Looking for renters insurance in Colorado but not sure where to start? We’ve done the hard work for you by gathering quotes from the top insurers in Colorado. Find out here how to get the cheapest renters insurance with the coverage you need.
Table of Contents
- How much is renters insurance in Colorado?
- Average cost of renters insurance in Colorado by city
- Average cost of renters insurance in Colorado by insurance company
- The cheapest renters insurance in Colorado: Lemonade
- The best renters insurance in Colorado: It depends on what coverage you need
- Other Colorado renters insurance providers you should consider
- What else do you need to know about renters insurance in Colorado?
- How we gathered our data on Colorado renters insurance prices
How much is renters insurance in Colorado?
The average price of renters insurance in Colorado is $15.45 per month, just under the national average of approximately $20 per month. Of 9 major insurance companies in the 15 most populated cities, the highest price we found was offered by Progressive in Thornton ($27.13), and the lowest was offered by Lemonade in Highlands Ranch ($7.50).
Prices don’t vary much among cities, with most being in the range of $14–$16 per month. With that said, the cheapest city in Colorado for renters insurance is Highlands Ranch ($14.66), and the most expensive is Pueblo ($16.66).
Insurance companies consider several factors when determining pricing, including:
- Your geographical location: Whether your city lies on the coast and whether it’s vulnerable to floods, adverse weather conditions, wildfires, and other natural disasters.
- Characteristics of your city/town: The crime rates and number of people living in your city.
- What type of policy you want: The amount of coverage you buy, whether you add additional coverage to your policy, and your renters insurance deductible.
Insurance companies use these factors (except for your coverage choices) to determine the likelihood that you’ll file a claim in the future. They consider this likelihood when determining your renters insurance premium (the price you pay each month) to compensate for the risk they’re taking by offering you coverage.
In the next section, we’ll give you a breakdown of how much renters insurance costs in Colorado for each city and insurer. You can find details about how we obtained our quotes and the information that they’re based on at the end of this article.
Average cost of renters insurance in Colorado by city
Here, we’ve listed the average monthly and yearly cost of renters insurance in Colorado’s major cities.
|City||Average price (monthly)||Average price (yearly)|
Average cost of renters insurance in Colorado by insurance company
This table shows the average price of renters insurance in Colorado for each renters insurance company and how their prices compare to the statewide average.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Colorado: Lemonade
Lemonade offers the cheapest renters insurance of any insurer in Colorado in almost every city, with policies costing only $8.89 per month on average. The only exception is Colorado Springs, where Lemonade’s price ($12.50) comes in third behind State Farm’s ($10.25) and Nationwide’s ($11.98). Lemonade offers insurance policies for under $10 per month in most cities, with most quotes in the range of $7–$8.
Should you get Lemonade renters insurance in Colorado?
Lemonade is certainly the cheapest renters insurance company in Colorado, but whether it’s right for you depends on the type of services you’re looking for. The company is relatively new, and their business model is based on a shift toward digital communications and transactions. This has several implications that you should be aware of before you apply for a policy.
Benefits of Lemonade renters insurance in Colorado
- Convenience (if you’re good with technology): If you’re the type of person who prefers to make transactions online rather than in person, then you might like their automated system, which enables you to apply for a policy online and make claims using their mobile app.
- Lemonade donates some of your money to charity: Lemonade donates a portion of your monthly premium to a charity of your choice. This is all part of their mission “to transform insurance from a necessary evil into a social good.”
Disadvantages of Lemonade renters insurance in Colorado
- Limited customer service: Lemonade is able to offer lower prices than other insurers because relying primarily on digital operations means that they don’t need to hire as many staff members. This means that you’ll probably have more trouble contacting a service representative than you would with another major insurance company.
- Highly variable prices: While Lemonade has the lowest average price and is the cheapest option in many cities, its prices vary considerably. If you happen to live in any of the cities where they’ve inflated their prices, then you may find yourself paying more than you should.
- Limited bundling options: Many insurance companies will offer you a discount for having multiple insurance policies with them. However, Lemonade currently does not offer auto insurance, meaning that you won’t be able to save money by bundling your auto insurance and renters insurance.
