What You Need To Know About Renters Insurance In Colorado

Homeowner’s insurance is one of the most important investments that you can make for your most prized possession, your home. If you’re currently renting, having the proper insurance is no less important. There are still insurance plans that you should consider buying to ensure that your property and all of your personal possessions.

Just because you don’t own the home or apartment, doesn’t mean that you won’t need to cover the things inside of the property. There are several key factors that you’ll need to understand when you’re looking to get renters insurance coverage.

At Longevity Brokers, we are proud to provide the Denver, Co. area with a variety of different quality insurance products to protect every area of your life. We know that navigating the insurance waters can be tricky. There are dozens of different plans with confusing terms, but we are here to help you make the best decision for you and your family.

What does Renters Insurance Cover?

If you’re in the Denver area and you’re looking for an apartment, it can be a difficult search. Denver has one of the lowest apartment vacancy rates than it has ever had in the past. If you’re looking to give yourself an edge over some other possible tenants, already having renter’s insurance is an excellent way to do that.

Just like a traditional homeowner’s insurance plan, there are all different kinds of renters plans that you can choose from, some of them have more coverage, while others only protect necessary expenses. In this article, we are only going to explore some of the most basic renter’s insurance plans. This won’t be an exhaustive list of all the additional insurance that you can buy.

Inside of a renter’s insurance policy is four main types of coverage that are included.The first is personal property, which will help pay to replace the things that were damaged inside of the apartment or rental property. The majority of renter’s insurance plans are going to cover your belongings from the standard perils, like fire or theft.

The next two categories of coverage in a renter’s insurance policy are medical and personal liability. This portion would help you pay for someone else’s medical bills if something were to happen to them while they are in your apartment or home that you rent.This is only a small amount of coverage that is designed to help when the injured person decides that nobody was at fault.

One essential part that most renters don’t consider when they are buying a policy is the Additional Living Expense portion. This could be one of the best parts of your plan, and it’s vital that you have the coverage that you need. This is the part of your insurance plan that will help pay for any additional living expenses that you are required to pay if you can’t live in your apartment. For example, if something were to happen to the place that you’re renting, and you were no longer able to live there, then you would have to pay to rent another property, and that’s where your plan comes in.

Those are the four area of coverage that will be included in every renter’s insurance policy. All of them could save you hundreds of thousands of dollars if your home was ever damaged by a peril. In just about every case, a renter’s insurance plan is only a few dollars a few to get coverage for your property and all of the things inside of it.

Named Peril or Open Peril Policies

One important factor to consider when you’re shopping for renter’s insurance is the type of coverage and the perils that are covered under the plan. There are two ways that insurance companies look at peril coverage, either named peril or open peril, and each of them has very distinct characteristics.

The most common type of coverage is named peril plans. These will cover all of your belongings from any of the disasters that are specifically named on the policy. This could be anything from fires and smoke damage to any water-related damage. When you file a claim, you’ll have to prove that the loss came from one of the perils that are covered under the plan.

The other type of coverage is open peril, which will replace any of your property that is caused by any damage that is not specifically excluded from the plan. Instead of listed what types of damage they do cover, these plans will make a list of perils that they won’t cover, and everything that isn’t on that list, they will pay for. These plans give much more coverage, but they are going to be more expensive than a named peril plan.

Each type has advantages and disadvantages that you’ll need to consider based on the protection that you want. Each renter is different, and there is no one plan fits all that you can buy.

Longevity Brokers and Renters Insurance

At Longevity Brokers, we are dedicated to helping you get the best insurance coverage for you not only for your property but for your car insurance in Denver as well. We know that finding quality and affordable coverage can be difficult. There are dozens of different plans that all seem identical. Luckily, our agents are here to help you decide which plan is going to meet your needs.

If you have any questions about renter’s insurance policies for the Denver, Colorado area, please contact us today. We would be happy to answer those questions and connect you with the best coverage for you.

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