Best Renters Insurance in Colorado (2024)
Our team reviewed renters insurance providers in Colorado based on coverage, discounts, pricing, and additional benefits.
When renting a home or apartment, keeping your belongings safe from unexpected incidents such as theft, water damage, or vandalism is a top priority. A renters insurance policy protects your belongings from damage caused by unforeseen events and protects you from personal liability at an affordable price. The Quartz Reviews Team compared the best renters insurance companies nationwide and selected our top choices for Colorado renters.
5 Best Renters Insurance Companies in Colorado
Here are the top Colorado renters insurance providers:
- Lemonade: Best for Easy Coverage
- State Farm: Best for Valuables Coverage
- Liberty Mutual: Best Value
- Allstate: Best for Unique Liability Coverage
- Farmers: Best for Loss of Use Coverage
Our team pulled quotes for a 650-square-foot apartment in Denver for this article’s coverage and pricing information. Your pricing, deductible, and available coverage may vary depending on your home’s size, type, and location, applicable discounts, risk profile, and your chosen plan and endorsements.
Compare Providers in Colorado at a Glance
Lemonade
Best for Easy Coverage
State Farm
Best for Valuables Coverage
Liberty Mutual
Best Value
Allstate
Best for Unique Coverage
Farmers
Best for Loss of Use Coverage
What Is the Average Cost of Renters Insurance in Colorado?
According to the III, Colorado renters insurance premiums fall in the middle range compared to other states. It ranks 28th in the nation for most expensive renters insurance rates. The average cost of a Colorado renters insurance policy is $159 annually or $13.25 monthly. Rental insurance rates vary based on multiple factors.
- Coverage: The amount of coverage you choose affects your renters insurance premium. A basic coverage policy will cost less than a more comprehensive policy.
- Coverage type: The type of coverage you choose affects your policy’s monthly cost. The cost of an ACV policy typically costs less than an RCV policy because RCV policies provide higher payouts for covered losses.
- Location: Your home’s location impacts your renters insurance rates based on its risk factor. Areas with high crime rates or inclement weather will cost more on average than safer areas.
What Does Renters Insurance Cover?
Renters insurance companies offer the following types of coverage:
- Liability coverage: Should you damage someone’s property, liability coverage covers the fees associated with the damages, such as legal fees and medical expenses. Some providers provide liability coverage for damage caused by your pet, as long as it isn’t a high-risk dog breed.
- Loss of use coverage: Loss of use coverage, also known as additional living expense coverage, covers expenses associated with your home becoming uninhabitable. Typical loss of use expenses include hotel fees and laundry expenses.
- Medical payments to others coverage: Your renters insurance policy covers medical expenses for someone who injures themselves in your home, regardless of fault.
- Personal property coverage: Personal property coverage covers your belongings if a covered loss occurs, such as fire damage, theft, or vandalism.
What Risks Do Renters in Colorado Face the Most?
There are several risks you may face as a renter in Colorado. Here is a list of common risks to consider when shopping for your renters insurance policy.
- Hailstorms: Due to the higher elevation and lower temperatures throughout the state, hailstorms occur several times per year. Ensure your renters insurance policy includes hail damage as a covered loss.
- Water damage: Colorado’s cold temperatures and heavy snowfall can increase the likelihood of water damage caused by frozen water lines or flooding.
Wildfires: Wildfires threaten Colorado renters during the warmer months due to the dry conditions and low humidity. Since most renters insurance policies include fire damage as a covered loss, ensure you select enough coverage for all your belongings.
Our Conclusion
The Quartz Reviews Team recommends Lemonade for renters who want convenient access to their insurance policy. We also recommend State Farm because it includes valuables coverage within standard policies. Our team recommends Liberty Mutual for renters who don’t need extra coverage for personal belongings and loss of use. Before making a decision, speak with provider representatives to understand costs, coverage options, exclusions, and limitations.
Frequently Asked Questions
Can I add my roommate to my renters insurance policy?
You can typically add your roommate to your renters insurance policy as an insured party. However, not all providers offer this option. Contact your provider to determine its coverage specifics.
What do I need before I file a claim?
Before you file a renters insurance claim, you need the following: information on the covered loss, the date, time, and location where it happened, and additional information, such as item proof-of-purchase receipts.
What are some of the benefits of renters insurance in Colorado?
Some of the benefits of renters insurance in Colorado include belongings protection from unexpected events such as theft; liability coverage for accidents that occur on your property; and coverage for natural disasters that commonly occur in Colorado, such as flooding.
Can a landlord require renters insurance in Colorado?
Yes, a landlord can require a renters insurance policy before renting their property to someone. However, Colorado has no law requiring renters to own a policy. Therefore, many landlords include a clause in their rental agreement requiring a renters insurance policy because their landlord insurance may not cover damages caused by renters living on their property.
Our Rating Methodology
The Quartz Reviews Team rates providers using comprehensive review standards to score each company. Our review standards compare relevant factors such as cost, coverage, customer experience, technology, and reputation, which tally up to 100 points. In addition, we reviewed provider websites, customer access features, and tools; spoke with representatives; obtained sample quotes and policy terms; analyzed AM Best and JD Power ratings; and reviewed online customer feedback for each provider.
