Best and Cheapest Renters Insurance in Colorado Springs, CO (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.

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Key Takeaways

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In Colorado Springs, Colorado, the best overall renters insurance is offered by Auto-Owners, boasting an impressive MoneyGeek score of 92 out of 100. This provider stands out for its remarkable balance between affordability and customer satisfaction, with an annual premium of just $57 for $20,000 in personal property coverage. Whether you prioritize cost efficiency or exceptional service, Auto-Owners delivers a comprehensive solution tailored for renters in the area.

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In Colorado Springs, Colorado, the most affordable renters insurance is provided by Auto-Owners, offering a highly competitive annual premium of just $55. State Farm follows closely with a premium of $62 per year. Auto-Owners is particularly noted for balancing cost and customer satisfaction, making it an excellent choice for budget-conscious renters. Those prioritizing service quality might consider Chubb, available at $124 annually. Understanding the balance between cost, coverage, and service quality is crucial in selecting the right renters insurance provider in Colorado Springs.

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In Colorado Springs, Colorado, excellent customer service in renters insurance is exemplified by Chubb and American Family. With a MoneyGeek score of 93 out of 100 and an annual premium of $124, Chubb is the top provider for those prioritizing service quality. They offer a smooth, supportive experience, especially crucial during claims, ensuring a less stressful and quicker resolution process. Another strong contender is American Family, receiving a MoneyGeek score of 87 out of 100 with an annual premium of $170. These options highlight the importance of choosing renters insurance that not only protects your belongings but also provides exceptional service to ensure peace of mind in unfortunate circumstances.

Why Trust MoneyGeek? To determine the best renters insurance in Colorado Springs, Colorado, we evaluated data from the Colorado Department of Insurance and Quadrant Information Services.

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Renters insurance premiums in Colorado Springs represent the most competitive estimates as of December 2024.

2,880Quotes Analyzed
 
8Providers Analyzed
 
3ZIP Codes

Overall Best Renters Insurance in Colorado Springs, CO

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.

Company logo for Auto-Owners Insurance
Best OverallAuto-Owners Insurance
MoneyGeek Score:
92/ of 100

Overview

Auto-Owners ranks first in affordability in Colorado Springs, with an annual premium of $57. It offers contents replacement cost, which covers repair or replacement of personal property without depreciation. Additionally, its refrigerated products coverage protects against spoiled refrigerated food under renters plus.

Best Renters Insurance in Colorado Springs, CO
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners Insurance92$ 57
State Farm91$ 63
Chubb75$ 124
Allstate74$ 97
Farmers57$ 150
American Family57$ 170
COUNTRY Financial54$ 154

Cheapest Renters Insurance in Colorado Springs, CO

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.

Cheapest Renters Insurance in Colorado Springs, CO
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners Insurance96$ 57
State Farm94$ 63
Allstate75$ 97
Chubb69$ 124
Farmers50$ 150
COUNTRY Financial49$ 154
American Family45$ 170

Cheapest Renters Insurance With a High Deductible Colorado Springs, CO

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.

Cheapest High Deductible Renters Insurance in Colorado Springs, CO
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
Auto-Owners Insurance92$ 55
State Farm91$ 62
Allstate72$ 97
Chubb74$ 117
COUNTRY Financial55$ 138
Farmers52$ 150
American Family57$ 156
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HOW TO SET YOUR DEDUCTIBLE

Ensure your deductible is an amount you can comfortably pay out-of-pocket if you need to make a claim. Opting for a higher deductible can lower your annual premium, leading to overall cost savings while still providing adequate coverage.

Best Renters Insurance for Customer Service in Colorado Springs, CO

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.

Company logo for Chubb
Best Service QualityChubb
MoneyGeek Score:
93/ of 100

Overview

Chubb ranks first in customer satisfaction and coverages in Colorado Springs, Colorado, with an annual premium of $124.

Chubb offers contents replacement cost and rental car coverage. Contents replacement cost covers the full cost to replace your belongings in case of fire, water leak, or other unexpected events. Rental car coverage provides primary car rental insurance worldwide when your liability limit is $1 million or more, ensuring you are protected on the go.

