Let’s say you recently moved into an apartment. The furniture is situated accordingly, the internet runs the way it should, and your fridge is fully stocked (at least for the time being). Aside from paying rent, is there anything else you need to do right now?

Our staff at Gateway Place Apartments recommends that tenants get an insurance policy to cover their belongings. Contrary to popular belief, a tenant is not covered by their landlord’s policy. With that in mind, here are five reasons to get renter’s insurance:

It’s affordable

Just because you’re on a tight budget doesn’t mean you can’t afford renter’s insurance. In Colorado, the average price of a policy is about $15 a month (less than $200 a year). Keep in mind that your actual cost will depend on factors such as how much coverage you need, the type of coverage you choose, and the deductible.

It covers losses to personal property    

Take a long look around your apartment, paying close attention to personal belongings. Do you really have the money for new clothes, jewelry, computers, furniture, and electronics in the event of a burglary? No tenant wants to dip into their savings account to replace personal property.

This is where renter’s insurance comes into play. A standard policy covers losses from theft, smoke, fire or lightning, hail, as well as the weight of ice, snow, or sleet. Just know that losses resulting from floods are not covered in standard policies.

Some landlords require it

More landlords today are requiring tenants to purchase their own renter’s insurance policies. Think of it this way: Your landlord’s insurance covers the apartment complex itself, but not what’s inside your specific unit. If you find out that renter’s insurance is, in fact, required, be sure to ask your landlord for recommendations.

It provides liability coverage

This is a big one. If someone is injured while in your apartment, the inherent liability falls on your plate. You can feel comfortable knowing that most standard renter’s insurance policies provide at least $100,000 of liability coverage.

It covers your belongings when you travel

Here’s a fun fact — renter’s insurance covers your personal belongings regardless of their location. Whether you’re relaxing in your place, commuting to work, or taking an international vacation, your possessions are covered. Pretty comforting, right?

The Best Apartments in Greeley

Now that you understand the importance of renter’s insurance, let’s briefly talk about Gateway Place Apartments in Greeley. Our units feature cozy wood-burning fireplaces, spacious walk-in closets, as well as private balconies and patios with ample storage. Then there’s the complex itself, which has everything from a fitness center and swimming pool to an extra large private dog park and pool table.

At Gateway Place, we want your apartment to feel like home. With various floorplans (The Thompson, The Poudre, and The Colorado) available, you can rest easy knowing that we have a unit to meet your needs.

Gateway Place sets the standard for apartment living in Greeley. Contact us today to schedule a tour.