Renters Insurance

Small Cost, Big Protection

Renters Insurance - Why we Require it

At Springs Homes, clear boundaries build mutual trust and a secure renting experience. A common misconception among residents is that the property owner’s policy protects everything under the roof—but it doesn't.

To ensure you have an ironclad financial safety net against unexpected events, we require all residents to maintain an active renters' insurance policy. Review the comparison chart below to see exactly how protection is split between the owner's structural policy and your personal resident safety net.

Your Safety Net Starts With Renters Insurance

Springs Homes for Rent insures the building — but that coverage stops at your front door. Renters insurance protects everything inside it: your belongings, your finances, and your peace of mind if something goes wrong.

Your lease requires an active renters insurance policy for the full duration of your tenancy, including any renewals or extensions. Under Colorado law (C.R.S. §38-12-504), you are legally responsible for damage to the property caused by yourself, your guests, or third parties. A solid renters insurance policy is the simplest way to make sure an honest accident doesn't become a costly dispute.

When setting up your policy, you'll need to list Springs Homes for Rent as an additional insured. We may ask for proof of coverage at any point during your tenancy, so keep that handy. Failure to maintain an active policy is a breach of your lease.

Renters Insurance Coverage Table

What renters insurance covers

Required by your lease — SHFR Residential Lease (02/01/2026) & Tenant Handbook §2

Coverage type	What it protects	Example scenario	Status
Personal property	Your belongings — furniture, electronics, clothing, and personal items inside the home	Fire or theft destroys your TV, laptop, and clothing	Required
Personal liability	Costs if someone is injured in your home or you accidentally damage property — medical bills, legal fees	A guest slips and falls; liability covers their medical and legal costs	Required
Water damage	Damage from sudden, accidental water events originating inside the unit	A washing machine hose bursts and damages flooring and drywall	Required
Toilet / sewer overflow	Damage from toilet or sewer line backup or overflow into the living space	A sewer line backs up into the bathroom, damaging flooring and belongings	Required
Backflow prevention	Damage caused by water backflow through the plumbing system	Municipal pressure changes force water backward through pipes, causing damage	Required
Loss of use	Temporary housing and living expenses if a covered event makes your unit uninhabitable	A covered fire forces you into a hotel while repairs are made	Standard

Pennies a Day. Thousands in Protection

Your landlord carries insurance on the building. Your neighbors who own their homes are paying $150 to $200 a month for theirs. You? Around 50 cents a day covers your belongings, your liability, and your peace of mind. Renters insurance isn't just affordable — it's one of the best-value insurance products on the market. At $15 to $20 a month, it costs less than a dinner out and protects far more than most people realize until they actually need it.

What does renters insurance actually cost?

Colorado market averages, 2025 — compared to homeowners insurance

You need this

Renters Insurance

Covers contents & liability

$15–$20 / month

~$180–$240 per year

Personal property & contents
$300K–$500K personal liability
Water, backflow & sewer coverage
Loss of use / temporary housing
No credit check or down payment

For comparison

Homeowners Insurance

Covers structure, contents & liability

$150–$200 / month

~$1,800–$2,400 per year

Dwelling / structure coverage
Personal property & contents
Personal liability coverage
Loss of use coverage
Requires mortgage / ownership

Renters — cost per day

$0.49–$0.66

Less than a cup of coffee

Homeowners — cost per day

$4.93–$6.57

10× more expensive

You save vs. homeowners

~$1,620

Per year, on average

For less than $0.66 a day, renters insurance covers up to $500,000 in liability and protects everything you own — at roughly one-tenth the cost of a homeowners policy.

Tenant Related Articles

Colorado's rental laws change frequently and your rights as a tenant matter. These articles cover the topics our residents ask about most — written in plain language, not legalese.

All Articles

Renters Insurance

Small Cost, Big Protection