Effective Coverage Protects Renters Across Colorado From The Mile High City To The City Of Gold Mines
Droves of people are moving to Colorado in 2018, for a variety of reasons. If you’re among those people, the chances are that you rent. Whether you live in Denver, Colorado Springs, Aurora, or any of the other cities and towns that dot the state, many people rent in Colorado. Whether you’re here for a few months or all year round, you’ll need a home. To get an apartment in Colorado, you’ll need renters insurance. Your lease is likely to require it, and your landlord will want to see proof of coverage before you move in.
Fortunately, Effective Coverage makes it easy to buy Colorado renters insurance and get instant proof of coverage. You can go online and buy a policy in about sixty seconds, or you can call (800)892-4308 and speak with an insurance expert. You’ll get customized coverage that meets your individual needs at a price you can afford.
Don’t forget that people who already have renters insurance look like better prospective tenants. That’s important because Denver has its lowest apartment vacancy rate ever, at around four percent. It’s can be hard to find an apartment in Colorado, even though apartment development continues at a rapid pace. Many apartments are being constructed in the luxury sector, with fewer new multi-family developments happening in other sectors of the market. Combined with the marked increase in new residents, the rental housing market in Colorado is stretched.
If you’re moving to Colorado in 2018, you should plan ahead. If you’re moving from out-of-state, consider working with a property management company. They’re used to making arrangements long distance. You can also consider apartments that are advertised online, but these tend not to last very long.
2018 Colorado Renters Insurance Guide Table Of Contents
- Who Is Effective Coverage?
- How Many Landlords Require Colorado Renters Insurance In 2018?
- Can I Afford Renters Insurance In Colorado?
- Am I Covered On Vacation?
- Does The Law Require Renters Insurance In Colorado?
- What Would Surprise Me About Colorado Renters Insurance?
- What Does Renters Insurance In Colorado Cover?
- How Can I Buy Colorado Renters Insurance Today?
- Bonus: Renting In Colorado And Your Rights
Who Is Effective Coverage?
Effective Coverage is the premier provider of Colorado renters insurance. After founder Eric Narcisco lost everything to a fire that he didn’t even start, he realized that no one was working to protect renters. On a mission to offer the kind of coverage that every renter deserves, Effective Coverage makes it fast and easy to get covered. Innovation has always been a key value for us, and it shows. Effective Coverage is the only place you can buy renters insurance from your cell phone or tablet in just sixty seconds!
Education is important to the company, as well. Nationally, fifty-six percent of renters don’t have coverage. The most common reason is that they don’t know it exists or they think it’s too expensive – but never tried to get a quote. There’s a great deal to know about renters insurance in Colorado, but it’s not nearly as complex as many people believe. We feel that protecting your family and your future should be easy.
How long does it take to get renters insurance? You can buy a policy online in just sixty seconds, or you can call and speak with an insurance expert to get covered in as little as three minutes. Yes, you can buy renters insurance before your cell phone battery dies.
Can you get renters insurance while you’re driving to your new apartment? Absolutely! We would, of course, prefer that you not be the one doing the driving while using your phone. But getting covered is quick and painless, and it might help pass a mile or two on your way to your new apartment in Colorado.
I just woke up in a panic at 3 AM because I realized I need renters insurance, can I buy a policy in the middle of the night? Of course. You can buy a policy and go right back to bed. You’ll probably even sleep better knowing that you have an advantage over life’s little crises.
How Many Landlords Require Colorado Renters Insurance In 2018?
Across Colorado renters insurance policies bear an “additional interest” designation. In recent years, it’s become commonplace for landlords and property managers to require residents to buy renters insurance and name them as the additional interest. This doesn’t give them any coverage, of course. It just makes sure that they’re kept up to date on the status of your policy. This is most common in Denver, Colorado Springs, and other larger cities, but the practice has been adopted by smaller landlords outside of cities as well.
What happens if the landlord requires Colorado renters insurance and you don’t comply? That varies by your lease terms and management company. Penalties may range from a few dollars a month due and payable as additional rent, all the way up to a notice to quit because you’re in violation of the lease. The fees usually cost about the same as having a policy would, and it’s never worth having your lease terminated just because you didn’t have renters insurance.
