Finding the Best Renters Insurance in Colorado
If you live in a rented house or apartment like many Coloradans, chances are you've considered purchasing renters insurance at least once. While most landlords are required by law to insure their buildings, the insurance they take out typically only covers the building's structure, permanent fittings, and common areas. This may sound fine at first, but it's important to remember that it usually won't cover what matters to you, i.e. your personal belongings. Renters coverage goes beyond covering you financially if any of your personal belongings are damaged or lost, and renters insurance policies will also include liability and loss of use coverage. It's for these reasons and more that many renters have decided that the peace of mind knowing they'll be covered no matter what more than makes up for the price of insurance in Colorado. On that note, prices for renters insurance in Colorado can vary significantly and are based on factors like your requirements and location. So, right off the bat, the best thing you can do to find the perfect renter's insurance package is to figure out exactly what you need. To help make finding the best renters insurance in Colorado as easy as possible for you, we've outlined the key elements surrounding renters insurance and answered some common questions many renters in the same position as you might have.
| Renters Insurance Costs in Colorado | Cost |
|---|---|
| Avg. Cost of Renters Insurance in Colorado Annually | $107.56 |
| Avg. Cost of Renters Insurance in Colorado Per Month | $8.96 |
A Bird's-Eye View of Renters Insurance in Colorado
Colorado ranks as the 29th most expensive state in the country for renters insurance. Even though people living in Colorado might be paying less than those in other states, that doesn't mean that renters insurance in Colorado is by any means cheap. A surprising number of Coloradans spend more than the recommended 30% of their monthly income on rent and utilities, and the average cost of renters insurance in Colorado is $173 a year, or $14 a month. As expected, renters insurance in Denver is the most expensive at roughly $17 a month or $204 a year. However, Loveland residents, Colorado's cheapest city for renters insurance, aren't paying much less and spend approximately $14 a month or $165 a year on their renter's insurance. So, the fact that residents in Colorado's cheapest and most expensive cities are paying similar rates should come as a welcome relief. However, prices can vary considerably depending on where you live and even the insurance provider itself. That's why it's important to compare providers and quotes, as well as consider what other factors come into play when looking for the best possible deal on your renter's insurance.
| City in Colorado | Costs Per Month for Renters Insurance | Average Costs Per Year for Renters Insurance |
|---|---|---|
| Denver, CO | $26.99 | $323.84 |
| Colorado Springs, CO | $27.51 | $330.08 |
| Aurora, CO | $27.45 | $329.44 |
| Fort Collins, CO | $18.75 | $224.96 |
| Lakewood, CO | $25.31 | $303.68 |
| Thornton, CO | $25.47 | $305.60 |
| Arvada, CO | $24.59 | $295.04 |
| Westminster, CO | $24.60 | $295.20 |
| Pueblo, CO | $31.85 | $382.24 |
| Centennial, CO | $27.47 | $329.60 |
| Boulder, CO | $21.72 | $260.64 |
| Greeley, CO | $24.20 | $290.40 |
| Highlands Ranch, CO | $27.29 | $327.52 |
| Longmont, CO | $21.75 | $260.96 |
| Loveland, CO | $18.60 | $223.20 |
| Broomfield, CO | $23.60 | $283.20 |
| Castle Rock, CO | $26.19 | $314.24 |
| Grand Junction, CO | $11.55 | $138.56 |
| Commerce City, CO | $26.75 | $320.96 |
| Parker, CO | $28.33 | $340.00 |
| Littleton, CO | $26.07 | $312.80 |
| Brighton, CO | $25.39 | $304.64 |
| Northglenn, CO | $25.21 | $302.56 |
| Security-Widefield, CO | $27.36 | $328.32 |
| Englewood, CO | $26.72 | $320.64 |
| Dakota Ridge, CO | $25.65 | $307.84 |
| Ken Caryl, CO | $24.89 | $298.72 |
