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CheapRenters InsuranceColoradoThe Best and Cheapest Renters Insurance Companies in Colorado for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceColoradoThe Cheapest Renters Insurance in Colorado
Cheap Renters Insurance Companies in Colorado
Cost is a deciding factor for most people in picking their renters insurance policy. Colorado’s two most affordable providers are Allstate and State Farm. Allstate’s renters insurance policy is priced at $9 per month, or $103 a year on average. State Farm’s average rates are only slightly more expensive at $10 per month or $125 per year.
The average premiums of all renters insurance providers are based on rates across multiple ZIP codes in Colorado. The costs listed above are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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MoneyGeek evaluated renters insurance companies in Colorado using three factors: customer experience, financial stability and affordability. Looking at the overall picture helps determine which provider best fits your needs and preferences, allowing you to make better financial decisions.
Cheapest Renters Insurance Companies in Colorado by City
MoneyGeek’s study included data on three cities in Colorado — Aurora, Colorado Springs and Denver. Our analysis showed that Allstate has the lowest rate in all three cities, making it an excellent provider of cheap renters insurance.
Companies With the Cheapest Renters Insurance in Colorado by City
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- CityCheapest CompanyAverage Annual Premium
- Allstate$100
- Allstate$101
- Allstate$107
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Best Renters Insurance Companies in Colorado
Allstate offers the best renters insurance in Colorado. MoneyGeek’s study considers customer experience, affordability and financial stability to determine the best provider in the state.
With these parameters, Allstate earned an overall score of 96.80. In second place is State Farm, with a total rating of 88.
These companies have the best balance of cost and quality even though they are not necessarily the most affordable, particularly in State Farm’s case.
It’s important to remember that you’ll continue dealing with an insurer after purchasing a policy. Quality service and an efficient claims process are as crucial as affordability.
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Allstate
Score:97
Allstate tops MoneyGeek’s list of best renters insurance companies in Colorado. With a perfect rating in affordability and high scores in user experience and financial strength, it received an overall score of 97. A notable feature is the optional flood insurance coverage available with Allstate.
More About Allstate
You shouldn’t have a problem finding an Allstate policy because it’s available in all 50 states and Washington, D.C. Allstate offers four additional coverage options, which is less than the national average of seven, but it has less common add-ons like flood and personal injury insurance. You can also lower rates in five ways, including a retiree discount unique to Allstate.
Whether you need an online estimate or financial advice, Allstate experts are available to provide both. You can also use their mobile app to file and track your claim.
Read MoneyGeek's Allstate renters Insurance Review2
State Farm
Score:88
In MoneyGeek’s review, State Farm earned an overall rating of 88. It scored high in customer satisfaction and financial stability, but it received a low affordability rating. This provider gives business owners the opportunity to add general liability coverage and property insurance.
More About State Farm
With policies available in all states, it’s easy to get insurance from State Farm. It doesn’t offer many options for additional coverage — only five as opposed to the national average of seven — but two options aren’t as common as the others. These include a package that combines general liability and property insurance and another coverage that combines business and professional liability coverage.
You also only have two options for discounts with State Farm. You can get a discount if you have multiple State Farm policies or if you install a protective device at home.
Although State Farm doesn’t offer financial advice, it has an app where you can manage your policy and file claims.
Read MoneyGeek's State Farm renters Insurance Review3
Travelers
Score:86
Travelers was ranked as one of the best renters insurance companies in Colorado with an overall score of 86. Traveler’s refrigerated property coverage can help cover costs if a loss in power causes damage to personal property stored in freezers.
More About Travelers
You can have your pick of additional coverages from Travelers’ extensive list. Of the 11 add-ons options offered, four of them are unique: decreasing deductibles, refrigerated property coverage and special coverage on your personal property. They have four discount options, which is less than the national average of five. One way to lower your rates is by being a good payer. More common discounts include having multiple policies and remaining claim-free. Travelers is available in all states except for Alaska. You can also conduct several transactions through their website, like getting an estimate, managing payments and filing a claim.
Read MoneyGeek's Travelers renters Insurance Review4
USAA
Score:85
USAA received perfect scores for customer satisfaction and financial stability, but its affordability rating is significantly lower than other insurers. Overall, it placed fourth on MoneyGeek’s list of best renters insurance providers in Colorado. Although it offers one of the most comprehensive renters insurance in Colorado, you can only purchase a policy if you are a current military member or a veteran.
More About USAA
If you qualify, USAA renters insurance is available in all 50 states and Washington, D.C. You can get an online estimate, but you’ll first have to create an account through their website. After that, you’ll also be able to file claims and manage your policy with your online account.
USAA’s renters insurance already includes flood and earthquake coverage, setting it apart from other insurers. For maximum protection, you can also add electronics coverage and valuable personal property insurance to your policy. USAA allows flexible payment terms, but it’s best to check if your state has any restrictions.
Read MoneyGeek's USAA renters Insurance Review5
American Family
Score:84
American Mutual ranked fifth on the list of the best renters insurance companies in Colorado. It rates low in affordability and financial strength but ranks high in user experience, earning an overall score of 84.
More About American Family
You have several ways to reduce your rate with American Mutual. Compared to the average of five, they advertise seven discount options. The generational discount, which requires your parents to be policyholders, is unique to this insurer. You can add this to your policy if you’re in one of the 19 states where they sell insurance. However, they only have two commonly-offered add-on coverages.
