Best and Cheapest Renters Insurance in Colorado Springs, CO (September 2024)

The best and cheapest renters insurance company in Colorado Springs, Colorado is Auto-Owners with a MoneyGeek score of 92 and an annual premium of $57. Depending on your needs, other providers may be best.

For example, Chubb excels in service quality with an annual premium of $124. MoneyGeek also looked into the best and cheapest renters insurance in Colorado for those who live elsewhere in the state.

The best renters insurance in Colorado Springs, Colorado, is Auto-Owners with a MoneyGeek score of 92 out of 100 and an annual premium of $57.

The following providers are the two best renters insurance providers in Colorado Springs for a policy with $20,000 in personal property coverage, $100,000 in personal liability and a $1,000 deductible.

• Auto-Owners: MoneyGeek score of 92 out of 100 ($57 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($63 per year)

The best provider in the state is one that can balance both cost and affordability. Auto-Owners has perfectly balanced customer satisfaction and affordability with an affordability score of 55 out of 55.

In Colorado Springs, Colorado, Auto-Owners offers the cheapest renters insurance with an annual premium of $57 for $20,000 in personal property coverage. The two cheapest providers are:

• Auto-Owners: $57 per year
• State Farm: $63 per year

MoneyGeek rated the cheapest renters insurance in Colorado Springs with minimal consideration for customer service. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can increase monthly costs but provide better protection if you have many personal belongings.

Auto-Owners offers the cheapest renters insurance in Colorado Springs, Colorado, with an annual premium of $55 for a policy with $20,000 in personal property coverage and a $2,000 deductible. The two cheapest providers are:

• Auto-Owners: $55 per year
• State Farm: $62 per year

A deductible is the amount you pay out of pocket before your insurance coverage kicks in and can affect your rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums.

It’s important to balance both to ensure you can afford the deductible if you need to file a claim. Renters should consider their financial situation and potential risks when choosing a deductible.

Chubb is the best renters insurance company for service quality in Colorado Springs, Colorado, with an annual premium of $124. The following providers are the two best providers in Colorado Springs for a policy with $20,000 in personal property coverage, for those who value great customer service without considering affordability:

• Chubb: MoneyGeek score of 93 out of 100 ($124 per year)
• American Family: MoneyGeek score of 87 out of 100 ($170 per year)

Great customer service is important for renters looking for insurance because it ensures a smooth and supportive experience, especially during claims. For example, when you make a claim, excellent customer service can make the process quicker and less stressful, helping you get back on your feet faster.

Auto-Owners is the top choice for renters in Colorado Springs, Colorado, seeking high personal property coverage, with an annual premium of $123 for a policy with $100,000 in coverage. The following providers are the two best providers:

• Auto-Owners: MoneyGeek score of 92 out of 100 ($123 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($146 per year)

High personal property coverage ensures that renters with valuable belongings are protected financially in case of loss or damage. Renters with numerous belongings often require higher personal property coverage, which protects against the financial loss of items from events like theft or fire.

Higher coverage levels typically come with higher premiums. It's important to choose a provider that offers both cost efficiency and excellent service. Keep in mind, specific high-value items such as jewelry or art may need additional coverage beyond a standard policy.

USAA is the top-ranked renters insurance provider in Colorado Springs, specifically for those with military backgrounds. The annual premium for a policy with $20,000 in personal property coverage is $107. The following providers are the two best providers in Colorado Springs for military members:

• USAA: MoneyGeek score of 100 out of 100 ($107 per year)
• Auto-Owners: MoneyGeek score of 92 out of 100 ($57 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle.

The best renters insurance company for those with poor credit in Colorado Springs is Chubb, with an annual premium of $212 for a policy with $20,000 in personal property coverage. The following providers are the two best providers in Colorado Springs for those with poor credit for the same type of policy:

• Chubb: MoneyGeek score of 95 out of 100 ($212 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($127 per year)

Rates in Colorado Springs for those with poor credit are often higher because they pose a greater risk to providers. Insurance companies view poor credit as an indicator of potential claims and financial instability. However, you can take steps to improve your credit to lower rates and take advantage of discounts where possible.

The average cost of renters insurance in Colorado Springs, Colorado is $116 annually and $9 monthly. This is slightly higher than the state average of $114 annually and lower than the national average of $145 annually. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Remember, the average cost of renters insurance in Colorado Springs may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the calculator below to see how prices change based on the value of your personal property.

The cost of renters insurance in Colorado Springs, Colorado, is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out of pocket in the event of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to a higher perceived risk by insurance companies.
• Credit Score: Insurance companies may factor in your credit history when determining your premium, with better credit records often leading to lower costs.

Renters insurance primarily provides coverage for your personal belongings, but it also covers additional areas such as liability and living expenses if your rental is rendered uninhabitable. Here’s what a typical policy includes:

• Personal Property Coverage: This covers the cost to repair or replace your belongings if they're damaged or stolen. For instance, a renter in Texas may receive compensation for a stolen laptop.
• Personal Liability Coverage: This protects you financially if a guest is injured in your rental or you cause property damage. A Texas renter could use this coverage if a guest slips and falls in their apartment.
• Loss of Use Coverage: This helps with additional living expenses if your rental is unlivable due to a covered peril. A renter might rely on loss of use coverage to pay for a hotel stay after a fire.

Although renters insurance provides a financial safety net, it doesn't shield against every mishap. For instance, it typically excludes flood damage and your roommate's possessions.

• Natural Disasters: Standard renters insurance often does not cover damage from floods.
• Roommate's Belongings: Personal property coverage does not extend to items owned by a roommate unless they are listed on the policy.
• High-Value Items: Expensive jewelry or electronics may exceed the policy's limit and require additional coverage.
• Business Equipment: Property used for business purposes might not be covered under a standard renters insurance policy.
• Pest Damage: Infestations and damage from pests like bed bugs or rodents are usually not covered.
• Car Theft: While personal property stolen from your car may be covered, the theft of the car itself is not.

The best renters insurance provider for you in Colorado Springs ultimately depends on your needs. Below are some common questions to help you make an informed decision.