Purchasing a renters insurance policy involves deciding which provider brings a balance of affordable prices, practical coverage and dependable customer service. We compiled rate data for some of the largest renters insurance companies in Colorado to help you select the best provider for your needs.
Compare Renters Insurance Quotes from Providers in Colorado
On average, the lowest rate we found for renters insurance in Colorado is $10 per month, or $125 per year. We reveal the cheapest renters insurance in Colorado below and present other top options for coverage in the Centennial State.
Best renters insurance for most people: State Farm
- Cheapest renters insurance premiums in Colorado
- Great customer service reputation
- Limited ways to expand your coverage
State Farm is the best renters insurance in Colorado for most people. Its prices are far more affordable than its competitors — about 31% cheaper than the state's average. Typically, we found that State Farm renters insurance costs $10 per month, or $125 annually.
Moreover, State Farm is the cheapest renters insurance in Denver, as well as other large cities like Fort Collins and Colorado Springs, where competitors charge higher rates. Even with State Farm's cheap prices, you could reduce your premium further if you already have an auto insurance policy with State Farm or are planning to buy one.
Based on complaint data and consumer feedback, State Farm has the most highly rated service of all the insurers we looked at. The National Association of Insurance Commissioners (NAIC) reveals that State Farm receives fewer complaints than its market share would indicate. Additionally, J.D. Power's study of consumers rates State Farm's service as the third best among national renters insurance companies.
The downside for State Farm is its lack of add-ons or endorsements that can enhance the protection afforded by a standard renters insurance policy. While State Farm renters insurance provides coverage that's typical of the industry, you can only improve your policy by increasing your property and liability protections.
Best renters insurance for quick coverage: Lemonade
- Rapid online quote process
- Generally cheap renters insurance premiums
- Lackluster customer service
Lemonade renters insurance is a great option for convenience-minded shoppers. Using Lemonade's online quote form, we found that you can request a quote, receive coverage and finalize your payment in under 10 minutes.
Generally, Lemonade is known for having some of the best prices in the markets where it's available. For example, Lemonade renters insurance in Denver costs about $10 per month — a premium that's comparable to State Farm's. Like State Farm, Lemonade doesn't offer many discounts, but you could save money if you've outfitted your home with safety or security devices.
The upgrades available with Lemonade are useful, too. A standard policy provides all the coverage you'd expect from traditional providers. You can add water backup protection and extended coverage for your valuables for additional coverage.
Of the companies we surveyed, Lemonade has below-average customer service. It receives more complaints than average for its market share. On the other hand, Lemonade claims that it processes most quotes in as few as three seconds. Also, the company's financial strength is well regarded by the credit analysts Demotech — you probably won't have to worry about it not being able to pay claims.
Best renters insurance for military personnel: USAA
- Long list of premium coverages included for free
- Great customer service
- Only available to military families
USAA is the best renters insurance in Colorado for those who can purchase its policies. USAA is available to the thousands of military service members living in Colorado, along with their families. Only these people can receive quotes and detailed policy information about the company.
The coverage offered by USAA is unmatched. A standard policy from USAA not only comes with the types of coverage typical to most renters insurance plans but also includes a few premium forms of protection for free. USAA renters insurance includes replacement cost coverage, as well as flood and earthquake coverage at no additional cost — usually these improvements can cost hundreds of dollars extra per year.
Policyholders looking for high-rated customer service should consider USAA renters insurance if they're eligible to receive coverage. USAA receives only a quarter of the complaints that its size suggests, according to the NAIC. Additionally, the service provided by USAA renters insurance is rated second best in the country by J.D. Power.
How we chose the best renters insurance in Colorado
To find the best renters insurance in Colorado, we compared these three qualities of the largest insurers in the state:
- Affordability: The typical premium renters could pay for coverage.
- Coverage options: The usefulness of a company's standard and additional forms of coverage.
- Customer service: How well a renters insurance company meets the needs of its policyholders.
Affordability: Finding the cheapest renters insurance in Colorado
We computed that the average cost of renters insurance in Colorado is $15 per month, or about $185 per year. Compared to the cost of coverage in the United States, we found that the typical premium in Colorado is almost identical.
