The Cheapest and Best Renters Insurance in Aurora
The Companies With the Cheapest Renters Insurance in Aurora
Since most companies offer policies with the same core coverages, cost is a primary consideration when choosing a policy. To get the best policy for your needs, you may need to compare renters insurance quotes from several companies.
MoneyGeek’s analysis shows that the cheapest renters insurance in Aurora comes from:
- Allstate: $100 per year
- USAA: $122 per year (limited to current and former military members)
USAA offers a better value to its customers since it reimburses for items at the replacement cost and covers damages from floods and earthquakes.
The rates used in this study include a policy with $20,000 in personal property coverage, $100,000 liability coverage and a $500 deductible. Rates may vary across renters depending on the coverage amount, among other factors. The table below allows you to compare rates across different personal property coverage limits.
If you live elsewhere in Colorado, you may still use MoneyGeek’s scores to compare average renters insurance rates in the entire state.
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What Are the Best Renters Insurance Companies in Aurora?
Based on MoneyGeek’s research, the best renters insurance companies in Aurora are:
- Best Overall: Allstate
- Runner-up: USAA (exclusively provided to current and former military members)
MoneyGeek obtained these scores with our unique ranking methodology that evaluates J.D. Power customer satisfaction and affordability scores and AM Best’s financial stability scores. These insurers were also ranked highly because they offer unique coverage options that may not be available from other carriers.
Overall, Allstate is the best insurer in Aurora, based on high J.D. Power and AM Best ratings, as well as a perfect score for affordability. The insurer offers Allstate identity protection as an add-on option to your policy.
Allstate allows policyholders to save a few dollars from their monthly premium by removing off-premise theft overage from their policy. However, this means that any objects stolen outside the rented unit will not be reimbursed by the insurer. The company also offers identity protection coverage that monitors your digital footprint and covers any expenses associated with identity theft.Read MoneyGeek's Allstate renters Insurance Review
USAA received the highest financial stability and customer service scores and the second-highest affordability score. While the insurer offers the second-best coverage in Aurora, its policies are only limited to current and former military members and their families.
USAA is consistently one of the cheapest renters insurance providers in Aurora and across the nation. Unlike most of the insurers in the city, USAA includes flood and earthquake coverage in all its policies. Customers that are active military members are eligible for a discount on their premium.Read MoneyGeek's USAA renters Insurance Review
The Average Cost of Renters Insurance in Aurora for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Aurora is $128 per year or $11 per month. This means that renters in Aurora spend $31 per year less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Aurora?
Different factors have a varying impact on the cost of renters insurance. We’ve highlighted a few of the main factors that affect the cost of renters insurance:
- Personal property coverage amount. In Aurora, the cost of your renters insurance will primarily depend on the coverage amount you purchase. The more coverage you buy, the more your premiums will cost.
- Deductible. After accepting to process your claim, your insurer will ask you to pay a certain amount out of pocket as the deductible. Choosing a policy with a higher deductible means you will pay lower monthly premiums and higher amounts out of pocket before your claim gets processed.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV). Once you file a claim, the insurer will use either the ACV or RCV method to replace your items. ACV policies cost less per month, but you’ll be reimbursed by the insurer for the depreciated cost of your items. RCV policies are more expensive on a monthly basis, but you’ll be reimbursed for the total cost of a new item of the same type and quality if you file a claim.
- Location. Your renters insurance premiums are slightly impacted by your ZIP code. If you live in a secure neighborhood, your premiums will be lower than those renting in a high-crime area.
- Deductible. After accepting to process your claim, your insurer will ask you to pay a certain amount out of pocket as the deductible. Choosing a policy with a higher deductible means you will pay lower monthly premiums but a higher amount out of pocket when you file a claim.
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Does My Aurora Neighborhood Impact Cost of Renters Insurance?
Unlike other forms of insurance, where you live does not significantly influence the cost of your renters insurance. Based on MoneyGeek’s analysis, your rates will only change by a few dollars per month should you decide to move to a new neighborhood in Aurora.
Understanding Renters Insurance in Aurora
Renter insurance is not a legal requirement in Aurora. However, some landlords may request you purchase it before renting their unit. MoneyGeek strongly recommends buying coverage if you wish to protect your assets against theft and damage.
What Does Renters Insurance Cover in Aurora?
While buying renters insurance, you should ensure that you know how much and what type of coverage you’ll need in Aurora. Aurora residents can cover themselves against theft with their renters insurance. This may be even more important in Aurora, where, according to the FBI, the number of property crimes reported in 2017 was 2,409 per 100,000 residents, which is 13% higher than the national average.
You may also buy additional coverage if you need protection for other risks not included in your standard policy, which typically includes:
- Personal property coverage: This coverage protects your belongings from theft, fire, vandalism, plumbing issues and harsh weather conditions among other incidents.
- Additional living expenses: Should your rental home become uninhabitable, this coverage will cover the cost of temporary housing.
- Liability insurance: Liability insurance caters to the cost of damage and injuries to third parties within your rental unit. It also covers any legal expenses involved.
- Medical payments coverage: Pays out the cost of treatment for individuals injured within your rental home, regardless of who is found at fault.
What Is Not Covered by Renters Insurance in Aurora?
If you purchase renters insurance in Aurora, your policy will not cover certain forms of damage. The policy covers damage to your personal property, but excludes any structural damage to the unit.
Your policy also excludes water damage as a result of flooding. To protect your property against damage from floods, you should buy additional insurance through the National Flood Insurance Program (NFIP).
Additionally, your policy will also leave out damage to your car, your roommates’ possessions and any destruction resulting from an earthquake. Jewelry and other valuable items whose cost exceeds your coverage limits are also not covered.
Since policy terms differ across insurance providers, you should read through your plan to understand what’s included.
Frequently Asked Questions About Renters Insurance in Aurora
Renters insurance policies offer a cheap way of safeguarding your property from damage or theft. MoneyGeek responded to some of the most commonly asked questions about purchasing cheap renters insurance in Aurora:
Renters Insurance in Aurora Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Aurora to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 9, 2022.