Colorado Landlord Insurance
Colorado landlord insurance is necessary whether or not there is a tenant living within the property. There will always be a time in which a rental property will be vacant. As a landlord, there are going to be periods of time in which a property is vacant longer than you would like for it to be.
If you are a Colorado landlord with a vacant property, you will need to notify your Colorado landlord insurance company to let them know that it is vacant. You will, however, have to make sure you maintain the home insurance on it because you never know when someone is going to break into it and damage it. You will need to be insured against those damages.
You may wish to talk to your Colorado insurer about a basic policy that will protect against such perils as fire, lightning, earthquake (depending upon where you live), aircraft, and explosions. Anything that deals with tenants inside the home does not have to be an issue since no one will be there. Keep in mind, however, that the right tenant can come by any day.
The purpose of basic landlord property insurance coverage in Colorado is so that you can save money while no one is in the home, but the moment that the property is occupied, you will need to reinstate all of your property insurance so that you are protected against all perils, including those that are caused by tenants.
However, you may have to meet a number of requirements if your property is going to be vacant for a while. For instance, you may have to check on the property every couple of weeks and log any changes to the property. These changes will be reported to your Colorado landlord insurance company. You may even be required to do such things as turn off the gas, electric, and water, so that the chances of certain perils are reduced.
You can add contents insurance to your Colorado landlord insurance to protect any contents that you have within the home. Your tenants can also take out contents insurance to protect their own. You can cover any of the contents within the property that you own.
Filling the Vacancy
You will eventually fill the vacancy, which means you will need to amend your current insurance policy to cover the fact that there are tenants within it. This means turning the utilities back on and making sure you have all of the appropriate limits in place. Everything will be back up and running so that you are adequately protected while you have tenants within the property.
The changes to your Colorado landlord insurance is something that you don't want to forget to do because, although you pay less if you opt for basic coverage while the property is vacant, you won't get the coverage on the Colorado property that you need if an incident were to occur. You don't want to be the landlord who can't cover all of the damages.
Malicious damage coverage is something that you can add on to your Colorado landlord insurance. It is protection that protects you against the damage that a tenant can maliciously inflict upon a rental property. Although some tenants won't do this, you may have tenants who will. As a Colorado landlord, you have to protect your investment as much as possible.
You may be able to claim up to a limit and that is it. Because this is a risk that the Colorado landlord insurance company is taking, they have to control the amount of risk. Making a claim could also result in an increase in your premium, but it is always there if you need it. You can consider the fact that your Colorado landlord insurance will most likely pay more than your total premium payments, which means you are saving money.
There may even be certain instances in which the Colorado landlord coverage will only provide malicious damage coverage if renting to a professional. You may not be able to get it if you rent to students or to those receiving rental assistance from a government or state entity. Students and those receiving benefits are those who tend to be considered high risk, so there may be limits as to what you can do, but it is always worth a try.
Make sure you have at least basic Colorado landlord insurance on your rental property so that you can provide yourself with some financial protection. See if malicious damage coverage is available to you and make sure you cover every possible peril that could happen to you. to find the best rates, check out insurance quotes on different policies that are offered so that you can establish the best limits for you for the budget you are working with.