If you are a homeowner or renter, one project you might want to undertake is creating a video or photo inventory of your key household goods and personal belongings. Even with the insurance coverage you have, many of us often don’t maintain a list of these items or have readily available receipts for them. However, with today’s technology and wonderful quality of camera’s on our phones, you can create a “visual” inventory of your most valuable items for a property damageclaim. This information can be used to pay you replacement value if lost, stolen or damaged by such disaster as fire or water damage.
As a homeowner, your homeowner’s policy will cover these items. If you are a renter, your landlord’s insurance doesn’t cover your belongings, so if you suffer a loss, the replacement cost could be substantial. If you don’t have renter’s insurance, you may want to consider purchasing rental property insurance.
Am I Required to Have Renters Insurance?
There is no federal or Colorado state law requiring a tenant to have renters insurance. It is within a landlor’s rights to require this as part of a Colorado residential lease. This requirement must be stated in the rental agreement and it must apply to all renters. Therenters insurance requirment may even require a certain level of insurance coverage, provide proof of coverage and require that the tenant maintain the renters policy for the duration of a lease.
17 Items Worth Protecting With Rental Property Insurance
- Sports Equipment
- Home Furnishings
- Musical Instruments
- Home Office Equipment
- Video Game Collections
Just as we are encouraged to have annual medical check-ups, you should consider having your insurance coverage on your home, condo, townhouse or apartment reviewed. If you have coverage, your agent should be proactive in reaching out to you to undertake such a review. Taking the above steps will help you avoid the need for a property damage attorney.
This article is intended for educational purposes only and not as legal advice. Neither I, nor the other attorneys at Evans Case, LLP, nor any person or entity that I or any such firm represents, has agreed to enter into any agreement, or to incur any obligation, nor has any attorney/client relationship been created by e-mail, fax or other electronic means unless specifically and expressly so provided. No attorney/client relationship exists in the absence of an executed engagement letter or fee contract.