| Wheat Ridge, CO | $24.81 | $297.76 |
| Pueblo West, CO | $27.84 | $334.08 |
| Fountain, CO | $27.04 | $324.48 |
| Windsor, CO | $23.00 | $276.00 |
| Lafayette, CO | $22.19 | $266.24 |
| Erie, CO | $22.03 | $264.32 |
| Columbine, CO | $25.25 | $303.04 |
| Golden, CO | $24.35 | $292.16 |
| Evans, CO | $24.08 | $288.96 |
| Louisville, CO | $22.89 | $274.72 |
| Clifton, CO | $11.93 | $143.20 |
| Montrose, CO | $13.53 | $162.40 |
| Durango, CO | $13.81 | $165.76 |
| Sherrelwood, CO | $26.00 | $312.00 |
| Cimarron Hills, CO | $28.09 | $337.12 |
| Welby, CO | $26.45 | $317.44 |
| Greenwood Village, CO | $27.17 | $326.08 |
| Fort Carson, CO | $26.72 | $320.64 |
| Firestone, CO | $21.71 | $260.48 |
| Johnstown, CO | $24.96 | $299.52 |
| Lone Tree, CO | $28.75 | $344.96 |
| Black Forest, CO | $29.16 | $349.92 |
| Sterling, CO | $34.96 | $419.52 |
| Frederick, CO | $22.08 | $264.96 |
| Fruita, CO | $12.32 | $147.84 |
| Steamboat Springs, CO | $14.12 | $169.44 |
| Superior, CO | $22.91 | $274.88 |
| Federal Heights, CO | $24.71 | $296.48 |
| Cherry Creek, CO | $28.19 | $338.24 |
| Berkley, CO | $25.57 | $306.88 |
| The Pinery, CO | $29.05 | $348.64 |
| Fort Morgan, CO | $33.49 | $401.92 |
| Castle Pines, CO | $26.75 | $320.96 |
Is Renters Insurance Required in Colorado
Unlike car insurance, renters insurance isn't a legal requirement in the state of Colorado. It's an optional choice, and renters can choose not to carry it should they want. Nevertheless, some landlords may still require tenants to take out a renters insurance policy as part of their lease agreement and are legally entitled to do so. In fact, many, if not most, lease agreements in Colorado include a clause on renters insurance as standard. Landlords who require their tenants to take out renters insurance want to ensure that both they and their tenants are covered in the event of an accident or if any losses or damages are sustained. You should consider purchasing renters insurance regardless of whether your lease requires it or not since your landlord's insurance most likely won't cover any of your personal belongings or liability. This is especially important if you live in an area that experiences a higher property theft rate than others, as renters insurance can protect you if your valuables get stolen in a burglary. Speaking of personal belongings, your possessions' value is one of the factors that influence how much you pay for renters insurance, so be sure to create an inventory of all your stuff to get a rough idea of their value before requesting a quote. The figure might even surprise you. To most Coloradans, paying a small monthly or annual premium works out cheaper than having to replace even a single lost or stolen possession, let alone paying expensive bills should you be held liable for damage or injuries.
How Much is Renters Insurance in Colorado
We've compiled a list of average insurance rates in different cities in Colorado in the table below, but the fact remains that there are a ton of factors that influence the price of renters insurance in Colorado, making it virtually impossible to provide more than a ballpark figure. This means that, regardless of which city you're in, the price you're quoted for renters insurance is unlikely to be an exact match with the one quoted below. Renters insurance in larger cities like Denver and Aurora tends to be more on the pricey side, while you're likely to be quoted a slightly cheaper rate if you live somewhere quieter like Arvada or Loveland. While it might not be feasible to pack up and move just to score a cheaper rate on your renter's insurance, other factors like your credit history, desired coverage and deductible, and the value of your personal belongings are somewhat more controllable and can affect the final price you're quoted. So, be sure to gather this information in advance and have it to hand when shopping around for quotes with different renters insurance companies in Colorado.