At $10 per month, State Farm is the cheapest renters insurance in Colorado, while Liberty Mutual has the most expensive premiums in the state.
|Company||Average cost (per month)||Average cost (per year)||% difference from statewide average|
|Average cost in CO||$15||$185||3%|
Your premiums are influenced by a range of factors, often unique to your personal circumstances. Primarily, the amount of coverage you elect determines a significant part of the premium you pay. The rate information we compiled was sourced using the following coverage levels:
- Personal property protection: $30,000
- Liability coverage: $100,000
- Guest medical protection: $1,000
- Deductible: $500
Aside from your coverage levels, your premiums can be influenced by your characteristics, including but not limited to your age, marital status and location. The price of renters insurance also depends in part on your own insurance history — whether you've made claims in the past and what kinds of claims you made.
Our sample profile was a 30-year-old married renter, who lives alone with no pets. Our profile has no history of making claims of any sort.
Compare Renters Insurance Quotes from Providers in Colorado
Coverage options: Evaluating the quality of an insurer's standard and extra forms of coverage
Standard renters insurance policies should provide adequate coverage without needing to be supplemented with endorsements or extra features. However, if you want to increase your coverage, your renters insurance company should provide you with the flexibility to do so.
All of the renters insurance companies we called out share the qualities we mentioned above. The following table illustrates the coverage limits for some of the largest companies that offer renters insurance in Colorado.
|Insurer||Personal property coverage||Personal liability||Earthquake||Water backup coverage||Identity theft protection||Replacement cost coverage||Valuables plus|
|State Farm||$10,000 - more than $100,000||$100,000 - $1,000,000||X||-||X||-||X|
|Nationwide||$15,000 - more than $100,000||$100,000 - $1,000,000||-||X||X||X||X|
|Liberty Mutual||$5,000 - $25,000||$100,000 - $1,000,000||X||-||X||X||X|
|Allstate||$15,000 - more than $100,000||$100,000 - $500,000||-||-||X||-||-|
|Farmers||$4,000 - more than $100,000||$100,000 - $1,000,000||-||-||X||X||X|
|Travelers||$30,000 - more than 100,000||$100,000 - $500,000||X||X||X||X||X|
|Lemonade||$10,000 - $250,000||$100,000 - $1,000,000||-||X||-||-||X|
What are these coverages?
- Replacement cost coverage: After a loss, you're reimbursed for the full value of your property, rather than its depreciated value.
- Water backup protection: With this endorsement, you're protected against water damage stemming from backed up drains.
- Identity theft protection: This endorsement varies slightly depending on the company, but typically policyholders are enrolled in credit monitoring and provided with identity recovery services if they suffer a loss.
- Valuables plus: Policyholders can increase coverage for special items, such as jewelry or firearms.
Customer service: Comparing the service each insurer brings to its policyholders
We used three measurements of customer interaction to gauge which of Colorado's renters insurance companies offer the best service. We consulted: the NAIC's Complaint Index, J.D. Power's Homeowners Insurance Study - Renters and A.M Best's Financial Strength Rating (FSR).
We've tabulated this data below:
|Insurance provider||NAIC Complaint Index||J.D. Power Renters survey score (of 14)||A.M. Best financial strength rating|
Complaint Index: The NAIC uses the Complaint Index to show how many complaints an insurer receives relative to its size. The typical or expected number of complaints a company should receive is represented by the number 1.00. If an insurer has a Complaint Index of 0.90, it receives fewer complaints than expected.
J.D. Power's Homeowners Insurance Study - Renters: J.D. Power conducts a study of the nation's largest insurance companies that offer renters coverage. J.D. Power gives each company an overall satisfaction ranking, which is derived from consumer responses regarding elements of an insurer's service.
A.M. Best's Financial Strength Rating: This metric communicates the ability of an insurer to pay its claims and meet other financial obligations in the event of a widespread economic downturn. While most companies receive high marks from A.M. Best, this tool is useful for pointing out risky insurers.
Colorado renters insurance rates: City-by-city breakdowns
While finding the cheapest renters insurance in Colorado, we were able to find the average cost of coverage for many of the state's most populated cities. This information is displayed below, along with each city's relationship to the average cost of renters insurance in Colorado, $15 per month, or $185 per year.
The cheapest city for renters insurance in Colorado is Loveland, where coverage costs $14 per month. Renters insurance in Denver is the most expensive at $17 per month.
|City||Average cost (per month)||Average cost (per year)||% Difference from statewide average|
To find the cheapest renters insurance in Colorado, we obtained 125 quotes from addresses in the state's largest cities. We requested these quotes using a sample profile. This simulated shopper is a 30-year-old male living alone without a history of making insurance claims.
Additionally, our quotes reflect the cost to supply $30,000 of personal property protection, $100,000 of personal liability and $1,000 of medical payments to others. Where it was possible, we opted for a $500 deductible. Your rates may differ from ours.