Best and Cheapest Renters Insurance in Colorado (Sept 2024)

Auto Owners is the best and cheapest option for those in Colorado looking for $20K in personal property coverage. Its average annual premium is $63, and its MoneyGeek score is 92 out of 100.

If you're looking for quality service, Chubb is a top choice, while USAA excels for veterans. Ultimately, the best for you will depend on your needs.

Auto-Owners Insurance is the best renters insurance provider in Colorado, with a MoneyGeek score of 92 out of 100 with an annual premium of $63 for $20K in personal property coverage. The following companies are the top two renters insurance providers in Colorado for the same policy:

• Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($63 per year)
• State Farm: MoneyGeek score of 92 out of 100 ($66 per year)

Auto-Owners Insurance perfectly balances customer satisfaction and affordability. However, the best choice for you will still depend on your individual needs.

Auto-Owners Insurance offers the cheapest renters insurance in Colorado, with an annual premium of $63 for $20K in personal property coverage and $1,000 deductible. The following providers have the cheapest renters insurance in Colorado for the same policy:

• Auto-Owners Insurance: $63 per year
• State Farm: $66 per year

Personal property coverage protects your belongings, such as furniture, electronics and clothing, in case of theft, fire or other covered losses. Less expensive renters insurance policies often have low personal property coverage limits. Higher personal property coverage limits can result in higher monthly costs but offer better protection.

For renters in Colorado seeking $20K in personal property coverage with a $2,000 deductible, the cheapest option is Auto-Owners, with an annual premium of $61. The top two providers for the same coverage are:

• Auto-Owners: $61 per year
• State Farm $64 per year

A deductible is the amount you pay out-of-pocket before your insurance kicks in. A deductible can significantly affect your costs. Higher deductibles usually result in lower premiums. Below, you can see how rates change with specific providers.

Chubb is the best renters insurance company for service quality in Colorado for $20K in personal property coverage, with an annual premium of $130 per year. The top two best providers in Colorado for those who value excellent customer service are:

• Chubb: MoneyGeek score of 93 out of 100 ($130 per year)
• American Family: MoneyGeek score of 87 out of 100 ($177 per year)

Great customer service is crucial for renters seeking insurance because it ensures prompt assistance and support when you need it most. For example, when you make a claim, good customer service can mean a smooth, hassle-free process from start to finish.

Auto-Owners Insurance offers the best renters insurance for those needing $100K in personal property coverage in Colorado, with an annual premium of $134. The following are the top two providers in Colorado for the same policy:

-Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($134 per year) -State Farm: MoneyGeek score of 91 out of 100 ($153 per year)

Personal property coverage helps replace or repair your valuables if they're damaged, lost or stolen. Higher coverage often costs more. It's essential to find a provider who balances cost and great service, as you want both affordability and reliability when covering your valuables.

USAA is the best renters insurance company for those with military backgrounds in Colorado for $20K in personal property coverage. Its annual premium is $97. The following are the top two providers for military members who need the same coverage:

• USAA: MoneyGeek score of 100 out of 100 ($97 per year)
• Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($63 per year)

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

Chubb is the best renters insurance company for those with poor credit in Colorado, with an annual premium of $222. The following providers are the top two providers in Colorado for those with poor credit:

-Chubb: MoneyGeek score of 95 out of 100 ($222 per year) -State Farm: MoneyGeek score of 93 out of 100 ($132 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Providers view those with poor credit as higher risk because they are statistically more likely to file claims. To lower rates, you can improve your credit score and take advantage of any available discounts.

The average cost of renters insurance in Colorado is $117 annually, which breaks down to $10 monthly. This is significantly cheaper than the national average of $146 annually. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Connecticut may vary greatly depending on the amount of personal property coverage they purchase. Use the tool below to get an estimate based on your needs.

The average cost for renters insurance varies not only by state but also by city. For instance, the annual premium in Denver is $124, while in Fort Collins, it is $114.

These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, a $1,000 deductible, and a good credit score. Use the table below to see the average cost in your city.

Multiple factors impact the cost of renters insurance in Colorado, including location, coverage amount, and deductible. Understanding these factors is essential for renters to make informed decisions and manage their expenses effectively. Below are some of the key factors that affect renters insurance costs:

• Location: Areas with higher crime rates or natural disaster risks may have higher premiums.
• Coverage Amount: Higher coverage limits generally lead to higher premiums.
• Deductible: Choosing a lower deductible can increase your premium.
• Claims History: A history of frequent claims can result in higher costs.
• Credit Score: A lower credit score can lead to higher premiums.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of items you own, including descriptions, values, and photos. Follow these steps to create your personal inventory:

1. List Your Items: Go room by room and write down everything you own.
2. Describe Each Item: Include details like make, model, and serial numbers.
3. Estimate Values: Research and note the current value of each item.
4. Take Photos: Photograph each item and store the images securely.
5. Store Your Inventory Safely: Keep a digital copy in a secure location, like cloud storage.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider ultimately depends on your unique needs and circumstances. To help you make an informed decision, we've answered some of the most frequently asked questions about renters insurance.