Best Renters Insurance for Service Quality in Colorado Springs, CO
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Chubb93$ 124
American Family87$ 170
Auto-Owners Insurance83$ 57
State Farm82$ 63
Allstate71$ 97
Farmers70$ 150
COUNTRY Financial66$ 154

Best Renters Insurance for High Personal Property Limits in Colorado Springs, CO

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.

Company logo for Auto-Owners Insurance
Best High Personal Property LimitAuto-Owners Insurance
MoneyGeek Score:
92/ of 100

Overview

Auto-Owners Insurance ranks first in affordability and customer satisfaction for expensive homes in Colorado Springs. The annual premium is $123.

Key coverages include Contents Replacement Cost and Back-Up of Sewer or Drain. Contents Replacement Cost covers repair or replacement of personal property without depreciation. Back-Up of Sewer or Drain covers damage from water back-up of sewers or drains. These coverages provide valuable protection for renters with expensive homes.

Best Renters Insurance for High Personal Property Limits in Colorado Springs, CO
Auto-Owners Insurance92$ 123
State Farm91$ 146
COUNTRY Financial81$ 166
Farmers76$ 234
Allstate76$ 240
American Family75$ 308
Chubb60$ 503
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SCHEDULED PERSONAL PROPERTY COVERAGE

If you own valuables such as fine jewelry or art, you would need additional coverage as these items are not usually covered by standard policies. Opt for a provider that offers scheduled personal property coverage, which extends coverage to such valuables.

Best Renters Insurance for Military Families in Colorado Springs, CO

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.

Company logo for USAA
Best for MilitaryUSAA
MoneyGeek Score:
100/ of 100

Overview

USAA stands out as the premier renters insurance provider for those with a military background in Colorado Springs. With an average annual premium of $107, USAA provides affordability and comprehensive financial protection.

It offers contents replacement cost, which covers the cost of replacing belongings with brand-new ones in the event of theft or damage. It also has worldwide personal property coverage, providing peace of mind for military members at home or abroad.

Best Renters Insurance for Military in Colorado Springs, CO
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
USAA100$ 107
Auto-Owners Insurance92$ 57
State Farm91$ 63
Chubb75$ 124
Allstate74$ 97
Farmers57$ 150
American Family57$ 170
COUNTRY Financial54$ 154

Best Renters Insurance for Low Credit Scores in Colorado Springs, CO

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.

Best for Low Credit Scores
MoneyGeek Score:
95/ of 100

Overview

Chubb ranks first in affordability for renters with poor credit in Colorado Springs, with an annual premium of $212.

Renters can save more with Chubb's discounts. The protective device discount offers savings when your building has security features like a central station burglar alarm or fire-resistive construction. Additionally, the bundle discount provides a reduction on both homeowners and auto premiums when combined, making it easier for renters to manage their insurance costs.

Best Renters Insurance for Low Credit Scores in Colorado Springs, CO
Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Coverage:
Coverage:$20K Personal Property
Chubb95$ 212
State Farm93$ 127
American Family90$ 291
Allstate86$ 175
Farmers85$ 212
COUNTRY Financial83$ 230
Auto-Owners Insurance56$ 1,946

Average Cost of Renters Insurance in Colorado Springs, CO

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.

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Factors That Impact Renters Insurance Costs in Colorado Springs

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.

What Renters Insurance Covers in Colorado Springs, CO

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.
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COMMONLY COVERED PERILS

Renters insurance typically covers losses from incidents like theft, fire and water damage. Understanding your policy's specific coverage is key to ensuring you're protected. Here are common situations renters insurance covers:

  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots
  • Aircraft
  • Vehicles
  • Smoke damage

What Renters Insurance Does Not Cover in Colorado Springs

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.

FAQ: Renters Insurance in Colorado Springs, CO

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.

How much is renters insurance in Colorado Springs, Colorado, on average?

What is the cheapest renters insurance company in Colorado Springs, Colorado?

What is the best renters insurance company in Colorado Springs, Colorado?

Do I need renters insurance in Colorado Springs, Colorado?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.