Average Cost of Renters Insurance in Westminster, CO

According to a 2012 poll by the Insurance Information Institute, around 96% of homeowners had homeowners’ insurance–compared to only 31% of those who rent an apartment or home. Why the gap?

Experts agree that renter’s insurance is worth it; the additional security it provides can mean the difference between an inconvenience and a financial disaster. Here’s what you need to know when deciding whether or not to purchase a renter’s policy.

1. What Renter’s Insurance Covers

Every policy varies, but most renter’s insurance policies cover the following:

  • Personal possessions. If your property is damaged because of fire, vandalism, theft, or water, your renter’s policy will cover them up to specified limits.
  • Liability coverage. This feature protects you against liability in case another person is injured or their property is damaged by you or your family members.
  • Living expenses in case of disaster. If a fire, water leak, or other issue makes your home unfit to live in for awhile, this type of policy often covers a hotel room, food, and other expenses incurred as a result.

2. Can I afford it?

The good news is that renter’s insurance costs significantly less than homeowners’ insurance policies, because you’re not insuring the structure of the building itself. According to TheSimpleDollar.com, depending on the limits of the policy, most renter’s policies average $185 per year–that’s just over $15 per month to cover your personal property. Most would agree that’s a very worthwhile investment.

3. Comparing Options

When purchasing renters insurance in Westminster, CO, your best bet is to talk to an independent agent who can get you quotes from several different insurance companies and go over the specifics of each potential policy with you so you understand exactly what is and isn’t covered. Thankfully, finding the perfect renter’s policy doesn’t have to be a headache–it just takes a little time and effort to make sure your investment is protected.