What to Know About Landlord Insurance in Colorado

As a landlord in Colorado, you're likely aware of the importance of insurance. Your livelihood depends on your property generating rent, so it's crucial to have the right coverage in case something happens. But what kind of insurance should you get?

This blog post will help explain landlord insurance in Colorado and provide tips on finding the right policy for your needs.

What Landlords Should Know About Insurance in Colorado

Did you know that Colorado is one of the top states for wildfires and hail storms? In fact, 20 of the largest 20 wildfires in the state's history have occurred in the last 20 years, according to Colorado.gov and Colorado consistently has more hail storms annually than 70% of states. In addition to the threat of wildfires, Colorado ranked number 10 for the most property damage claims caused by hail in 2021.

If you're a landlord in Colorado, it's essential to make sure your rental property is adequately insured. A landlord insurance policy can help protect your property from weather-related damage and other types of damage resulting from fire, theft, and vandalism.

There are several factors to consider when choosing the best policy for your needs, including the type of rental property you own, the location of your property, and the amount of coverage you need.

The most important thing to remember is that landlord insurance is not the same as homeowners insurance. Homeowners insurance typically covers properties that are owner occupied and not held as a rental. The coverages can be similar but a Homeowners policy might not pay damages to your home if it’s found to be tenant-occupied. When shopping around for landlord insurance in Colorado, there are three main types of policies to be aware of:

1) Dwelling Coverage

This type of policy covers the physical structure of your rental property. Dwelling coverage can protect against damage from fires, storms, and other natural disasters, such as hail and wildfire. It can also cover damage caused by tenants, such as accidental fires or water damage from burst pipes.

2) Personal Property Coverage

This type of coverage protects the personal belongings that you keep on the premises, such as furniture and appliances, you furnish for use by your tenants. If these items are damaged or stolen, your landlord insurance policy can reimburse you for their value.

3) Liability Coverage

This type of coverage can protect you from being held responsible for injuries that occur on your property. For example, if a tenant is injured while staying in your rental unit, liability insurance can help pay for their medical expenses. Liability coverage can also help if a tenant sues you for wrongful eviction or discrimination.

When it comes to the cost of landlord insurance, there are several proactive steps you can take to help reduce having to make a claim and keep your premiums low. Here are some tips to help you keep your property safe and your insurance costs affordable:

• Screen your tenants carefully. Thoroughly check references and run a credit check before approving any tenant. This will help you avoid problem tenants who are more likely to cause damage or disturb other residents.
• Keep your property well-maintained. Regularly inspect your rental unit and make repairs as needed. Doing so can help prevent minor problems from becoming big ones that could lead to a claim.
• Have a clear rental agreement. Be sure to include all the rules and regulations your tenants must follow. A good lease will help prevent disputes that could lead to lawsuits and a potential insurance claim.

Following these tips can help you avoid making a landlord insurance claim and keep your property safe and secure. If you need to file a claim, document everything thoroughly and work with your insurer to get the best possible outcome.

Last but certainly not least, make sure you’re getting the right coverage before investing in a landlord insurance policy. Check with your mortgage lender about any requirements for types of coverage, and then shop around to find the best coverage options for your rental property.

How to Find the Best Landlord Insurance Policy for Your Needs in Colorado

There are a few things to keep in mind when looking for landlord insurance in Colorado:

1. Make sure you understand the coverage you're getting. Don't be afraid to ask questions to ensure you're getting the right policy for your needs.

2. Be aware of the unique risks of being a landlord in Colorado. For example, because of the state's topography and weather patterns, your rental homes are at an increased risk for weather-related damage, such as wildfires and hail storms, and may require extra coverage.

3. Shop around for the best rates. Get quotes from multiple insurance companies so you can compare and find an affordable policy that gives you adequate coverage for your rental property.

4. Work with an experienced online insurance broker. A broker can help you navigate the process of finding and choosing a landlord insurance policy in Colorado.

One of the most significant benefits of purchasing landlord insurance through Obie rather than a representative from a single carrier is that you have access to a wider variety of options for excellent coverage.

Obie streamlines the insurance process by providing instant quotes in all 50 states with an easy-to-use online platform. As a result, landlords save 25% on average when getting their property coverage through the company, which is why more people are choosing Obie to get landlord insurance in Colorado and protect their investment.

Insurance brokers like Obie are the key to finding a great policy, and they can get you multiple quotes from various companies. This gives more options for what type of coverage might work best for your needs. In addition, online brokers often provide valuable insights into policies that captive on-site agents may not know so well or want to help their clients discover.

Ultimately, the choice of which type of agent to work with comes down to personal preference. Some landlords prefer working through an insurance broker because they offer flexibility and convenience, while others choose to work directly with a captive agent offering insurance from a single carrier.

If you're a landlord in Colorado, getting adequate landlord insurance coverage is important. The best way to do this is to compare quotes from multiple carriers and read customer testimonials before making a final decision. Doing so helps ensure you're getting the best possible coverage at the most affordable price.

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What Obie Customers are Saying

When looking for the best landlord insurance in Colorado, reading what other customers have to say about their experiences can be invaluable. For example, here's what several landlords recently said about purchasing insurance for rental property through Obie:

"What an easy and professional experience! I worked with Doug Bell. He was amazing. Great rate! Fast response!" - Esther L.

"I needed an insurance policy for my rental property. Obie Insurance was quick and prompt and gave me several quotes to review. I appreciate all the help that Doug Bell provided to me. He was excellent to work with. I'll use Obie for my insurance needs for other properties that I buy." - V. Pai

"Super efficient and friendly service. Not to mention excellent rates." - Rhett E.

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Get an Instant Quote From Obie Today

If you own rental property in Colorado or are thinking about buying, you know how important it is to have landlord insurance. But with so many options available, finding the right policy at the right price can be challenging.

That’s where Obie comes in. With a few clicks of the mouse, you can get instant insurance specifically built for landlords and real estate investors who are tired of waiting on paper applications or getting lost in endless back-and-forth with agents.

So what are you waiting for? Get an instant quote for landlord insurance from Obie today.