Aurora, CO Renters Insurance is most likely required by your landlord. Just about every lease with just about every management company is going to require that you have renters insurance in Colorado, no matter which apartment community you live at. Most will require $100,000 of liability coverage. Some require $300,000 of liability coverage.
If you don’t have renters insurance in Aurora, CO, you’ll find that your lease offers remedies to your landlord. Those may vary based on the wording of the lease, but examples of these remedies can include:
- Small fines
- Large fines
- Enrollment in a liability waiver program which offers no coverage of any kind
- Enrollment in a master policy which provides liability coverage but no personal property coverage
- Involuntary adjustments in the length of your tenancy
There are other potential remedies, as well, but those are the most common. If the lease requires renters insurance, and you don’t maintain the coverage to indemnify the property owner for damage you cause to their building, that’s a material breach of the lease and can be handled just like any other material breach of the lease.
If you don’t have Aurora, CO renters insurance and there’s a loss, what do you do? Are you prepared to spend thousands of dollars all at once replacing all of your clothing, furniture, and electronics? Even if you have the savings to do that, you shouldn’t have to. There are better ways to spend that much money.
If you have renters insurance and there’s a fire or a theft, you just file a claim and replace the property. If your neighbor gets drunk and smokes in bed, should you have to pay to replace your own personal property? Of course not – you didn’t cause the loss. That’s what your insurance is for – to pay for catastrophic losses you couldn’t predict.
What happens if the fire is your fault and you lack renters insurance? You’ll be sued by the building owner for his deductible, by their insurance for the money they pay out on the claim, by everyone else in the building who suffered a loss as a result, and probably by a bunch of other people. Those lawsuits could drag on for years, and you’d have to pay your own lawyer.
If you do have renters insurance, however, the equation changes. The insurance company won’t just pay those claims, they’ll pay for the lawyer to defend against them. You don’t have to pay the lawyer for claims the policy would pay for, so long as you tender them to the insurance company in a timely fashion. You also won’t have the claims and the judgments following you forevermore.
If you don’t have renters insurance in Aurora – or anywhere else – you’re opening yourself up to a world of hurt. When it costs about fifteen dollars a month, and takes all of sixty seconds to buy renters insurance online, there’s no reason not to have the coverage. It’s cheap enough to fit into just about any budget, and it’s incredibly easy to get started. Just call (800)892-4308 or click to get covered - whether you need Aurora renters insurance quotes online or coverage anywhere else!
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