As an example, WillMax Capital Management owns and operates properties throughout Colorado. Every resident has to abide by the WillMax renters insurance requirement and maintain at least $100,000 of liability coverage on their Colorado renters insurance. Whether you live in one of our partner communities or elsewhere, an Effective Coverage policy is fast and easy. Instant proof of coverage can go to your landlord.
One of the reasons that so many landlords demand renters insurance is that the cost of insuring apartments has risen drastically. Commercial property insurance jumped almost forty percent in a single year and commercial liability insurance for apartment communities jumped even more. You having renters insurance means that the landlord’s policy can recover some of what they pay out if you cause damage, which helps to stem the tide of rising rates. Rising costs of ownership for apartments means rents will increase, and that’s bad for everyone. Requiring Colorado renters insurance actually benefits everyone.
Can I Afford Renters Insurance In Colorado?
Yes! Colorado renters insurance is affordable to everyone. The average price of a policy is about $15.00 monthly, or $187.00 a year. This means that everyone can afford the protection of renters insurance. Getting covered costs less than having a pizza delivered once a month. The median per capita income in Colorado is $33,563 – substantially higher than many states. It’s not difficult to budget renters insurance, and doing so means you won’t have to budget replacing all of your things after a fire or theft.
Renters insurance in Colorado is less expensive than in many states. Colorado allows you to reap the benefits of your good name, as well. If you’ve worked hard to improve your credit, for example, that can be reflected in the cost of your policy. There are other ways to get discounts as well. Fire protection is one important factor that is often overlooked. Each home has a “protection class” assigned to it that represents the fire risk at that location. You’ll get a discount for central fire alarm vs only a local alarm, as well.
You may not believe that you have much to protect, but you can’t afford to be without the coverage. If you’re young and planning a wedding or a future, many things can derail that. Do you want to spend your wedding budget to pay for the damage caused by letting your bathtub overflow into your neighbor’s apartment? Or for replacing all of your stuff after your neighbor has a fire and you suffer smoke damage? Just a few dollars a month protects your property and your future.
Am I Covered On Vacation?
While insurance is specific to your state, Colorado renters insurance doesn’t just protect you in Colorado. The policy is written to comply with the regulations in Colorado, but it follows you wherever you go. Your property is covered anywhere in the world, and liability travels with you as well. Why is that important? Life can happen anywhere.
If you’re on vacation and one of your small children is running around and knocks someone over, your liability coverage can kick in to pay for the injuries they suffered as a result of your child’s behavior. If you’re traveling and your laptop is stolen, coverage would apply – that’s true even if the laptop is stolen out of your car, because renters insurance in Colorado covers items that are stolen from your vehicle.
Your policy does more than protect your home. It offers you broad coverage that protects you and your family wherever you go. It’s this sort of peace of mind that makes renters insurance in Colorado so important. How many things in life can you just set and forget until renewal a year later? Most of the things that protect you require regular attention. Your insurance policy needs a quick glance come renewal time to make sure the coverage remains adequate, and that’s it. Quick, painless, and affordable.
Does The Law Require Renters Insurance In Colorado?
There is no law requiring Colorado renters insurance. Most of the time, a person who tells you that “the law requires us to…” is following company policy rather than any law and doesn’t actually know what they’re talking about. However, there is one thing that the law does require you to do as a tenant. You’re obligated to pay for bodily injury or property damage that you cause to someone else.
Those expenses add up quickly, and defending against the claim is expensive. Unless you live as a hermit, you come into contact with people every day. Accidents happen, even to the most careful of people. One misstep and you could cause serious injury to someone just by walking down the street. If you bump into someone and knock their MacBook out of their hand, you’ve caused them to suffer property damage for which you’re responsible.
You’re legally required to pay for those damages. Renters insurance in Colorado offers a defense against the claim and pays for the loss if you’re proven to be liable. Renters insurance is a good way to comply with the requirement that you make someone whole after causing them to suffer a loss, because neither the defense costs nor the damages are coming out of your own pocket.
