6 Tips To Find Cheap Renter's Insurance In Denver, CO

Monday, 12 July 2021 11:20

Whether you're renting a home or an apartment, renter's insurance is a must. It's a standard requirement for many landlords and you'll be glad you had coverage if your personal belongings are damaged or stolen. If cost is one of your top priorities, you're probably wondering, "How can I find cheap renter's insurance in Denver, CO?"

With our guidance, we'll help you understand how to accurately compare policies and guide the best price for your needs.

How Expensive Is Renter's Insurance?

Compared to auto, home, and life insurance policies, renter's insurance is already inexpensive. The average cost for renter's insurance in Colorado is approximately $13/month or $156 for the year (NerdWallet).

However, many factors can influence the cost of your renter's insurance policy. These may include:

  • The location of your residence
  • Protective features (e.g., security systems, smoke detectors, etc.)
  • Your credit
  • The amount of coverage you need
  • Local fire protection
  • Your claim history
  • Your home-based business
  • Policy add-ons (e.g., inflation coverage, medical payments to others, etc.)

How To Find Cheap Renter's Insurance In Denver

Yes, renter's insurance is already one of the most affordable policies you can purchase. But, you can make your coverage even more affordable! Just follow these 6 tips:

1. Create An Inventory Of Your Belongings

Standard renter's insurance policies will typically include 4 basic types of coverage:

  • Personal property protection - If your possessions are damaged in a covered peril, this coverage will help cover the costs to replace or repair them.
  • Liability coverage - Coverage for legal expenses related to incidents in your home.
  • Medical payments coverage - To cover injuries that guests may sustain while on your property. This coverage is typically grouped with liability.
  • Additional living expenses coverage - To cover living expenses while your home is being repaired following a covered peril.

Since your policy will cover your personal belongings, it's a good idea to take inventory of all of your stuff. After all, your coverage will be calculated based on the value of your possessions.

2. Identify High-Value Items

As you take inventory of your home, remember to take note of any high-value or specialty items you may have. These may include things like jewelry, electronics, paintings, musical instruments, heirlooms, and more.

Homeowner's and renter's policies typically have "special limits" for certain high-value items if they are stolen (III). For instance, a renter's insurance policy could have a special limit of $1,500 for the amount of jewelry that can be insured. This special limit means your insurer will not pay more than the amount specified for any given piece of jewelry.

3. Acquire Discounts When Possible

You don't have to pay full price for your policy. There are many types of policy discounts that you may be entitled to. These discounts could include:

  • Bundle & Save Discounts - When you have multiple policies with one provider, you'll often get a discount.
  • Safety Discounts - Does your apartment have safety features like a burglar alarm or a deadbolt on the exterior door? If so, these features can help you save money. If not, ask your landlord if these features can be installed.
  • Payment Discounts - These might be smaller discounts, but they can add up in your favor! Insurers may offer discounts when you go paperless or enroll in auto-pay.
  • 55 And Retired Discount - Are you retired and over 55? Assuming you're renting and not actively seeking full-time employment, you may get up to 25% off your premium.

If you qualify for discounts, make sure the quotes you get include them.

4. Choose A Higher Deductible

Whether you're buying car insurance, homeowner's insurance, or renter's insurance, asking for a higher deductible can help you get a cheaper premium. This is mainly due to the fact your insurer will have to pay less money in the event of a claim.

For your reference, let's assume you choose a $1,000 deductible for your policy. If you file a claim for $1,500, your insurer subtracts that deductible from your claim and sends you a check for $500 (if the claim is approved).

Deductibles typically range from $250 to $2,000 when buying renter's insurance. When choosing your deductible, make sure you're comfortable with the trade-off.

5. Consider An Actual Cash Value Policy

If you're trying to squeeze every penny, then you may want to consider purchasing an actual cash value (ACV) policy over a replacement cost (RC) policy. Why? Because RC policies are more expensive than ACV policies.

An RC policy provides more financial protection in the event of a loss. Quite literally, it covers the costs to replace your items with similar new ones.

On the other hand, an ACV policy will take into account depreciation and everyday use when determining the value of your damaged property. Your premiums will be lower, but so will your payouts.

The trade-off between these two policy types is very important to keep in mind.

6. Gather And Compare Multiple Quotes

If you've ever shopped around for insurance before, then this should feel like a no-brainer. Gathering multiple quotes from various insurance companies will help you find the best possible prices for your needs.

We know what you're thinking: "Will the price really change that much depending on the insurer?" Yes, it will. Insurance companies use different formulas to calculate rates.

We recommend you acquire at least 3 quotes from different companies (all with the same coverage limits and deductibles). You can use those quotes to find the best policy price for your needs.

Request Your Quote For Renter's Insurance In Denver, CO

If your apartment needs quality coverage at an affordable price, you've come to the right place. At the Adler Insurance Group, we'll work closely with you to draft an affordable and highly personalized renter's policy that meets your needs. And whenever you need to update or change your coverage, our agents are just a phone call away.

Contact Adler Insurance Group today to get your FREE quote for cheap renter's insurance in Denver, CO.