The Cheapest and Best Renters Insurance in Colorado Springs
The Companies With the Cheapest Renters Insurance in Colorado Springs
When picking the best renters insurance in Colorado Springs, it is important to compare costs since most companies offer similar coverage benefits. You can compare renters insurance quotes to find the best option.
For the average consumer, the cheapest renters insurance companies in Colorado Springs are:
- Allstate: $101 per year
- Farmers: $150 per year
MoneyGeek based its analysis on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual costs may differ. You can use the table below to check the actual cost by adjusting the personal property coverage limits.
If you live in any other part of Colorado, you can compare renters insurance rates for Colorado as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
Scroll for more
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
What Are the Best Renters Insurance Companies in Colorado Springs?
Based on MoneyGeek’s study, the best renters insurance companies in Colorado Springs are:
- Best Overall: Allstate
- Runner-up: State Farm
These companies scored the highest on MoneyGeek’s unique rating system. Our analysis incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. MoneyGeek also found that these companies offer unique coverages that are not offered by all renters insurance companies.
Allstate offers the best combination of value and quality for Colorado Spring renters. To make your premiums even more affordable, Allstate gives you the option of waiving your off-premises theft coverage. You can also choose to purchase flood damage insurance through an Allstate agent.
Allstate is MoneyGeek’s top pick because it scores the highest across all categories, including affordability and customer satisfaction.Read MoneyGeek's Allstate renters Insurance Review
State Farm is consistently one of the cheapest insurance companies in the country. With State Farm renters insurance, you can increase limits to cover valuable items such as jewelry. You also have an option to include inflation coverage in your policy which ensures that your property coverage limits increase with time.
State Farm takes the runners up position for scoring high in multiple categories, including customer satisfaction and affordability.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Colorado Springs for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Colorado Springs is $126 per year. Compared to the national average, which is $159 per year, renters insurance in Colorado Springs is cheaper by roughly $33.
What Factors Impact Renters Insurance Costs in Colorado Springs?
There are several factors that impact the cost of renters insurance. The following are the most significant factors that will determine your rates.
- Personal property coverage amount –The most important factor in the cost of renters insurance is the coverage amount. A high coverage amount will attract higher premiums since the cost of renters insurance varies depending on the total value of the property to be covered.
- Location – Depending on which part of Colorado Springs you live in, your renters insurance cost can increase or decrease marginally. In neighborhoods with high crime rates, renters insurance costs tend to be slightly higher.
- Deductible – A deductible is what you pay out of pocket before your insurer starts making payments on your claim. When your deductible is high, the insurer pays less to replace your items, so the premium will be lower. If your deductible is low, your renters insurance will cost more because the insurer has to pay more to replace your items.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV) – RCV policies pay more and attract higher costs compared to ACV policies. An ACV policy factors in the depreciation of your property’s value over time and pays you less. In contrast, an RCV policy does not factor in depreciation, so it pays the exact value of the lost item.
- Liability coverage amount – Your liability coverage amount has a minimal impact on the cost of your renters insurance. In most cases, you can add thousands to the standard $100,000 liability coverage by paying a few extra dollars a year.
Calculate How Much Renters Insurance You Need
Does My Colorado Springs Neighborhood Impact Cost of Renters Insurance?
Although location is one of the factors that may affect the cost of renters insurance, its impact is very minimal. MoneyGeek found that the neighborhood where you live in Colorado Springs will only affect the renters insurance cost by a couple of dollars per month.
Understanding Renters Insurance in Colorado Springs
When picking the best renters insurance in Colorado Springs, it is important to keep in mind the kind of coverage that you require for your assets. Renters face various risks, including fire damage, theft and other unexpected events that could lead to property loss.
MoneyGeek strongly recommends purchasing renters insurance since you can safeguard your assets at an affordable cost that is only a small fraction of what you pay in rent.
What Does Renters Insurance Cover in Colorado Springs?
FBI statistics indicate that Colorado Springs had a property crime rate of 3022 per 100,000 people in 2019, which is 60% above the national average. To protect yourself from losses due to theft and other types of risks to your property, it is important to purchase renters insurance.
Apartment and home residents in Colorado Springs can also protect themselves against risks such as water damage and fire, which can happen anywhere.
In Colorado Springs, renters insurance will typically cover the following:
- Personal property coverage – The contents of your home are covered under your renters insurance policy. You can file a claim for property lost in the event of theft, fire and other risks specified in your policy, including certain types of water damage.
- Additional living expenses – If your home becomes uninhabitable due to occurrences such as fire, your renters insurance will take care of the additional expenses of finding alternative housing.
- Liability insurance – Your renters insurance provides liability coverage, which covers you against lawsuits filed against you in the event that someone is injured on your property. The insurer will handle any resulting legal fees and court expenses.
- Medical payments coverage – In cases where someone sustains injuries on your property, your renters insurance policy will cover the medical costs.
What Is Not Covered by Renters Insurance in Colorado Springs?
When you purchase renters insurance in Colorado Springs, it is important to understand the exceptions in your policy. Renters insurance in Colorado Springs does not cover certain situations.
For example, your renters insurance covers the contents within your home, but it does not cover damage to the structure. Your landlord should have separate insurance for the structure.
Your renters insurance does not cover property damage due to flooding. Purchasing flood insurance from the National Flood Insurance Program (NFIP) is one way to remedy this.
Additionally, renters insurance does not cover damage to your car, jewelry or other items that may exceed the policy limit. Earthquake damage is also not covered by your renters insurance, nor is damage to a roommate's property.
Make sure that you read your policies carefully as exceptions may vary. You want to make sure you have the right policy for your needs.
Frequently Asked Questions About Renters Insurance in Colorado Springs
When picking the best renters insurance In Colorado Springs, cost and quality of coverage are the most important factors. Some of the commonly asked questions regarding renters insurance in Colorado Springs include:
Renters Insurance in Colorado Springs Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Colorado Springs to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. 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, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.