Colorado Landlord Insurance Coverage

Landlord Insurance

Landlord Insurance

Landlord insurance protects property owners who rent out apartments, condominiums, and homes. Work with your agent at Holtman Insurance serving Aurora, CO, the surrounding areas, and the state of Colorado. Your agent will help to make sure you have adequate coverage for the risks of accidents, injuries, fires, natural disasters, and crimes, such as vandalism and theft.

Landlord Insurance Coverage Considerations

Landlords need insurance protection to adequately cover property losses and liability issues associated with rental properties that they own.

It is important to work with your agent to have sufficient replacement cost coverage. This helps to rebuild the entire building structure in the case of catastrophic damage.

Landlord insurance may provide financial compensation for rental income that is lost while repairs are being made for a covered loss. Additionally, landlord insurance may be extended to cover the legal costs of evicting tenants. Discuss the different options with your agent.

Requiring Tenants to have Renters’ Insurance

It is allowed under Colorado state law to require in the rental agreement that tenants have renter’s insurance to cover their personal property. If a landlord decides to make renters’ insurance a requirement, they must have the same requirement for all tenants to avoid illegal discrimination. When tenants have renters’ insurance, this is helpful in the case of serious losses. This may also reduce the insurance premiums paid for landlord insurance. Ask your agent about these specifics when deciding about this issue.

Short-Term Needs

For those that rent out a personal home for a short-term basis, such as a vacation home, or share the home with a renter, it is crucial to have landlord insurance for the rental period. Standard home insurance does not usually cover real estate that is fully or partially rented to others. Talk with your agent about these special needs.

Adequate Insurance Coverage

Having adequate landlord insurance is a critical necessity for rental-property owners in Colorado.

Make sure you have adequate insurance for the following risks:

  • Property Damage
  • Liability Issues
  • Loss of Rental Income
  • Eviction Costs

Contact your insurance agent at Holtman Insurance for help with properties in Aurora, CO, the surrounding areas, and across the state of Colorado, to get landlord insurance for all your rental properties.

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