| Costs of Renters Insurance in Colorado by County | Price Per Month | Price Per Year |
|---|---|---|
| Adams County, CO | $33.63 | $403.60 |
| Alamosa County, CO | $20.73 | $248.80 |
| Arapahoe County, CO | $35.92 | $431.00 |
| Archuleta County, CO | $18.60 | $223.20 |
| Baca County, CO | $44.98 | $539.80 |
| Bent County, CO | $48.12 | $577.40 |
| Boulder County, CO | $27.98 | $335.80 |
| Broomfield County, CO | $30.20 | $362.40 |
| Chaffee County, CO | $20.78 | $249.40 |
| Cheyenne County, CO | $49.58 | $595.00 |
| Clear Creek County, CO | $25.85 | $310.20 |
| Conejos County, CO | $21.15 | $253.80 |
| Costilla County, CO | $21.78 | $261.40 |
| Crowley County, CO | $45.60 | $547.20 |
| Custer County, CO | $26.48 | $317.80 |
| Delta County, CO | $17.62 | $211.40 |
| Denver County, CO | $35.32 | $423.80 |
| Dolores County, CO | $16.87 | $202.40 |
| Douglas County, CO | $36.03 | $432.40 |
| Eagle County, CO | $18.60 | $223.20 |
| El Paso County, CO | $36.27 | $435.20 |
| Elbert County, CO | $38.65 | $463.80 |
| Fremont County, CO | $25.30 | $303.60 |
| Garfield County, CO | $16.38 | $196.60 |
| Gilpin County, CO | $28.65 | $343.80 |
| Grand County, CO | $19.28 | $231.40 |
| Gunnison County, CO | $18.02 | $216.20 |
| Hinsdale County, CO | $17.28 | $207.40 |
| Huerfano County, CO | $28.82 | $345.80 |
| Jackson County, CO | $20.72 | $248.60 |
| Jefferson County, CO | $32.27 | $387.20 |
| Kiowa County, CO | $49.53 | $594.40 |
| Kit Carson County, CO | $49.10 | $589.20 |
| La Plata County, CO | $17.22 | $206.60 |
| Lake County, CO | $20.23 | $242.80 |
| Larimer County, CO | $24.27 | $291.20 |
| Las Animas County, CO | $35.37 | $424.40 |
| Lincoln County, CO | $44.42 | $533.00 |
| Logan County, CO | $45.73 | $548.80 |
| Mesa County, CO | $14.75 | $177.00 |
| Mineral County, CO | $18.15 | $217.80 |
| Moffat County, CO | $17.78 | $213.40 |
| Montezuma County, CO | $17.42 | $209.00 |
| Montrose County, CO | $17.12 | $205.40 |
| Morgan County, CO | $44.82 | $537.80 |
| Otero County, CO | $45.55 | $546.60 |
| Ouray County, CO | $17.28 | $207.40 |
| Park County, CO | $24.30 | $291.60 |
| Phillips County, CO | $47.48 | $569.80 |
| Pitkin County, CO | $17.77 | $213.20 |
| Prowers County, CO | $48.80 | $585.60 |
| Pueblo County, CO | $41.98 | $503.80 |
| Rio Blanco County, CO | $17.00 | $204.00 |
| Rio Grande County, CO | $19.60 | $235.20 |
| Routt County, CO | $17.68 | $212.20 |
| Saguache County, CO | $19.98 | $239.80 |
| San Juan County, CO | $16.83 | $202.00 |
| San Miguel County, CO | $17.47 | $209.60 |
| Sedgwick County, CO | $46.23 | $554.80 |
| Summit County, CO | $18.95 | $227.40 |
| Teller County, CO | $28.43 | $341.20 |
| Washington County, CO | $45.98 | $551.80 |
| Weld County, CO | $32.07 | $384.80 |
| Yuma County, CO | $48.03 | $576.40 |
What Does Renters Insurance Cover in Colorado
As a bare minimum, renters insurance in Colorado covers tenants for any personal possessions lost or damaged in a covered event, loss of use of the property, and their personal liability. As far as personal possessions are involved, renters insurance companies typically offer cover for the actual value or the replacement cost. Actual value coverage covers repairs or replacements for any belongings lost or damaged up to their current market value, taking depreciation into account. This means that if you paid $500 for your TV 10 years ago, you’ll be compensated with what it can currently fetch should it be sold today. On the other hand, replacement cost coverage doesn’t consider current market value. Loss of use coverage covers any extra living expenses, such as hotel bills, you might face if your home becomes uninhabitable and you need to find alternate temporary accommodation. As the name implies, personal liability covers you if you’re held liable for building damages or if someone is injured in your home. It’s important to remember that all policies have their limits, and coverage limits are yet another factor that influences the price of renters insurance in Colorado. As a rule of thumb, however, the more coverage you require, the higher your premiums will be.
