Why Should a Renter Have Insurance
March 9, 2020
Why Does my Landlord Care if I Have Renter’s Insurance?
If you’ve been a renter for more than a couple years, you’re probably aware that most landlord and property management companies require you to carry renter’s insurance. You’ve probably asked yourself, why does it matter to my landlord? In most cases your landlord is only requiring you to carry one type of insurance and that’s personal liability insurance. Personal liability insurance is built into almost every renters insurance policy. Therefore, it’s easier for a landlord to simply ask that you get a renter’s insurance policy. Mandating that you carry personal liability coverage is a way for the landlord to protect themselves financially from certain losses. You, the tenant, should be the named insured on a renter’s insurance policy. It’s not uncommon that your landlord or property manager asks to be named as an additional insured or an additional interest.
Let’s say your dog bites and injures a neighbor. The neighbor might file suit against you, for being the dog’s caretaker. They may also sue the homeowner and property management company for allowing you to keep a ‘dangerous’ dog. If the landlord and property management company are both additional insureds on the policy, it provides them with coverage as well.
Renters insurance is a great value and provides additional coverages to you, then just liability. The typical renter’s policy includes three major coverages. The first one being liability, the other two are personal property and loss of use.
Personal Property is the coverage that most people think of, when they think of renter’s insurance. This is coverage for your stuff. Personal property covers your clothing, furniture, tvs, home décor and just about everything else in your home, with some exceptions. Most policies have a minimum requirement for personal property of around $5,000, however, the average person owns over $20,000 in personal property. If there was a fire in your home, how financially devastated would you be? Would you be able to repurchase all your things? Renter’s insurance provides coverage for your things in the event of a loss such as theft, vandalism, fire, wind, and other losses.
Loss of Use is the third coverage that makes up a typical renter’s policy. Loss of use pays for your additional living expenses in the event of a covered claim. Imagine waking up to a burning building! If you have a renter’s policy with loss of use, you could check into a hotel and have somewhere to live until you find replacement housing and it will likely be paid for (up to your policy limits).
Renter’s insurance provides several great coverages and is one of the least expensive insurance policies you’ll ever purchase. In fact, oftentimes, the cost of renter’s insurance is less than the discount you receive on your auto insurance, when you bundle with the same company. This means renters insurance may cost you nothing additional a month than what you currently pay for car insurance! The team at Premier Mountain Insurance
are happy to help you with your renter’s insurance, as well as auto insurance and life insurance.
Call or text today! 303-452-6662. You can also purchase coverage directly from this link!
Coverage is dependent on policy language and claim scenario. Talk to your agent or claims adjuster for specific information regarding your claim.
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Understanding Denver Landlord Laws: A 2025 Guide for Property Owners Navigating Denver’s landlord-tenant laws is crucial for property owners to ensure compliance and maintain positive relationships with tenants. Recent legislative changes have introduced new responsibilities and protections, making it essential for landlords to stay informed. 🏠 Residential Rental Property Licensing in Denver As of May 3, 2021, Denver requires all residential rental properties—whether single-unit, multi-unit, or accessory dwelling units—to obtain a rental license. This initiative aims to uphold minimum housing standards and enhance tenant safety. To obtain a license, landlords must pass an inspection conducted by a third-party company. Renters can verify online if their residence is properly licensed. 🛠️ Warranty of Habitability: Tenant Protection Updates Effective May 3, 2024, Senate Bill 24-094 introduced significant changes to Colorado's warranty of habitability laws, enhancing tenant protections. Remedial Action Timelines : Landlords must initiate repairs within 72 hours for non-emergency issues and within 24 hours for conditions that materially affect health or safety. Completion Deadlines : Repairs should be completed within 14 days for standard issues and 7 days for emergencies, unless circumstances beyond the landlord’s control prevent timely completion. Tenant Notice : Landlords are considered to have notice of an issue if there is any written communication indicating the condition exists or may exist. Comparable Housing : If a unit becomes uninhabitable, landlords must provide a comparable dwelling unit or hotel room for up to 60 days. Record Keeping : Landlords are required to maintain records of all communications and actions taken regarding habitability issues. 🐾 Pet Ownership and Rental Policies Starting January 1, 2024, House Bill 23-1068 introduced new regulations concerning pets in rental properties: Pet Deposits : Landlords can charge a refundable pet security deposit up to $300 per pet. Pet Rent : Monthly pet rent is capped at $35 per pet or 1.5% of the monthly rent, whichever is greater. Insurance Considerations : Insurance companies cannot refuse coverage or increase premiums based solely on a dog's breed, unless the dog is known ⚖️ Eviction Protections and Lease Terminations House Bill 24-1098, effective in 2024, established stricter regulations for evictions and lease terminations: Just Cause Requirement : Landlords must provide a valid reason to evict a tenant or refuse to renew a lease, preventing arbitrary lease terminations. Retaliation Prohibition : Landlords are prohibited from retaliating against tenants who exercise their legal rights, such as reporting uninhabitable conditions. These protections aim to provide tenants with greater housing stability. 🏘️ Shared Housing and Occupancy Limits House Bill 24-1007, effective in 2024, removed restrictions on how many unrelated individuals can live together in a rental property. This change allows more flexibility for shared housing arrangements, helping families and roommates manage housing costs. 📃 Lease Agreement Restrictions Recent legislation has introduced limitations on certain provisions in residential lease agreements: Prohibited Clauses : Lease agreements cannot include waivers of the right to a jury trial or the right to pursue class-action claims. Utility Charges : Landlords cannot charge fees for utilities or services that are considered part of the rent. Fee Markups : Landlords can only mark up third-party service fees by 2% or $10 per month, whichever is less. 📌 Resources for Landlords Denver provides several resources to assist landlords in complying with local regulations: Residential Rental Property Licensing : Information on obtaining and maintaining a rental license. Tenant and Landlord Resources : Guides on tenant rights and landlord obligations. Business Licensing Center : Access to licensing applications and support. Staying informed about Denver's landlord laws is essential to ensure compliance and foster positive tenant relationships. By understanding and adhering to these regulations, property managers and landlords can contribute to a fair and equitable rental market in Denver. We stay on top of the laws so our homeowners down have to. Let us know if you need property management services!
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