Best and Cheapest Renters Insurance in Lakewood, CO (Sept 2024)


Updated: September 13, 2024

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The best and cheapest renters insurance company in Lakewood, Colorado is Auto-Owners with a MoneyGeek score of 92 and an annual premium of $56.
Depending on your needs, other providers may be best. Chubb excels in service quality with an annual premium of $137.
MoneyGeek also looked into the best and cheapest renters insurance in Colorado for those who live elsewhere in the state.

MoneyGeek Logo IconBest & CheapestRentersLakewood, CO
2024

Table of Contents

To ensure you're getting reliable renters insurance information, MoneyGeek has meticulously compiled data from the Colorado Department of Insurance and Quadrant Information Services, focusing specifically on Lakewood, Colorado.

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Renters insurance premiums in Lakewood represent the most competitive estimates as of September 2024.

2,880Quotes Analyzed
 
8Providers Analyzed
 
2ZIP Codes

Overall Best Renters Insurance in Lakewood, CO

The best renters insurance in Lakewood, Colorado is Auto-Owners with a MoneyGeek score of 92 out of 100 and an annual premium of $56. The following providers are the top two best renters insurance providers in Lakewood 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 ($56 per year)
  • State Farm: MoneyGeek score of 90 out of 100 ($63 per year)

The best provider in the state is one that can balance both cost and affordability.

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

Overview

Auto-Owners ranks first in Lakewood, Colorado, for affordability and coverage. The annual premium is $56. Auto-Owners offers contents replacement cost and back-up of sewer or drain coverages.

Contents replacement cost covers the repair or replacement of personal property without depreciation. Back-up of sewer or drain covers damage caused by water back-up of sewers or drains, protecting renters from costly repairs.

Best Renters Insurance in Lakewood, Colorado
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners InsuranceMoneyGeek Score92Annual Premium$ 56
State FarmMoneyGeek Score90Annual Premium$ 63
AllstateMoneyGeek Score72Annual Premium$ 95
ChubbMoneyGeek Score65Annual Premium$ 137
American FamilyMoneyGeek Score57Annual Premium$ 151
COUNTRY FinancialMoneyGeek Score54Annual Premium$ 136
FarmersMoneyGeek Score50Annual Premium$ 150

Cheapest Renters Insurance in Lakewood, CO

In Lakewood, Colorado, Auto-Owners offers the cheapest renters insurance with an annual premium of $56 for $20,000 in personal property coverage. The following providers are the top two cheapest in Lakewood for $20,000 in personal property coverage with a $1,000 deductible, rated by MoneyGeek with minimal consideration for customer service.

  • Auto-Owners: $56 per year
  • State Farm: $63 per year

Cheap renters insurance policies often come with low personal property coverage limits. While these plans are more affordable, higher coverage limits can better protect you if you own many personal items, though they may increase your monthly premiums. Personal property coverage helps protect your belongings, such as furniture, electronics, and clothing, against risks like theft and fire.

Cheapest Renters Insurance in Lakewood, Colorado
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners InsuranceMoneyGeek Score96Annual Premium$ 56
State FarmMoneyGeek Score93Annual Premium$ 63
AllstateMoneyGeek Score72Annual Premium$ 95
ChubbMoneyGeek Score56Annual Premium$ 137
COUNTRY FinancialMoneyGeek Score50Annual Premium$ 136
American FamilyMoneyGeek Score45Annual Premium$ 151
FarmersMoneyGeek Score42Annual Premium$ 150

Cheapest Renters Insurance With a High Deductible Lakewood, CO

In Lakewood, CO, Auto-Owners offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible, with an annual premium of $54. A deductible is the amount you pay out-of-pocket before your insurance kicks in and can affect your rates.

The following providers are the top two cheapest providers in Lakewood for $20,000 in personal property coverage and a $2,000 deductible:

  • Auto-Owners: $54 per year
  • State Farm: $62 per year

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 your deductible if you need to file a claim. Renters should consider their financial situation and risk tolerance when choosing a deductible.

Cheapest High Deductible Renters Insurance in Lakewood, Colorado
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
Auto-Owners InsuranceMoneyGeek Score92Annual Premium$ 54
State FarmMoneyGeek Score90Annual Premium$ 62
AllstateMoneyGeek Score71Annual Premium$ 95
COUNTRY FinancialMoneyGeek Score59Annual Premium$ 122
ChubbMoneyGeek Score68Annual Premium$ 130
American FamilyMoneyGeek Score61Annual Premium$ 138
FarmersMoneyGeek Score50Annual Premium$ 150
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HOW TO SET YOUR DEDUCTIBLE

When selecting a deductible for your insurance policy, ensure it's an amount you can pay out of pocket if you need to file a claim. If you can afford it, opting for a higher deductible could decrease your annual premiums, leading to savings over time while still providing the financial protection you need.

