Best Renters Insurance in Colorado (2024)
Renters insurance in Colorado costs an average of just $15 per month. Learn how to find the best policy.
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Written byErin Gobler
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Más de 5 años de experiencia en redacción financiera
Certificado de planificación financiera por la Universidad de Boston
Erin es escritora y periodista especializada en finanzas personales. Sus artículos exploran inversiones, tarjetas de crédito, hipotecas, seguros y mucho más.
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Edited byAshley Cox
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5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Updated August 20, 2024
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Table of contents
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.
Quick Facts
The average cost of renters insurance in Colorado is $15 per month for a policy with $30,000 in personal property coverage and $100,000 in personal liability coverage. This is lower than the national average of $19 per month for the same coverage levels.
The best renters insurance companies in Colorado include Allstate, American Family, and Erie.
Colorado’s propensity to natural disasters, including wildfires and hail, makes renters insurance especially important.
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.
Good to Know
Renters insurance is also far more affordable than homeowners insurance since it doesn’t protect the actual structure you live in. But your costs may vary depending on your location, coverage amount, and deductible.
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]
Contact your landlord to make them aware of the incident.
File a police report, if necessary.
Contact your insurance company to start the claims process.
Document your losses, including photos and receipts.
Make sure your home is safe and secure.
Complete your claim and wait for your settlement.
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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.
Insurance Company ▲▼ | Average Monthly Premium ▲▼ | Best For ▲▼ |
|---|---|---|
| Erie | $14 | Customer satisfaction |
| American Family | $15 | Smart homes |
| Allstate | $17 | Retirees |
| USAA | $18 | Military families |
| State Farm | $18 | Local customer service |
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
Important Information
Like homeowners insurance, most standard renters insurance policies don’t cover flood damage. If you live in an area prone to floods, you may want to purchase flood insurance through the National Flood Insurance Program or a private insurer.
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.
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Renters insurance in Colorado FAQs
If you’re considering or preparing to purchase renters insurance in Colorado, here are a few more important things you may need to know.
Is renters insurance required in Colorado?
Not legally. The state of Colorado doesn’t require renters insurance. But individual landlords may require that their tenants have insurance.
What is the average cost of renters insurance in Colorado?
The average cost of renters insurance in Colorado is $15 per month for a policy with $30,000 in personal property coverage and $100,000 in personal liability coverage, which is slightly lower than the national average of $19 per month. But your rates will vary depending on your location, coverage levels, and other key factors.
How much renters insurance do you need in Colorado?
The amount of renters insurance you need in Colorado varies from person to person. It’s important to purchase enough coverage to replace all your personal belongings in case you lose everything, such as in the case of a fire. Most insurers have multiple coverage levels for you to choose from.
How do you file a claim for renters insurance in Colorado?
Most renters insurance companies allow you to file a claim online. Before you do, make sure to also contact your landlord and the police department, if necessary, as well as document your losses to ensure you receive the full amount.
Sources
- Insurance Information Institute. "Renters Insurance."
- Nolo.com. "Renters' Insurance Claims for Damaged or Stolen Property."
- National Association of Insurance Commissioners. "Renting Your Home? This is What You Need to Know About Renters Insurance."
- Rocky Mountain Insurance Information Association. "Colorado’s Homeowners Insurance Market."
- Colorado Division of Criminal Justice. "Crime & Policing - Crime Rates."
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Erin Gobler
Erin Gobler is a personal finance writer and journalist based in Madison, Wisconsin. With more than five years of experience, Erin has covered topics such as investing, credit cards, mortgages, insurance, and more. Her work has been featured in major publications like Business Insider, Fox Business, and Time. Erin received her bachelor’s degree from the University of Wisconsin-Oshkosh in 2013, studying journalism and political science. She also received a certificate of financial planning from Boston University in 2022.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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