Colorado Lessors Risk & Landlord Insurance

Lessor's Risk Only (LRO) Insurance is a type of liability coverage that protects a building owner from risks that may arise due to damage, injury, or lawsuits on a property leased to a tenant. It is designed for owners of leased commercial properties, such as retail complexes, warehouses, apartment buildings, and the like.



LRO can help you avoid legal costs and damages if someone gets injured or sues you on your premises. You may need LRO Insurance to safeguard your investment if you own more than 25% of leasable space within a building in Colorado or Denver.

At 3R Insurance Agency, we strive to provide our customers with the best coverage for their Lessor's Risk and Landlord Insurance needs. Our clients love us because:

• We provide the most comprehensive coverage for your property and tenants at an affordable rate.
• Our policies are tailored to meet your specific needs and risk exposures.
• We provide customer service that is fast, friendly, and knowledgeable.
• We have access to multiple markets and companies, ensuring you get the best coverage for your needs.
• Our expertise keeps you informed of changing laws and regulations that could affect your business.
• We always provide honest, reliable advice to help guide you in making the right insurance decisions for your property.
• We make the process of filing a claim easy, fast and stress-free.
• We offer flexible payment options to find the best plan for your budget.

Get in touch with us today to learn more about our Colorado Lessor's Risk and Landlord Insurance policies. We look forward to working with you!

It is essential for any landlord who owns and rents out their property as it protects them from legal costs, damages, and other risks. Colorado Lessors Risk/Landlord Insurance is recommended for:

• Apartment Building Owners
• Business owners who rent out their property for commercial purposes
• Landlords renting out single-family homes
• Real Estate Agents and Brokers
• Office Building Owners
• Shopping Center Owners
• College and University Campus Owners
• Retirement Community Owners
• Hotel and Resort Owners
• Industrial Complex owners
• Manufactured Home Park Operators
• Campground Operators
• Car Dealership owners who rent out their lot space for other dealers
• Nursing Home Facility Operators
• Vacation Rental Property Owners

Whether you own one rental property or several, it is essential to consider Lessor's Risk and Landlord Insurance coverage for your investments in Colorado.

Our Colorado Lessor's Risk and Landlord Insurance policies provide coverage for a variety of risks, including:

Liability Coverage

Liability coverage is an essential part of any lessor's risk insurance policy in Colorado. It will protect you from legal claims arising from bodily injury or property damage caused by you or your tenants on your rental property. Liability coverage can help pay for medical expenses, legal fees, and settlements or judgments if you are sued.

The amount of liability coverage you need depends on several factors, such as the size and location of your property, the number of tenants, and the type of activities that take place on your premises.

Property Damage Coverage

Property damage coverage helps protect the physical structure of your rental property and any improvements or upgrades you have made to it. This coverage also covers furniture, fixtures, and equipment that are rented with the premises.

Some policies may also provide coverage for lost rent and other expenses related to fixing or replacing damaged property.

Loss of Income Coverage

Loss of income coverage helps protect you if a tenant's lease is terminated due to damage or destruction caused by an insured event. It pays for lost rent and other related expenses until the property is repaired or replaced.

We can also provide coverages like business interruption, tenant discrimination, and personal injury liability. Our experts will work with you to create a comprehensive policy that meets your specific needs and risk exposures. Some of the most common include:

• Loss of Rents Coverage – This coverage pays for lost rent if your rental property becomes uninhabitable due to an insured peril.
• Tenant Discrimination Coverage – Helps protect you from claims of discriminatory practices made by or against your tenants.
• Personal Injury Liability Coverage – Pays for medical expenses, legal fees, and settlements or judgments if someone is injured on your rental property due to your negligence.
• Earthquake Coverage – Helps protect you from losses caused by earthquakes.
• Flood Coverage – Pays for lost or damaged property due to flooding. Colorado is relatively low risk for flooding, but it’s still important to understand your flood risk.
• Windstorm and Hail Coverage – Pays for wind and hail damage to your rental property.
• Burglary and Theft Coverage – Takes care of losses due to burglary or theft on your rental property.
• Equipment Breakdown Coverage – Pays for repairing or replacing equipment that breaks down due to wear and tear, power surges, or mechanical breakdowns.
• Cyber Liability Coverage – Helps protect you from cyber-attacks and data breaches.
• Credit Card Fraud Coverage – This coverage pays for losses due to credit card fraud on your rental property.

Beyond these coverages, we can also provide umbrella coverage to increase your liability limits and help you protect more of your assets.

Each landlord's insurance needs are unique and depend on several factors. When deciding how much coverage you need, consider these factors:

• The size of your rental property: Industrial warehouses require more coverage than a single-family residence
• The number of tenants: More renters can increase the risk of property damage and liability claims
• The type of activities taking place on your premises: A party venue requires different coverage than an office building
• Location of the rental property: Properties located in high-risk areas need more coverage
• The value of the improvements and additions: Upgrading your rental property requires additional coverage
• Building materials used: This affects the cost of rebuilding or repairing in case of a loss
• Potential tenant lawsuits: Liability insurance can help you protect against claims made by tenants
• Your level of risk management: Have you taken steps to reduce liability risks on your property?
• The local landlord-tenant laws: Make sure you're aware of the applicable regulations in your area
• The cost of living and rental rates: Higher costs may require higher coverage limits

By considering all these factors, you can ensure that your policy provides the right amount of coverage for your rental property.

The cost of Colorado landlord insurance depends on the type and amount of coverage you choose. It also varies based on your location, size of the property, and other factors. Generally, policies start at around $500 per year.

Other factors that can affect the cost of your policy include:

• Deductible – Higher deductibles usually mean lower premiums but more out-of-pocket expenses if you have to file a claim.
• Coverage limits – Higher coverage limits will cost more but also provide greater protection against potential losses.
• Discounts – Insurance companies may offer discounts for certain safety features, such as smoke detectors or burglar alarms.

By comparing quotes from different providers, you can find the most affordable Colorado landlord policy that meets your needs.

• Install safety features: Smoke detectors, burglar alarms and other safety measures may qualify you for discounts from your insurer.
• Review your coverage annually: Your needs may change over time, so it's important to review them and make sure you have the right amount of coverage.
• Consider an umbrella policy: An umbrella policy can provide additional coverage if you exceed your liability limits.
• Take steps to reduce risks: Educate tenants about safety and maintenance, screen tenants carefully and repair any potential hazards as soon as possible.
• Choose higher deductibles: Higher deductibles usually mean lower premiums.
• Look for discounts: Ask your insurer about discounts and loyalty programs that could help you save money.
• Bundle policies: Combining different types of coverage, such as auto insurance and landlord insurance, may qualify you for discounts or other cost savings.
• Shop around: Compare quotes from multiple providers to find the most affordable policy.
• Pay your premiums in full: Many insurers offer discounts for paying your premiums in full up front.
• Stay current on payments: Late fees can add to your costs, so make sure you always pay your premiums on time.
  

3R Insurance Agency is here to help you find the best Colorado landlord insurance policy for your rental property. Our experienced agents will compare quotes from multiple providers and customize a policy that meets your needs and budget. 



Contact us today for more information or to get started on your free quote.