Landlord insurance in Lakewood, CO
Landlord insurance protects Lakewood rentals the moment a homeowners policy stops. It covers the building, your landlord liability, and the rent lost after a covered event, and Steadily can price your property online in minutes.
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Secure your Lakewood properties with full coverage
Lakewood landlord insurance in Colorado matters for property owners looking to protect their investments in this community. With Steadily, you can obtain fast and affordable landlord insurance policies made for your needs. As one of the largest cities in Colorado, Lakewood's rental market is busy, making it crucial for landlords to have reliable coverage that safeguards against common perils like storms, wind, and hail. Whether you own a single rental property or multiple properties, ensuring the safety and security of your investments is paramount.
Lakewood, located in Jefferson County, is a city with a diverse population and a range of neighborhoods, making it an attractive location for renters. With major employers and amenities nearby, the demand for rental properties continues to grow. Landlords in Lakewood should prioritize coverage that includes property damage, liability protection, and lost rent coverage. Colorado is known for being a landlord-friendly state, providing additional confidence for property owners. Key coverage considerations include:
- Protection against property damage from local weather events
- solid liability coverage to protect against potential lawsuits
- Coverage for lost rental income due to unforeseen circumstances
Who needs landlord insurance in Lakewood 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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Renting in Lakewood
Lakewood counts roughly 29,000 renter households, about 42 percent of everyone living here. Median gross rent runs near $1,746, with a two bedroom closer to $1,764. 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.
Not all of that rental stock belongs to institutions. About 5,690 of the rentals here are single-family homes and another 3,380 sit in two-to-four-unit buildings, so close to 9,070 properties are owned by the kind of landlord who insures per address. Inventory is tight at about 3.3 months of supply, so owners who want out can usually sell, and the ones who stay are holding on purpose.
What a policy gets tested by in this market is hail, which makes Colorado one of the most expensive hail states in the country to insure, and wildfire along the foothills and in the wildland interface. As for the rules you operate under, The rules that matter day to day are procedural. The deposit back or a written statement of the deductions is due within 30 days of move-out, 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 drives the cost of a Lakewood rental policy?
As a rule of thumb drawn from public data, insuring a rental costs more than insuring the same house as a residence, since the policy has to cover lost rent and landlord liability on top of the building. None of that is a quoted price. It is a summary of publicly reported averages and nothing more.
What matters more locally is what it would cost to reconstruct the building. Median sale prices in Lakewood sit near $569,623, 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. The variables are many: how big the property is, what it is built from, how old the roof is, what has been claimed before, the deductible you accept, and the limits you want. The only number that means anything is a quote on the actual address.
Landlord insurance coverages in Lakewood 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 protection does a Lakewood landlord policy provide?
The building, your liability as the owner if someone is injured on the property, and the rent you lose while a covered claim keeps the unit unlivable. Your tenant's belongings are not on your policy; that is what renters insurance is for. Flood is excluded from standard landlord coverage and needs its own.
What makes one Lakewood 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: square footage, the year it was built, what has been claimed on it before, the deductible you accept and how the building is constructed.
Can I just keep my homeowners policy on a Colorado rental?
It is not legally required in Colorado. It is, however, the only policy that actually answers when something happens to a tenanted property, since homeowners coverage is void once you stop living there. The swap also brings in loss of rent and landlord liability, neither of which a homeowners form pays.
What is the best landlord policy in Lakewood?
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 specializes in landlord policies and can quote a Colorado rental online.
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