dog bites and injures a neighbor. The neighbor might file suit against you, for being the dog’s caretaker. They may also sue the homeowner and property management company for allowing you to keep a ‘dangerous’ dog. If the landlord and property management company are both additional insureds on the policy, it provides them with coverage as well.
Renters insurance is a great value and provides additional coverages to you, then just liability. The typical renter’s policy includes three major coverages. The first one being liability, the other two are personal property and loss of use.
Personal Property is the coverage that most people think of, when they think of renter’s insurance. This is coverage for your stuff. Personal property covers your clothing, furniture, tvs, home décor and just about everything else in your home, with some exceptions. Most policies have a minimum requirement for personal property of around $5,000, however, the average person owns over $20,000 in personal property. If there was a fire in your home, how financially devastated would you be? Would you be able to repurchase all your things? Renter’s insurance provides coverage for your things in the event of a loss such as theft, vandalism, fire, wind, and other losses.
Loss of Use is the third coverage that makes up a typical renter’s policy. Loss of use pays for your additional living expenses in the event of a covered claim. Imagine waking up to a burning building! If you have a renter’s policy with loss of use, you could check into a hotel and have somewhere to live until you find replacement housing and it will likely be paid for (up to your policy limits).
Renter’s insurance provides several great coverages and is one of the least expensive insurance policies you’ll ever purchase. In fact, oftentimes, the cost of renter’s insurance is less than the discount you receive on your auto insurance, when you bundle with the same company. This means renters insurance may cost you nothing additional a month than what you currently pay for car insurance! The team at Premier Mountain Insurance
are happy to help you with your renter’s insurance, as well as auto insurance and life insurance.
Call or text today! 303-452-6662. You can also purchase coverage directly from this link!
Coverage is dependent on policy language and claim scenario. Talk to your agent or claims adjuster for specific information regarding your claim.
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As the days get longer and temperatures start to rise, spring is the perfect time to give your rental properties a much-needed refresh. After a long winter, a thorough inspection and maintenance routine not only keeps your property in top shape but also helps prevent costly repairs down the line. Whether you're a seasoned landlord or managing your first rental, here’s a spring maintenance checklist to help keep your investment—and your tenants—happy. Masters Real Estate does regular property inspections to ensure all of these items are taken care of in order to protect our clients investments. ✅ 1. Inspect the Roof and Gutters Winter can be harsh on roofing materials. Look for missing shingles, signs of leaks, or storm damage. Don’t forget to clean out gutters and downspouts to ensure proper drainage and prevent water damage. ✅ 2. Service the HVAC System Before temperatures soar, schedule a professional HVAC inspection and tune-up. Change air filters and check for any issues that could affect performance or energy efficiency—this keeps your tenants comfortable and reduces utility complaints. ✅ 3. Test Smoke and Carbon Monoxide Detectors Safety first! Spring is a good reminder to test and replace batteries in smoke and carbon monoxide detectors. It’s a small step that can save lives and protect your property. ✅ 4. Check for Pest Issues Rising temperatures mean increased pest activity. Look for signs of rodents, termites, or ants—especially in basements, attics, and around the foundation. Consider scheduling a pest control service as a preventative measure. ✅ 5. Inspect Windows and Doors Examine seals, caulking, and weather stripping. Not only can worn-out seals drive up heating and cooling costs, but they also make the property less secure and more susceptible to moisture damage. ✅ 6. Spruce Up Landscaping Trim overgrown shrubs, remove fallen branches, and refresh mulch beds. Not only does this boost curb appeal, but it also helps prevent issues like foundation damage from overgrown roots or clogged drains. ✅ 7. Examine Exterior Paint and Siding Take a walk around the property and look for chipped paint, cracked siding, or areas showing wear. Spring is a great time for touch-ups that keep your property looking well-maintained and attractive to current and prospective tenants. ✅ 8. Check Walkways and Driveways Inspect for cracks or uneven areas that could become tripping hazards. Repairs now can prevent bigger problems later, especially if water seeps in and freezes again next winter. ✅ 9. Clean Out Dryer Vents Lint buildup in dryer vents is a major fire hazard. Ensure vents are clean and functioning properly—it’s a quick job that protects both the property and your tenants. ✅ 10. Aerate the Lawns Lawn aeration is a crucial lawn care practice of creating small holes in the soil to improve air, water, and nutrient penetration. This helps to alleviate soil compaction, promote healthier root growth, and reduce thatch buildup. An ideal time to aerate is in the Spring before you turn on the sprinklers. Spring maintenance is all about being proactive. By staying ahead of repairs and keeping your rental property in great shape, you protect your investment and create a safe, comfortable environment for your tenants. Keep this checklist handy and make spring your most productive season yet! Don't have time to manage your rental property? Masters Real Estate can help! Learn more about our services and get a free rental analysis.
When you're looking for a property manager, it's not always easy to know what to look for. There are 5 key things to consider when choosing someone to manage your investment property. Read this to learn what these are and how to pick the best property manager to save you time, money, and stress while managing your properties!
As winter approaches, it's time to get prepared for the season. There are three things that are on the top of the to do list, arguably the most important things you need to do is winterize your sprinkler system. If not done properly you will find yourself with a maintenance emergency and an expensive repair bill when freezing temperatures come to Colorado. Another thing to consider is keeping branches away from your home and car during Spring where we receive moisture heavy seasonal snow that can damage anything or cause injury as they fall off. And lastly, if you like your healthy lawn, its aeration/fertilization time. Get your sprinklers blown out for the season Winter is the time to get your sprinklers blown out. The winterizing process helps ensure that your irrigation equipment will last longer and will not burst during the coldest months of the year. If water freezes in an un-winterized system, it expands and bursts water lines, sprinkler heads, backflow preventers and the plumbing inside your home causing significant, traumatic and costly damage. To winterize your sprinkler system: Turn off the water lines Blow out all hoses so they are not full of water Close the solenoids or turn off your system. Turn off outside faucets (check for leaks). Make sure your sprinkler system has been unplugged or disengaged. Remove tree branches that might break off with heavy snow or ice If you have trees on your property, especially large ones that may need to be removed in the future, it is important to do the following: Remove dead or diseased branches. These branches can fall and cause damage if they are near power lines or on top of your car. Remove branches that are too close to the house. This helps protect against wind coming from different directions and knocking down some of these trees onto your home. If there is a large tree that has grown too tall and its branches are overhanging your driveway, this could also cause problems with vehicles driving underneath it or kids playing around it during winter months when snow falls heavily overnight causing heavy snowfalls while temperatures drop quickly during nights when people go outside before sunrise during those cold mornings before going off to work or school! Get your lawn aerated Your lawn has had a long year of getting watered, being pressurized and packed down by lawn mowing, now its time to the alleviate the pressure. Aerating is a great thing for the lawn. It pokes holes throughout the lawn allowing for water, air and nutrients to get in deep to the roots. The holes are 2 or 3 inches into the ground, not too deep for your sprinkler lines to get punctured, but deep enough to help with new roots. After aerating you will want to put down a winter fertilizer, the fertilizer will get deep into the soil allowing for the nutrients to be delivered right to the source. Making sure you have a good fertilizer is also important. There are several good brands out there that you can find at the local home hardware store. If you need help managing your investment property, please let us know through our contact form or by calling 303-930-5125.
