UPDATED: DECEMBER 15, 2022 | 2 MIN READ
Renters insurance coverage in Colorado isn’t mandated. However, you may be required to purchase it as part of your lease agreement with your landlord. Comparing renters insurance quotes can help you decide which one is best for you. The good news for renters in Colorado is renters insurance in the state is 20% cheaper than the national average. Read on to see what insurance companies offer this kind of insurance and the best prices so you have peace of mind when renting a property.
Best renters insurance companies in the state
Allstate and State Farm are considered to of the best insurance companies when it comes to renters insurance in the state. They scored high in terms of customer experience, affordability, and financial security.
Best insurance company for customer service
State Farm came third-highest on the J.D. Power annual customer service survey. Colorado renters stated that they were satisfied with their renters insurance coverage. State Farm offers renters insurance for $11 per month which makes it close to 30% cheaper than the state’s average cost of renters insurance.
What does a renters insurance policy include?
A renters insurance premium in Colorado may include the following, however, it’s best to check with your insurance carrier:
- Personal Property: this provides protection for personal property
- Additional Living Expenses: this provides coverage for any living expenses if your place of rent becomes uninhabitable due to fire, vandalism, or water damage
- Personal Liability: this provides protection for you in case someone decides to take a case against you for their property
- Medical Payments: This provides funding to pay for any medical expenses you may have if you were injured on the property you’re renting
This is a standard policy. However, the more coverage add-ons you include, the higher your renters insurance premium will be.
Who are the largest renters insurance companies in the state
State Farm has the largest market share in the state at 19.5%. USAA came second with a percentage market share of 11.6%. Getting a renters insurance premium with an insurance provider that has a large market share can provide extra benefits because they have more resources and are more financially stable.
Cheapest renters insurance companies in Colorado
Lemonade, State Farm, and Nationwide offer the cheapest renters insurance coverage.
What is the cheapest rate for renters insurance in the state?
The cheapest rate for renters insurance coverage is with Allstate for $103 per year or $9 monthly. Lemonade also offers cheap renters insurance quotes with $8 per month coverage.
What are the cheapest rates per city in Colorado?
If you’re renting in Longmont, Fort Collins, or Loveland, expect to pay the cheapest rates.
- Longmont: $164
- Fort Collins: $165
- Loveland: $165
- Boulder: $167
- Greeley: $168
If you live in a secure neighborhood, this is likely to help keep your renters insurance quote down.
What are the most expensive rates per city in Colorado?
These cities are a little more expensive for a renters insurance quote as they are the three biggest cities in CO, with Denver being the largest city. The best renters insurance prices for these three cities are:
- Aurora: $179
- Colorado Springs: $180
- Denver: $191
How does a renters insurance policy in CO compare to the national average
Renters in Colorado can consider themselves lucky. Colorado renters insurance is 20% lower than the national average. The average cost of renters insurance in Colorado is $128 per year. This equates to $11 monthly.
What factors affect my renters insurance policy in Colorado
Several factors can impact the cost of your renters insurance coverage. These include:
- Where you live
- If you live in a secure neighborhood
- Your credit score
- The value of your personal property
- The add-ons you decide to purchase
What does my renters insurance cover in Colorado?
A standard renters insurance premium includes coverage for personal property, medical payments, additional living expenses, and liability coverage insurance. Check with your insurance carrier if your plan includes coverage for identity theft. Colorado renters are covered under their personal property insurance for the cost of damages incurred in a wildfire or tornado. Knowing about wildfire coverage is important when living in Colorado, a state prone to wildfires.
What does my renters insurance not cover in Colorado?
Read your insurance premium details to know what your renters insurance cover doesn’t cover. If you have valuable property items, you may need to add extra coverage for these items outside of a standard policy. Take note that your renters insurance coverage doesn’t cover any belongings your roommate has at the property.
Any damage to the structure of the house isn’t included in standard renters insurance policies. In addition to this, earthquake damage and water damage due to flooding aren’t covered in a standard policy. Flooding is common in Colorado, so many renters decide to add on a coverage option to protect themselves and their personal property.
Is renters insurance required in Colorado?
Colorado state doesn’t mandate that renters insurance is required by law. However, your landlord may require it as part of the terms of your lease, and you may also like to have the policy to protect your personal property and to have peace of mind.
FAQs
How much does renters insurance cost per month in Colorado?
Colorado renters insurance is cheaper than the national average. Renters in the state pay $14 per month. This equates to $166 on average for a year’s premium.
Does Colorado require renters insurance?
It’s not required. However, it may be requested by the landlord as part of a lease agreement.
How much renters insurance should a landlord require in Colorado?
A landlord can ask for $100,000 for minimum liability coverage. The landlord may ask for proof before you move into the property.
What is the best way to get renters insurance in Colorado?
Shopping around is one of the best ways to get coverage, as you can compare each insurance quote. Going with one of the larger insurance companies can offer more security for your policy.
What is the average cost of a renters insurance claim in Colorado?
This can vary and depends on the type of claim being filed. There are steps you’ll need to take to file a renters insurance claim.
What is the maximum amount of coverage for renters insurance in Colorado?
The amount of coverage required is $100,000 for liability coverage.
How can you find renters insurance in Colorado?
State Farm and Allstate are two of the larger companies offering renters insurance coverage in Colorado.
What is the average cost of renters insurance for a one-bedroom apartment in Colorado?
The average cost is $11 per month for a one-bedroom apartment in the state.
Closing Paragraph
Having renters insurance is an important consideration when renting a property. It will protect your personal property and provide reassurance and peace of mind should anything happen to your valuables. A renters insurance policy may seem confusing at first. However, you can get help by reading our read our guide on what a renters insurance policy covers.
