A renters policy covers you in 3 major areas: personal property, personal liability, and medical. This means you can enjoy your place knowing you’re protected. Even if you are sued and “don’t have anything of value,” Colorado law can garnish your wages for up to 10 years or you could have a lien put up against your vehicle(s) as well. There are ways to financially upset everyone, including a renter. Renters insurance can protect your personal property in the event of theft, such as laptops, electronics, furniture and even jewelry. Renters insurance costs very little for the year but it goes a long way in protecting you and your personal belongings.