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Everything You Need to Know About Renters Insurance

A document outlining coverage for personal belongings and liability in a rental property. Renters insurance is critical for safeguarding your belongings against unpredictable events, such as for instance, natural disasters, fires, or thefts. Despite the fact that it’s not legally required, renters insurance is a cost-effective way to protect yourself and your possessions, endowing peace of mind knowing that you are protected in an unexpected event. It mostly includes personal property, liability, and additional living expenses. With renters insurance, you can avoid financial hardship by having the necessary coverage to recover from a loss.

What is Renters Insurance?

Renters insurance is a very important policy that every renter should have. It furnishes personal liability coverage and covers the loss or replacement of your belongings when living in a rental home. Notwithstanding it may not be mandated by law, it’s highly suggested, as many landlords require it. These policies are not only very affordable but especially provide necessary protection for renters.

What Does Renters Insurance Cover?

Renters insurance covers personal belongings against theft, loss, or damage and liability for injuries in your rental home. It can also cover the cost of temporary housing if your rental home is damaged by a natural disaster. Policies actually vary and may encompass additional benefits, for instance, car coverage or reimbursement for stolen items while on vacation. Look into procuring a renters insurance policy that meets your unique needs.

How Do I Put Value on My Possessions?

To make certain of proper protection with renters insurance, know exactly the value of your possessions by trying to use apps or spreadsheets. Keep a list of your belongings and their value, purchase receipts for expensive items, and photos of everything you own. This way, you can make the claims process smoother and furnish you peace of mind.

What About Pets and Roommates?

Knowing the potential coverage and limitations of renters insurance regarding pets is advisable. While it’s not the usual, renters insurance can help cover your liability if your pet injures someone. But in fact, it’s worth noting that renters insurance won’t cover any damage your pet might cause to your personal belongings.

It’s, in like manner, advisable to note that multiple insurance providers have breed prohibitions and may not cover certain dog breeds or other animals. Consequently, it’s helpful to ask directly your provider to ascertain if your pet is covered or if there are any breed restrictions that you should learn about.

As regards roommates, not all tenants’ insurance policies routinely cover them. Plenty of providers may give you assent to add your roommate to your policy, while others may need them to get their own policy. It’s very important to apprehend that if you are both on the same policy and your roommate makes a claim, it may affect your insurance record and, as a result, your rates to go up.

Other Important Things to Know About Renters Insurance

  • Not everything is covered like damage to the dwelling, insect infestations, and natural water damage.
  • Natural flooding is mostly not covered, and a separate flood insurance policy may be mandatory if you live in an area prone to flooding.
  • When purchasing a policy, compare different options meticulously to make it a point you’re getting the right coverage for your needs.


Keen on finding a rental home in Fort Collins or nearby? Contact RPM of the Rockies today online or browse our available rental listings to find very fine homes in your area.


Originally Published on February 26, 2021

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