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CheapRenters InsuranceColoradoThe Best and Cheapest Renters Insurance Companies in Colorado for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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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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City
Cheapest Company
Average Annual Premium
Allstate
$100
Allstate
$101
Allstate
$107
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.
1
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.
2
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.
3
Travelers
Score:86
4
USAA
Score:85
5
American Family Insurance
Score:84
MONEYGEEK 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
0
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renters insurance is equal to the average.
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.
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.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
MONEYGEEK EXPERT TIP
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:
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:
MONEYGEEK EXPERT TIP
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.
What is the cheapest renters insurance company in Colorado?
Allstate offers cheap renters insurance in Colorado. A policy from Allstate costs $103 per year on average, which comes to $9 each month.
What is the best renters insurance company in Colorado?
Using user satisfaction, cost and financial stability as parameters, MoneyGeek found that Allstate offers the best renters insurance in Colorado.
How much does renters insurance cost in Colorado?
The average cost of renters insurance in Colorado is $128 per year or around $11 per month. Compared to the national average, Colorado’s rate is 20% lower.
Is renters insurance required in Colorado?
Even if Colorado doesn’t have a law requiring renters insurance, your landlord is within his right to ask you to get one, especially if it allows you to meet a clause in your lease contract.
However, having renters insurance is generally a good idea even if your landlord doesn’t ask for it. It’s an affordable way to ensure that your personal possessions are protected.
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
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.
sources
- Colorado Department of Regulatory Agencies. "Division of Insurance." Accessed March 30, 2022.