Get Colorado landlord insurance quotes, cost & coverage fast. CO rental property insurance protects your building from damages and you from liability if someone is injured on your property.
CO Landlord Insurance
Being a landlord can be a rewarding experience both in monetary and non-monetary terms. Landlords have many responsibilities - in addition to being accountable for the regular maintenance and upkeep of the apartments or buildings, landlords need protect themselves against a number of factors that may cause damage or loss to the rental property - and Colorado landlord insurance is very helpful for this purpose.
As a landlord - as opposed to a normal homeowner - you can be stuck with a very different set of problems regarding your rental property. Damage caused by tenants, extreme damage to the property, or personal injury that occurred on the property could leave you without the security of your renter's payments for any stretch of time. We know you depend on your tenants' rent as a steady source of income, that is why you need Colorado landlord insurance.
What Types Of Colorado Landlord Insurance Are Available?
There are various kinds of Colorado landlord insurance policies available on the market. Depending on your requirements, you can choose a single policy or a combination of policies to protect you and your CO properties from everyday risks. Following are some of the most important Colorado landlord insurance coverages available:
Property Insurance or Building Insurance: This is one of the most basic types of insurance that covers the building and its permanent fixtures. A permanent fixture is generally identified as a physical structure that cannot be removed without inflicting damage to the building. This insurance does not cover non-permanent fixtures, like washing machines. If you have those, you will need a policy that provides a comprehensive coverage.
Contents Insurance or Personal Property Insurance: Contents insurance is aimed at protecting articles that are stored within the apartment building. Items you own such as microwaves, stoves, refrigerators, furniture and laundry washer and driers that your tenants use could be covered.
Liability Insurance: There are variety of claims that could render you legally liable for damages as the owner of a CO rental property. If a claim is brought against you due to personal injury or damage to the tenant's belongings caused by your property, most Colorado landlord insurance policies can reimburse you for any legal liability up to your claim limit. You will also be protected for non-injury claims brought by your tenants, including wrongful eviction, wrongful entry, libel, or slander.
Flood Insurance: Commercial flood insurance is a must, if the property is located in a flood-prone area. Often the mortgage company will require it. Flood is a separate policy from your main CO property policy.
Loss of Rent Insurance: We know you depend on your renters' payments. If your rental property is declared unlivable due to extensive damage, your insurance plan will reimburse you for the cost of the rent your tenants would be paying you while repairs are completed.
What Does Colorado Landlord Insurance Cover?
The Colorado landlord insurance policy typically covers the property of the buildings you are renting out, including the dwelling and personal property you own and you keep on site to help maintain it. It also covers liability for another person's medical bills or your legal expenses if someone is injured on your property. Coverage generally includes:
- Dwelling: Helps protect the rental building itself due to damage by fire, lightning, wind, hail or other covered losses.
- Other Structures: Helps protect you against damages resulting from a covered loss to your rental property's detached garage, storage shed or fence.
- Personal Property: If you have lawn mowers, weed whackers, shovels or other tools onsite used to maintain your rental property, Colorado Landlord Insurance may help cover this equipment if it's damaged or stolen.
- Liability: If a tenant trips on the walkway to your rental property and a court determines that you failed to maintain the walkway, you could be held liable for your tenant's medical, legal and other costs.Here your landlord liability coverage may help pay for those expenses.
Extra Colorado Landlord Insurance Coverage
You may want to add optional coverages to your CO landlord policy. Some of the more popular ones are:
- Vandalism & Burglary - You may want extra protection to repair vandalism damage or replace items stolen from your rental (like appliances). Also, if someone vandalizes the property, those damages typically aren't covered by a traditional landlord policy unless you purchase an additional vandalism rider.
- Umbrella Policy - If you higher liability limits than the basic landlord policy offers, commercial umbrella can help. It is excess liability coverage that sits on top of your basic liability limit.
- Building Renovation - If you are you renovating your rental property, you can purchase special coverage to help protect it until it's ready to be occupied.
- Building codes - If you're repairing a part of your building after it's been damaged, you might be legally required to upgrade items like wiring, piping or ventilation because your municipality building codes may have changed since your property was originally built.
What Colorado Landlord Insurance Doesn't Cover
Landlord typically does not cover:
- Equipment Breakdown - If the furnace or dishwasher in breaks down, most likely you will have to pay out of pocket for any repairs.
- Property You Share - If you live in the property and rent out another part to a tenant, you're typically not eligible for a landlord policy, as landlord policies are for only for "non-owner-occupied" property.
- Tenant's Belongings - Colorado landlord insurance does not cover your tenant's personal possessions like furniture, computers. electronics, clothes, etc. Your tenants will need to purchase their own renter's insurance policy to cover their belongings.
How Much Does Colorado Landlord Insurance Cost?
How much does Colorado landlord insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:
- Location - The more dangerous your location is, for both natural and human risks, the higher premiums you will pay as there is a higher probability for claims.
- Building Size - The more square footage your property has, the more the premium will be.
- Deductible - The deductible is your out of pocket cost before your policy kick in. Lower deductible = higher premium, and higher deductible = lower premium.
- Security Precautions - Having a central fire alarm and security system can lower your premiums.
- Claims History - If you have made claims in the last 5 years your land lord insurance will cost more.
The amount of coverage provided by the insurance company can one of 2 types:
Replacement Cost - Replacement cost is a coverage that will pay you enough money to replace your belongings with "like kind or quality" up to the limit of the policy you have. This should not be confused with guaranteed replacement of your items; instead it's like kind or quality. So you wont get an upgrade to what you lost.
Actual Cash Value (ACV) - Actual cash value is the amount of money that the item was worth, minus depreciation for the wear and tear since you've had it.
Get A Colorado Landlord Insurance Quote
Being a landlord can be stressful and time-consuming, but you can eliminate one worry from your life. Contact us today to find out the best way to get protection for all of your CO rental properties. We always take into consideration how much your properties are worth and recommend insurance that will protect your income and assets if you are found at fault and sued.
Futher Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Landlord Insurance
- Types Of Insurance For Landlords
CO Landlord Insurance Quotes
Request a Colorado Landlord Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Landlord Insurance quotes, costs and information: California Landlord Insurance, Colorado Landlord Insurance, Delaware Landlord Insurance, Florida Landlord Insurance, Illinois Landlord Insurance, Kentucky Landlord Insurance, New Jersey Landlord Insurance, New York Landlord Insurance, Oregon Landlord Insurance, Pennsylvania Landlord Insurance, Texas Landlord Insurance, Washington Landlord Insurance.