It can be a challenge to find good renters insurance in Colorado Springs, CO. But you arrived at the right place, here at Mikeal Taylor Insurance Agency. We do everything we can to reduce the hassles and give you piece of mind that you’re properly insured and protected as a renter.
As a potential renter, you have a lot to think about. You have to find a place that has all the amenities you want. You also have to make sure you are close enough to work and to family. If you have a pet, you have to find a place that will allow them to live with you as well. Probably the last thing you are thinking about during the whole process of finding a place is renters insurance. However, this is one thing you shouldn’t neglect. You are setting yourself up for disaster if you don’t have proper renters insurance (which is different than homeowners insurance). Read below to learn more about renters insurance and why it’s so important.
Contact us at Mikeal Taylor for a free quote. We ask you a few questions about your property, possessions, where you plan to rent, how long you are renting, etc. We then do our research to find you the right coverage at the best possible price.
Learn More: What is Renters Insurance?
When you move into a house or apartment as a renter, it is up to you to insure your possessions. That is where renters insurance comes in. You might assume you are covered by your landlord’s home owners insurance in the event of a disaster. Unfortunately, that is not the case. While the structure might be covered by your landlord’s policy, your belongings inside are not. Therefore, let’s assume your apartment catches fire. Your landlord’s policy will pay for a rebuild, but it won’t reimburse you for the loss of all your stuff. It also won’t help you if you have to pay to live in a hotel or move into another apartment while yours is being rebuilt.
Who Needs Renters Insurance?
Many renters feel they don’t own enough to merit getting renters insurance. In fact, according to a Money US News article, renters not thinking they own enough to cover is a common myth associated with renters insurance. However, you likely own more than you think you do. Imagine having to replace everything you own. Even if you feel your stuff isn’t that valuable, losing everything you own is a substantial hit for anyone. However, you need to look at not just what you own when considering renter’s insurance. You can learn more about this below.
What Does Renters Insurance Cover?
Renters insurance basically covers three main areas if your possessions are destroyed or stolen. They are listed here:
- Your Possessions: The first aspect of a typical renters insurance policy is coverage for your possessions. This includes not only your clothing. It also covers your furniture, electronics, jewelry and anything else you personally own. It is a good idea to take an inventory of what you do own. Store this list at a separate location, so if your place is destroyed you don’t lose your list.
- Liability Claims: There are other ways you can face hardship as a renter besides losing all your own. You can also be sued if someone is hurt while in your apartment. The best way to protect against this is to have a liability element within your renter’s insurance policy. This will cover you in the event you face a suit. The amount of liability coverage you need greatly depends on how many assets you have that could be put in danger by a suit.
- Extra Coverage For Valuables: You should probably consider an additional coverage for valuables if you own rare instruments or expensive sound equipment. You might also need additional coverage if you own furs, expensive clothing or fine art. If you own anything that might be more valuable than typical coverage would provide for, additional coverage is likely a good idea. We at Mikeal Taylor Insurance can help you decide if you need any additional coverage added to your renters policy.
How Much Coverage do You Need as a Renter?
The amount of coverage you need varies is based up upon how many assets you have and the value of your possessions. Our team is happy to work with you to determine the exact amount of coverage you need.
What is The Average Cost of Renters Insurance Cost?
Again, the cost of renters insurance varies depending on your possessions. The National Association Insurance Commissioners says typical coverage costs anywhere from $15 to $30 a month. As you can see from this number, renters insurance is typical very affordable. When you consider what might happen if you don’t have coverage, and look at the cost of buying a policy, it makes getting renters insurance the obvious move.
What Can Increase or Decrease Your Renters Insurance Costs?
There are some things that increase the cost of your coverage like owning a pet. Many companies reduce the cost of your premium if your building has burglar or fire alarms, sprinkler systems or deadbolts on all exterior doors. Most insurance companies also give discounts if you take out multiple policies with them.
We would love to help you find the perfect renters policy for you or any insurance coverage you need. Call us at Mikeal Taylor Insurance Agency today for a consultation and free quote.