Best Renters Insurance in Colorado (2024)

If you rent your apartment or home, it’s a good idea to purchase a renters insurance policy that’ll protect your personal belongings in case of a natural disaster, break-in, or other incident. While no law requires Colorado renters to have renters insurance, many landlords require their tenants to have it before moving in.

The good news is that renters insurance is among the most affordable types of insurance on the market. You can typically get a comprehensive policy for less than $20 per month. Insurify rounded up a list of the best renters insurance in Colorado to help you choose a policy.

How renters insurance works in Colorado

Renters insurance is a type of property insurance that protects you from financial loss when you rent your house or apartment.

Renters insurance is unique because, unlike homeowners, renters aren’t responsible for the property in which they live, whether it’s an apartment building or a single-family home. If a fire burns down your rented home, you don’t need insurance coverage to replace it — the property owner does. But the landlord’s insurance doesn’t protect your belongings, and that’s where renters insurance comes in.

Renters insurance has three major components: personal property coverage, liability coverage, and additional living expenses coverage.^[1]

Colorado renters insurance is easy to get — you can usually sign up online. You’ll complete an online quote form, and if you’re happy with your quote, you can go ahead and sign up. Ideally, you’ll shop around with several insurers to find the best rate.

Filing a renters insurance claim

Just as how renters insurance is easy to sign up for, it’s also easy to file a claim. If there’s an incident in your home and you need to file a claim, here’s what you’ll do:^[2]

1. Contact your landlord to make them aware of the incident.

2. File a police report, if necessary.

3. Contact your insurance company to start the claims process.

4. Document your losses, including photos and receipts.

5. Make sure your home is safe and secure.

6. Complete your claim and wait for your settlement.

Best renters insurance companies in Colorado

When you’re shopping for renters insurance in Colorado, it’s important to choose an insurer that offers all the coverage you need at a fair price. You have many insurance companies to choose from, each of which offers its own lineup of coverages and discounts. And because each person’s situation is unique, there’s not necessarily one renters insurance company that’s right for everyone.

For example, when analyzing the best renters insurance companies, Insurify found Allstate to be an especially good option for retirees because it offers them a discount. On the other hand, someone who wants a local agent might prefer State Farm. Check out some of the best renters insurance companies, along with their national monthly averages, in the table below.

What renters insurance covers in Colorado

Renters insurance protects you from financial loss for certain incidents that could happen in your home. It has three primary components: personal property, liability, and additional living expenses.^[3]

• 

  Personal property coverage

  Personal property coverage pays to repair or replace your personal belongings in your rental property if they’re damaged or destroyed in a covered loss, up to your coverage limits.

• 

  Liability coverage

  Liability insurance protects you from loss when you’re liable for injuries to other people or damage to other people’s property in your home, including covering legal fees.

• 

  Additional living expenses coverage

  Also called loss of use coverage, this pays your additional costs, including a hotel room, if a covered event damages your rental and you need to move out while repairs are being made.

Though renters insurance generally covers your personal property, it may not cover certain valuables, including jewelry and expensive electronics. You may need a policy add-on to cover those.

Renters insurance may have either actual cash value or replacement cost coverage. Actual cash value pays you the current cash value of your belongings, meaning their original cost minus depreciation. Replacement cost coverage pays you the amount necessary to repair or replace your items, even if it’s more than the item was worth. Replacement cost value is more expensive but also covers more of your losses than an actual cash value policy does.

Covered perils

Your renters insurance will cover certain perils which your policy documents will list. Examples of common perils that renters insurance policies cover include:

• Fire and smoke

• Lightning

• Windstorms

• Hail

• Snow and ice

• Falling objects

• Vandalism

• Theft

• Electrical surges

• Some water damage

Unique considerations for renters insurance in Colorado

The state of Colorado doesn’t require renters insurance coverage, though some landlords require that their tenants purchase it. But even if your state or landlord doesn’t require renters insurance, it’s usually a good idea to have this coverage.

Living in Colorado puts you at risk for some specific perils. It ranks second in the nation for homeowners insurance catastrophe claims because of its inclement weather and natural disasters, which can include wildfires, hail, and winter storms.^[4] Even though you as a renter don’t have the same responsibilities as a homeowner would, you could still face losses due to these common hazards.

Additionally, depending on where you live, you may be especially at risk for property crime, including theft and vandalism. Colorado reported nearly 184,000 incidents of property crime in 2022, according to data from the Colorado Division of Criminal Justice.^[5] Luckily, renters insurance covers items that are stolen or damaged due to crime.

When you’re shopping for renters insurance in Colorado, make sure to read the policy documents to ensure the policy you’re signing up for covers any hazards you may be particularly vulnerable to. And if you live in an area where flooding is common, it may be worth getting an addition to your policy to cover flood damage.

How to save on renters insurance in Colorado

The cost of renters insurance in Colorado is already lower than the national average, but luckily you can do a few things to save on your premiums even more. Here are a few ideas:

• Bundle your policies. If you already have car insurance, you may be eligible for a discount if you bundle your new renters policy with it.

• Install safety measures. Some insurers offer discounts if you have certain safety measures in place, including sprinklers or a security system.

• Consider discounts. It’s common for insurance companies to offer discounts in addition to bundled policies and safety measures, but they vary by company.

• Increase your deductible. The higher your policy deductible, the lower your premiums — and vice versa. If you want to save month to month, consider raising your deductible.

• Compare rates. Before signing up for a policy, get rates from several different companies so you can compare renters insurance quotes and choose the cheapest option.

• Read the fine print. It’s not worth saving money at the expense of coverage. Make sure your policy covers everything you need before you sign up, or it could end up costing you more later on.

Renters insurance in Colorado FAQs