What Does Renters Insurance In Colorado Cover?
There are four main types of coverage on renters insurance in Colorado. Each protects you in a different, yet equally important, way.
Personal Property coverage pays to replace things you own if they suffer damage or are destroyed by a peril listed in the policy. This means that after a fire or a theft, you can replace what you owned easily. Personal property coverage is important for you, but also for your kids. After a fire or other loss, children often cling to the familiar. When you can replace those familiar things, it’s easier for them to cope.
Medical Payments To Others coverage is designed for small injuries suffered by guests. This small coverage is designed to cover the loss when the injured party agrees that there is no fault to be found. If you have friends over for dinner, one of them helps you clean up, and a glass breaks in the sink, that’s a good candidate for a medical payments claim. You aren’t responsible for their injury from the glass, but it happened in your home and there is no real fault. Medical payments coverage prevents you from making an out-of-pocket “good faith” payment for their injury that might later look as if you were admitting liability.
Liability is the coverage that protects you when you have the most to lose. If you cause bodily injury or property damage to someone else, your Colorado renters insurance defends you against the claim and pays for the loss. These claims and the costs of defending against them can be significant, well into the six-figure range. The good news is that it’s incredibly affordable to add additional liability coverage to your policy. It’s also an excellent idea, especially if you have kids or other exposures.
Loss of Use pays for your hotel or another place to stay after a covered loss. When you can’t use your apartment because of the damage, where will you go? Colorado has thousands of hotels, but they’re all expensive – especially when you’ve just lost everything. Loss of use is there to protect you and help you maintain your standard of living while you’re recovering.
What Would Surprise Me About Colorado Renters Insurance?
- Medical payments to others coverage ensures that small injuries to a guest don’t turn into big problems – even if you’re not actually at fault for the injury.
- Liability covers even intentional acts of children under 13 years old. Just because they intended to do something doesn’t mean they fully understood the risks.
- Minor incidents can be covered under damage to property of others coverage. This small coverage is designed to pay a few hundred dollars to solve the problem without resulting in a liability claim.
- Colorado renters insurance pays for hotel expenses after a covered loss prevents you from using your apartment.
- It takes just sixty seconds to buy a policy on your phone or tablet with Effective Coverage!
- Renters insurance can cover water damage from broken pipes, freezing, overflow, and more. You can endorse water backup coverage onto the policy. Many people believe the exclusion for “flood” (water moving along, through, or under the ground) is more broad than it actually is. Read your policy for specifics, but several of the covered perils are water-related.
How Can I Buy Colorado Renters Insurance Today?
That’s the easiest question of them all! Just call Effective Coverage. You’ll speak with an insurance expert for renters who can help you determine the right amount of coverage and get you a policy that starts today. Proof of coverage can be sent instantly to your landlord. If you’re in even more of a hurry, or just prefer to work online, you can buy a policy in just sixty seconds right from your phone!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
Bonus: Renting In Colorado And Your Rights
Security Deposits In Colorado
There is no limitation in state law as to how much may be charged for a security deposit on an apartment. The law does require that the deposit be returned within a month after you move out, except for anything the landlord may withhold. If there are certain dangerous conditions requiring you to leave your apartment, the deposit may need to be returned to you within three calendar days.
Rent Increases In Colorado
If the landlord wants to raise the rent, notice must be given in advance. It’s also worth noting that the landlord can’t raise the rent in the middle of the lease – for retaliatory reasons, or otherwise. Your lease is a contract which is binding on both you and the landlord. At the end of the lease, the rent may be raised with notice. In addition, if you’re on a month to month lease, ten days notice of a rent increase is sufficient. Most people are better off with a long-term lease for this and for other reasons.
Landlord Retaliation In Colorado
We mentioned above that during a lease, the landlord can’t retaliate against you for exercising your rights. Examples of retaliation might include a rent increase, changing the terms of your lease, and decreasing services. If the landlord locks the door to an amenity on the property and gives keys to everyone but you, that’s likely a retaliation against you. If the action follows a complaint you make against the landlord, it’s assumed to be a retaliation against you and you can take action.
Colorado Renters Insurance In The News