You can also find a lot of online resources. An online calculator lets you compute the replacement cost of your possessions. You can manage your claims and payments through a mobile app.
Read MoneyGeek's American Family renters Insurance ReviewMONEYGEEK EXPERT TIP
The best renters insurance in Colorado isn’t always the most affordable. Spending more for a more comprehensive policy is a wiser decision and can be more cost-effective in the long term.
Largest Renters Insurance Companies in Colorado
In Colorado, State Farm has the highest market share percentage. Getting your renters insurance in Colorado from a company with a significant market share brings multiple benefits. Larger insurers typically have more resources directed to their processes, resulting in a better customer experience. They’re also stronger financially, which means they’ll be able to pay your claim if you file one.
Company | Market Share | |
|---|---|---|
1. | State Farm | 19.5% |
2. | USAA | 11.6% |
3. | Liberty Mutual | 11.0% |
4. | Allstate | 9.6% |
5. | American Family | 9.6% |
6. | Farmers | 8.7% |
7. | Travelers | 6.5% |
8. | Chubb | 3.2% |
9. | Nationwide | 3.0% |
10. | Progressive | 1.7% |
Average Cost of Renters Insurance in Colorado
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In Colorado, the average cost of renters insurance is $128 each year, or approximately $11 a month. That’s 20% lower than the national average.
Remember that a customized quote may show a different rate. One of the factors affecting premiums is the value of your personal property.
You can use MoneyGeek’s personal property calculator to estimate how much insurance you need before you compare quotes between companies.
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Taking the time to compare renters insurance quotes from various insurers can translate to potentially significant savings. You can save up to $47 a year by choosing a more affordable provider — in this case, Allstate over Farmers.
What Factors Impact Renters Insurance Cost in Colorado
Several factors can influence your renters insurance premium. Keep the following points in mind while buying renters insurance in Colorado:
Credit Score
People with lower credit scores tend to file a higher number of claims. Therefore, renters insurance companies charge these individuals a higher premium. If you wish to get discounts, you should aim to maintain a good credit score.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Insurance companies use the ACV or RCV of an item while paying out your claim. ACV payouts consider the loss of value of a product over time, so these policies pay out less for older items. An RCV package reimburses for a new item of the same quality and type. ACV plans typically pay less for claims, so they tend to be cheaper. RCV packages offer higher payouts and are more expensive.
Deductible
The provider charges a deductible to process your claim and replace your goods. If you want to pay a lower premium, select a plan with a higher deductible. Policies with a lower deductible have a higher premium because the carrier needs to pay more to reimburse your claim.
Coverage Amount
The more coverage and add-ons you buy, the higher your renters insurance cost will be.
Location
If you live in a secure neighborhood, your premium is likely to be lower. Localities with higher crime rates and risks of natural disasters generally have higher premiums.
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Renters Insurance in Colorado: What You Need to Know
While renters insurance isn’t required in Colorado, it offers security at an affordable rate. In cases of unexpected damage caused by natural disasters or burglary, renters insurance helps ensure that your belongings are protected.
In Colorado, the average monthly rent price is $1,369, and renters make up about 31% of the population. The average monthly renters insurance premium is $11, or 0.78% of the average monthly rental rate. This cost is for a standard plan with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
What Renters Insurance Typically Covers in Colorado
You should be aware of the range of coverage offered by your policy before you buy renters insurance in Colorado.
Standard coverage typically includes personal property, medical payments, additional living expenses and liability insurance. Some plans also include features like identity theft insurance.
Personal property insurance In Colorado covers the cost of damages due to extreme weather events like wildfires and tornadoes.
What Renters Insurance Typically Does Not Cover in Colorado
Read all policy details carefully to learn more about what is covered and excluded in your renters insurance plan. This can help improve the chances that your claim is accepted and reimbursed.
Keep in mind that renters insurance policies may not cover common issues faced by people, such as the ones given below:
Event | Description |
|---|---|
Expensive Goods | You need to purchase extra coverage for valuable items, as they are generally not covered. |
Roommate Property | Your roommate’s belongings are not covered. They will need to purchase their own renters insurance plan. |
Structural Damage | Damage to the house’s frame and structure is excluded in most renters insurance policies. |
Earthquake Damage | Earthquakes are excluded from standard coverage. |
Flooding | Flooding due to natural disasters usually is not covered by standard renters insurance policies. Floods are common in Colorado, so many people choose to protect their belongings from these natural disasters by buying additional flood insurance via the National Flood Insurance Program (NFIP). |
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Colorado’s Division of Insurance is a comprehensive resource for all insurance-related concerns. You can reach out to them for various inquiries, such as looking for a provider, filing a complaint or finding a missing policy.
Should you need their services, you can reach them via the following channels:
- Physical Address: 1560 Broadway, Suite 850, Denver, CO 80202
- Phone: (303) 894.7499 or (800) 930.3745
- Email: dora_insurance@state.co.us
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FAQs About Renters Insurance in Colorado
There’s a lot of information available regarding renters insurance in Colorado, which can be overwhelming. Here are the most commonly asked questions to provide the essential information.
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Renters Insurance in Colorado Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Colorado that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Colorado. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Colorado Department of Regulatory Agencies. "Division of Insurance." Accessed March 30, 2022.