There’s a lot you don’t have to deal with property wise when you’re renting a place, such as replacing the furnace yourself when it gives out in the middle of winter and dealing with the yard. However, one thing that you should look into is insurance. Homeowners insurance is most likely already on the house, but this doesn’t provide any coverage for your personal property within the home.
Instead of assuming that the landlord will take care of replacement, renters insurance is a type of insurance that protects everything a renter owns while you are in this property. The main consideration when choosing rental insurance is exactly how much coverage you need. One of the easiest ways to figure this out is to take a look at your available assets and make a list of their value. It is also helpful to set up a database with pictures and receipts associated with your asset inventory. This way the insurance company will know exactly what personal property you had, as well as the value when you purchased it.
Another advantage to renter’s insurance is that it’s cheaper than homeowners insurance, so you’re still winning out in that respect compared to owning a home. This is primarily because renter’s insurance in Parker, CO covers your personal property, and doesn’t have to cover the building itself. The landlord’s insurance covers that part if a disaster or fire occurs and it needs repaired or replaced. Once you have renter’s insurance setup, consider going with the same insurance company that currently holds your auto policy. This way, you get a multi policy discount and win out on rates.