Renters Insurance Colorado
In 2013, the average estimated cost of renters insurance in Colorado was $162 a year. Compared to that the average homeowners insurance is $900 a year in Colorado, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Colorado
The landlord's policy does not cover renter's damages like burglary. There were 26157 burglaries reported in Colorado in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.
Renters Insurance Coverage Types:
Actual cash value policy:
This policy covers the depreciated value of the loss. For instance, that Personal Computers you bought for $1560 might only be worth $780 six months later – and that's all you're going to get for it.
Replacement Coverage Policy in Colorado:
- Using the same example, the insurance may not necessarily pay for the laptop, however you will get sufficient amount to buy another Personal Computers same as the lost/damaged one. The replacement cost insurance in Colorado costs around $40.5 more than the actual cash value policy.
- Considering Colorado median rent of $1240 per month, the average renters insurance of $10 per month is 0.81% of median monthly rent.
Estimated Renters Insurance for Different House Types in Colorado
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Colorado:
An average of $17.82 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.