Best Renters Insurance Companies in Colorado Based on Consumer Ratings
By now, you should have an idea of what renters insurance is, what it covers, and how much it costs, so it’s time to move on to the best renters insurance companies in Colorado. With nearly 35% of all Colorado households renting, it makes sense that you’d be spoiled for choice when looking for renters insurance providers and one of the most effective ways to find the best renters insurance company in Colorado for you is by taking a look at trusted consumer rating systems like those by JD Power and NAIC. Rated 4 out of 5, State Farm scored the highest JD Power rating in Colorado for the customer service, coverage, and pricing it offered, while Allstate ranked lowest with a 3 out of 5 for customer satisfaction. In terms of customer complaints, Chubb fared best with an NAIC complaint index of 0.11, and Lemonade had the highest complaint index at 2.27. Metrics like these can really help you decide what company can offer you the best service while providing a stress-free experience when it comes to filing a claim.
| Colorado Renters Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Renters Insurance in Colorado | 3/5 | 0.31 |
| American Family Ratings for Renters Insurance in Colorado | 3/5 | 0.69 |
| Farmers Ratings for Renters Insurance in Colorado | 3/5 | 0.39 |
| Liberty Mutual Ratings for Renters Insurance in Colorado | 2/5 | 0.4 |
| Nationwide Ratings for Renters Insurance in Colorado | 2/5 | 0.38 |
| Progressive Ratings for Renters Insurance in Colorado | N/A | 0.8 |
| State Farm Ratings for Renters Insurance in Colorado | 4/5 | 0.2 |
| Hartford Ratings for Renters Insurance in Colorado | 3/5 | 1 |
| Travelers Ratings for Renters Insurance in Colorado | 2/5 | 0.3 |
| USAA Ratings for Renters Insurance in Colorado | 5/5 | 0.15 |
| National General Holdings Corp Ratings for Renters Insurance in Colorado | N/A | 0.4 |
| AIG Ratings for Renters Insurance in Colorado | 2/5 | 0.09 |
| Amica Ratings for Renters Insurance in Colorado | 5/5 | 0.24 |
| Chubb Ratings for Renters Insurance in Colorado | 2/5 | 0.14 |
| CSAA Ratings for Renters Insurance in Colorado | 0/5 | 1.36 |
Compare Renters Insurance in Colorado for the Best Rates
Comparing renters insurance in Colorado for the best rates is a must to ensure that you receive the best and most affordable coverage possible. Different insurance providers specialize in different things, so you'll need to put a bit of thought into deciding whether coverage or price matters the most to you. Regardless of what's important, however, you shouldn't be paying more than you have to for your renter's insurance, so it pays to do a bit of research into what discounts specific providers offer and what's available to you. Insurance companies tend to offer a range of insurance products, and they'll often offer multi-policy discounts to clients who take out different insurance policies with them. Be sure to check whether any insurance company you're currently with is willing to offer you a cheaper rate on your renter's insurance if you bundle insurance plans. Furthermore, some insurance companies will offer even more discounts for things like eco-friendly homes or homes fitted with security systems. Another way to potentially save a few dollars is to opt to pay a higher deductible, but only do so if you're confident you can afford to pay any expenses below the deductible should the worst happen. With these tips in mind, all it takes is a bit of research and some patience to find the best rates on renters insurance in Colorado.