Best Renters Insurance for Customer Service in Lakewood, CO

In Lakewood, Colorado, Chubb is the best renters insurance company for service quality with an annual premium of $137. The following providers are the top two best in Lakewood, Colorado, 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 ($137 per year)
  • American Family: MoneyGeek score of 87 out of 100 ($151 per year)

Great customer service is important for renters because it ensures a smooth and supportive experience, especially when filing a claim. For instance, when you file a claim, a company with excellent service will guide you through the process quickly and efficiently, providing peace of mind.

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

Overview

In Lakewood, Colorado, Chubb ranks first in customer satisfaction and coverage, making it the top choice for renters. 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.

Best Renters Insurance For Service Quality in Lakewood, Colorado
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
ChubbMoneyGeek Score93Annual Premium$ 137
American FamilyMoneyGeek Score87Annual Premium$ 151
Auto-Owners InsuranceMoneyGeek Score83Annual Premium$ 56
State FarmMoneyGeek Score82Annual Premium$ 63
AllstateMoneyGeek Score71Annual Premium$ 95
FarmersMoneyGeek Score70Annual Premium$ 150
COUNTRY FinancialMoneyGeek Score66Annual Premium$ 136

Best Renters Insurance for High Personal Property Limits in Lakewood, CO

Auto-Owners offers the best renters insurance for those in Lakewood, Colorado needing high personal property coverage, with an annual premium of $118 for a policy with $100,000 in coverage. High personal property coverage ensures that renters with a substantial amount of belongings are fully protected. For $100K in personal property coverage, the top two best providers in Lakewood are:

  • Auto-Owners: MoneyGeek score of 92 out of 100 ($118 per year)
  • State Farm: MoneyGeek score of 91 out of 100 ($146 per year)

Renters with a considerable number of possessions often require higher personal property coverage, which safeguards their belongings from potential risks. This coverage can come at a higher cost, underscoring the importance of selecting a provider that offers both reasonable prices and excellent service. For those with high-value items like jewelry or art, remember that standard policies may not suffice, and additional coverage might be necessary.

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

Overview

Auto-Owners ranks first in affordability and customer satisfaction for renters with expensive homes in Lakewood, Colorado. With an annual premium of $118, it offers excellent value. It offers both contents replacement cost and back-up of sewer or drain coverages. The latter coverage protects against damage caused by water backup from drains or sewers.

Best Renters Insurance for High Personal Property Limits in Lakewood, Colorado
Auto-Owners InsuranceMoneyGeek Score92Annual Premium$ 118
State FarmMoneyGeek Score91Annual Premium$ 146
COUNTRY FinancialMoneyGeek Score83Annual Premium$ 148
American FamilyMoneyGeek Score82Annual Premium$ 255
AllstateMoneyGeek Score78Annual Premium$ 233
FarmersMoneyGeek Score73Annual Premium$ 285
ChubbMoneyGeek Score60Annual Premium$ 571
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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 Lakewood, CO

In Lakewood, USAA is the top-ranked renters insurance company for those with military backgrounds, boasting an annual premium of $89. The following providers are the top two best providers in Greeley for veterans for a policy with $20,000 in personal property coverage.

  • USAA: MoneyGeek score of 100 out of 100 ($94 per year)
  • Auto-Owners: MoneyGeek score of 90 out of 100 ($64 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. It is the most affordable option in Greeley for military members.

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 Lakewood, leading in customer satisfaction and offering the most comprehensive coverage at an annual premium of $94. This provider ensures that military renters have the protection they need, without compromise.

Included in USAA's policy are contents replacement cost and worldwide personal property coverages, which are uncommon discounts. The former ensures that in the event of a loss, you could receive enough to replace your items with new ones, while the latter offers peace of mind for belongings overseas, a significant benefit for deployed service members.

