We love to take every short-cut we can find when it comes to saving money, right? Especially with Denver rent being so high for homes and apartments, it seems like a bad idea to spend even more hard-earned cash on renter’s insurance.
However, if you don’t invest in that now, you may be hurting because of it later. Here are the 4 reasons you need to have Denver Renters Insurance as soon as possible.
While it’s true that in most cases, a landlord will cover the costs of most environmental damage to your apartment, such as water damage or weather issues. Not all will, but you’ll be able to find that in your contract. More importantly is what landlords don’t cover… and that’s your stuff. If there is damage to actual building, you might be fine, but if anything you own is damaged or destroyed in the process you’re out of luck with insurance.
Renter’s insurance is different from the insurance that a landlord has. It doesn’t just cover the actual damage to your dwelling, but the things inside of it. This can include your electronics, valuables, furniture, and even toys. All insurance plans are different, but they usually help cover lost money in the event of robbery, too.
Many landlords actually make it a requirement in your rental agreement and contract to have renter’s insurance, and continue to pay for coverage for the duration of your lease. Of course, not everyone notices this fine print, or remembers this detail months into the leasing period, so it gets overlooked easily and you may suffer from coverage lapses.
The danger of this is you are at risk of being discovered and evicted for violating your rental agreement. Any time you break the rules of your lease, such as letting your renters insurance coverage run out, you run the risk of losing your home and/or other belongings involved in the contract.
Many rental insurance plans will cover living costs if severe damage makes your rental property unable to be lived in. This could be due to a severe bug infestation, a tornado, mold, or anything else that is covered in your plan. They will pay for your temporary living situation as well as replace the lost belongings.
It’s important to be aware what exactly your policy covers, and for how long, before making arrangements for your alternative living conditions.
An extra $100+ a month (sometimes cheaper, depending on your policy) may seem like a big price, but compare it to the potential monetary loss in the case of tragedy and damage. Would you rather have to pay several thousands later to replace, repair, or recover lost property… or pay a little bit now and be covered for the rest of your lease? At the end of the day, renter’s insurance coverage is very affordable, and the costs are usually pretty low for what all they cover.