Landlord insurance in Colorado Springs, CO
Landlord insurance in Colorado Springs protects a rental property you own but don't live in. It covers the building's structure, your liability as the owner, and the rent you lose after a covered claim, protection a homeowners policy drops once you rent the home out.
Trusted insurance service for landlords in Colorado Springs CO
Protect your investment in Colorado Springs' busy rental market
Colorado Springs landlord insurance matters for property owners in Colorado's busy El Paso County. As the county seat and a rapidly growing city, Colorado Springs offers a rental market ideal for investment. Steadily provides fast and affordable insurance policies to protect your properties. By ensuring you have the right coverage, you can confidently manage your rental property without worrying about unexpected perils like wind or fire damage. Whether you own a single-family home or multiple rental properties, it's crucial to have solid coverage. Learn more about the average rent in Colorado Springs.
With notable landmarks like the U.S. Air Force Academy and the growing local economy driven by major employers, Colorado Springs is a strong rental market for landlords. Ensure your properties are protected against property damage and liability claims, and secure lost rent coverage to protect your income. As part of a landlord-friendly state, landlords benefit from favorable property maintenance laws. Offer confidence with:
- Property damage protection
- Liability coverage
- Lost rent insurance
Who needs landlord insurance in Colorado Springs CO?
Landlord insurance is a policy for people who rent their homes to others. It is NOT homeowners insurance, and should not be used to cover your primary residence.
You may need landlord insurance if you:
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Colorado Springs's rental market
Roughly 39 percent of occupied homes in Colorado Springs are rentals, about 76,600 households in all, at a median gross rent around $1,562 and $1,504 for two bedrooms. Those numbers set what you stand to lose when a claim takes a unit offline, which is the part of a landlord policy owners tend to skim.
Colorado Springs's individual-landlord pool runs to roughly 34,100 homes: about 24,900 single-family rentals and around 9,260 units in small two-to-four-unit buildings. Supply sits near 4.2 months, a reasonably balanced market by recent standards.
Two exposures shape pricing here: hail, which makes Colorado one of the most expensive hail states in the country to insure, and roof age and material, which hail carriers weigh above almost anything else. As for the rules you operate under, You have 30 days after a tenancy ends to provide the deposit back or a written statement of the deductions, and wilfully holding a deposit past the deadline can expose you to treble damages plus attorney fees, and missing it forfeits your right to keep any of it. Colorado has no statewide rent cap.
What does coverage cost for a Colorado Springs rental?
Landlord coverage typically prices above a comparable homeowners policy in the same market. The gap exists because the policy takes on rental income and owner liability that a homeowners form excludes. That is a generalization from public data, not a quote, and it should not be read as what your property would actually cost.
What matters more locally is what it would cost to reconstruct the building. Median sale prices in Colorado Springs sit near $459,696, which gives a sense of scale, but you insure to rebuild cost rather than to market value. In this market the biggest single swing factor is hail exposure and the age and material of your roof, which drive Colorado premiums more than square footage. Size, construction type, the age and condition of the roof, year built, claims history, deductible, the coverage limits you pick, and local risk all move the number. A quote on your specific property is the only way to see a real figure.
Landlord insurance coverages in Colorado Springs CO
We cover a wide range of risks, or you can choose a limited set of coverages for a lower premium
Wind and hurricane
Steadily covers wind and hurricane damage to the structure of your rental, from a stripped roof and broken windows to siding torn loose and a tree through the wall, plus the rental income you lose while it's repaired.
Riot & civil commotion
Steadily’s landlord insurance covers property damage from riots and civil commotion, including broken windows, structural fires, and looted common areas, so the repair costs don’t fall entirely on you. Documentation connecting the damage to the civil unrest is required.
Vandalism & burglary
Steadily covers malicious damage to your rental from vandalism and break-ins: broken doors and windows, defaced surfaces, damaged fixtures and appliances. A police report is typically required to file the claim.
Loss of rent
When a covered event makes the unit temporarily uninhabitable, Steadily’s loss of rent coverage replaces the income you’d lose while repairs are underway, whether the cause is a fire, a burst pipe, or storm damage.
Storm and hail
Steadily covers storm and hail damage to the structure of your property, including roof punctures, dented or torn shingles, broken windows, and damage from fallen trees and debris, up to your policy limits.
Water
For sudden water damage events such as burst pipes, plumbing failures and appliance overflow, Steadily covers the structural repairs and lost rental income if the unit can’t be occupied while the work is done. Flood damage from rising water requires a separate policy.
Legal liability
Landlord liability insurance pays medical bills, legal defense, and settlements when a tenant or visitor is injured at your rental and holds you responsible. It's built into every Steadily landlord policy in all 50 states with $300,000 to $2 million per occurrence, typically adding $200 to $400 a year to the bundled premium.
Fire
Steadily covers structural fire damage, smoke damage, personal property you own at the unit, and lost rental income while repairs are underway. That includes fires started in the kitchen, by the wiring, by a tenant, or by a wildfire nearby.
Frequently asked questions
What does a Colorado Springs landlord policy include?
Three things: the structure, landlord liability, and lost rental income during a covered repair. What it leaves out catches owners more often, since tenant possessions sit on the tenant's own renters policy and flood damage requires separate coverage.
What makes one Colorado Springs rental cost more to insure than another?
Insurers are rating the specific structure rather than the ZIP code. The factor that matters most around here is hail frequency and the material your roof is made of, and then the details: how the building is constructed, square footage, the year it was built, what has been claimed on it before and the deductible you accept.
Can I just keep my homeowners policy on a Colorado rental?
There is no such requirement in Colorado, but that is the less important half of the answer. A homeowners policy stops responding once the property becomes a rental, which is exactly when you need it to respond. Landlords who moved out and never told their insurer are the ones who find this out mid-claim.
Which carrier is right for a Colorado Springs rental property?
The honest answer is that there is no single best carrier for every landlord. What there is, is a difference between coverage designed for tenanted property and coverage that merely tolerates it. Steadily writes landlord insurance throughout Colorado, with a quote you can run yourself online.
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