Best Renters Insurance for Military in Lakewood, Colorado
Data filtered by:Results filtered by:
Coverage:
Coverage:$100K Personal Property
USAAMoneyGeek Score100Annual Premium$ 190
Auto-Owners InsuranceMoneyGeek Score92Annual Premium$ 118
State FarmMoneyGeek Score91Annual Premium$ 146
COUNTRY FinancialMoneyGeek Score83Annual Premium$ 148
American FamilyMoneyGeek Score82Annual Premium$ 255
AllstateMoneyGeek Score78Annual Premium$ 233
FarmersMoneyGeek Score73Annual Premium$ 285
ChubbMoneyGeek Score60Annual Premium$ 571

Best Renters Insurance for Low Credit Scores in Lakewood, CO

The top renters insurance company for Lakewood residents with poor credit is Chubb, with an annual premium of $234 for a policy with $20,000 in personal property coverage. The following providers are the top two best providers in Lakewood for those with poor credit for the same type of policy:

  • Chubb: MoneyGeek score of 94 out of 100 ($234 per year)
  • State Farm: MoneyGeek score of 93 out of 100 ($127 per year)

Renters in Lakewood with poor credit typically face higher insurance rates as they are considered higher-risk by providers. This risk is due to a history that suggests a higher likelihood of filing claims. Improving your credit score and seeking available discounts can help lower your insurance premiums over time.

Company logo for Chubb
Best for Low Credit ScoresChubb
MoneyGeek Score:
94/ of 100

Overview

Chubb ranks first in affordability and coverage for renters in Lakewood, Colorado, with an annual premium of $234. Renters can benefit from reasonably rare rental car coverage, which provides primary car rental coverage worldwide when your liability limit is $1 million or more.

Additionally, Chubb offers reasonably common contents replacement cost coverage, ensuring the full cost to replace your belongings in case of fire, water leak, or other unexpected events. These discounts make Chubb an excellent choice for renters with poor credit.

Best Renters Insurance for Low Credit Scores in Lakewood, Colorado
Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Coverage:
Coverage:$20K Personal Property
ChubbMoneyGeek Score94Annual Premium$ 234
State FarmMoneyGeek Score93Annual Premium$ 127
American FamilyMoneyGeek Score91Annual Premium$ 259
AllstateMoneyGeek Score86Annual Premium$ 170
FarmersMoneyGeek Score85Annual Premium$ 212
COUNTRY FinancialMoneyGeek Score83Annual Premium$ 203
Auto-Owners InsuranceMoneyGeek Score56Annual Premium$ 1,892

Average Cost of Renters Insurance in Lakewood, CO

The average cost of renters insurance in Lakewood, Colorado, is $113 annually, or $9 monthly. This is slightly lower than the average cost of renters insurance in Colorado, which is $114 per year, and significantly 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.

Renters should remember that the average cost of renters insurance in Lakewood 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 Lakewood

Various factors can influence the cost of renters insurance in Lakewood, Colorado. For example, the crime rate in your neighborhood and the amount of coverage you select can significantly impact your premiums. Understanding these factors is essential when choosing a policy to ensure you get the best value for your money. Below are some key factors that affect renters insurance costs:

  • Location: Areas with higher crime rates or natural disaster risks typically have higher insurance costs. Insurers consider these risks when determining your premium.
  • Coverage Amount: The more coverage you need, the higher your premium will be. Higher limits provide greater protection but come at a cost.
  • Deductible: A higher deductible can lower your premium, but it means you'll pay more out-of-pocket in the event of a claim.
  • Credit Score: Insurers often use credit scores to assess risk. A higher credit score can lead to lower premiums.
  • Claims History: If you have a history of filing claims, insurers may view you as a higher risk, leading to higher premiums.

What Renters Insurance Covers in Lakewood, CO

Renters insurance primarily protects your personal belongings from damage, but it also covers personal liability and loss of use. Below are the key coverages provided by renters insurance:

  • Personal Property Coverage: This protects your belongings from risks like fire, theft, and vandalism. For example, if a fire damages your apartment in Colorado, this coverage helps replace your furniture and electronics.
  • Personal Liability Coverage: This covers legal expenses if someone is injured in your rental unit. For instance, if a guest slips and falls in your Colorado apartment, this coverage can help with medical bills and legal fees.
  • Loss Of Use Coverage: This pays for additional living expenses if your rental becomes uninhabitable due to a covered event. If a flood forces you out of your Colorado apartment, loss of use coverage can help pay for temporary housing.
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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 Lakewood

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 earthquakes or 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 Lakewood, CO

The best renters insurance provider for you in Lakewood ultimately depends on your needs.
Below, we address some frequently asked questions to help you make an informed decision.

How much is renters insurance in Lakewood, Colorado, on average?
What is the cheapest renters insurance company in Lakewood, Colorado?
What is the best renters insurance company in Lakewood, Colorado?
Do I need renters insurance in Lakewood, 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.