The best renters insurance in Colorado: It depends on what coverage you need
Many factors come into play in determining the best renters insurance, such as how much coverage you need and how much you’re willing to spend.
If you’re on a budget: Lemonade
If you’re only looking for basic coverage, then Lemonade might be the best option. They offer the best rates, donate some of their profit to charity, and allow you to apply for a policy or file a claim instantly online or through their app.
Lemonade will generally offer you the coverage you need for the lowest price, unless you’re looking for a large amount of personal property coverage or want to be able to discuss your policy with a customer service representative.
If you live in a high-risk area: State Farm or Nationwide
If you happen to live in the Eastern Plains and are worried about tornadoes or hail storms causing significant damage to your personal property or making your home uninhabitable, then instead of choosing Lemonade, you might be better off going with State Farm ($1.78 per month more on average) or Nationwide ($2.29 per month more on average), which both offer more flexible and wide-ranging coverage options.
Where to get more information
To make things easier, we’ve published detailed reviews of the top renters insurance companies in Colorado:
Other Colorado renters insurance providers you should consider
As we’ve already mentioned, the best renters insurance company is ultimately a personal matter that comes down to your circumstances.
While you generally won’t find a great deal of variation in the coverage offered by renters insurance companies, they do all have features that make them more appealing to certain demographics. Specifically, some companies are particularly good for
- Veterans/members of the military
- People with dogs
- People with auto insurance
- Business owners
- College students and first-time renters
Best Colorado renters insurance for military service members and veterans: USAA
USAA insurance is reserved for only people in the military, veterans, and the immediate family of USAA members. This makes their policies very exclusive, but if you can get one, they offer unbeatable coverage.
Unlike the standard policies offered by other companies, their renters insurance covers floods and earthquakes. For this reason, we recommend USAA to just about anyone who’s eligible, in Colorado and elsewhere.
Best Colorado renters insurance for dog owners: State Farm and USAA
State Farm and USAA are safe bets if you’re a Colorado resident who has a dog (or hopes to have one someday). These are the only two major insurers that don’t partake in breed blacklisting, which is still legal in Colorado. Instead, they determine your dog’s eligibility for coverage based on their personal history (i.e. whether they have a history of causing injury or property damage).
Other companies, such as Nationwide, Allstate, and Liberty Mutual, still offer renters insurance coverage for dog bites, but only for breeds that they don’t consider to be dangerous.
Best Colorado renters insurance for business owners: State Farm
Unlike many other insurers, State Farm gives you the option to add additional business property coverage and incidental business liability coverage to your renters insurance policy.
These additions to your policy will cover the cost of professional liability lawsuits and fully protect all of your business equipment (even offering loss of income protection if your business operations are suspended due to a covered loss). We strongly recommend getting this coverage if you’re involved in Boulder’s or Denver’s growing startup scene.
In addition to being good for business owners, State Farm also offers great coverage if you work from home or have a home office. In their standard policy, they offer coverage (albeit only limited coverage) for business property, which is uncommon in renters insurance policies.
Best Colorado renters insurance for college students and first-time renters: Lemonade
We’ve already explained that Lemonade is arguably the best insurance company for people on a budget. However, it’s also well-suited for people who don’t have many possessions that they need coverage for. If you’re a student, living in a dormitory or furnished apartment, or looking to move into your first apartment, then you may fall into this category.
Lemonade targets people who are new to renters insurance by simplifying the language they use on their site and explaining technical terms so that you know what you’re signing up for. This may make the company a good starting point for anyone who’s new to renters insurance, especially if you don’t have a lot of really valuable possessions that you want protection for.
Best Colorado renters insurance if you already have auto insurance: your current insurer
One of the many ways of getting discounts on renters insurance is to bundle your insurance policies (purchase multiple policies from the same company). Most major insurers offer their customers discounts for bundling their renters and auto insurance as an incentive to stick with them rather than shop around for policies from their competitors.
Taking advantage of these offers can save you more than 10%, which in some cases is enough to effectively eliminate the price difference between the renters insurance offered by your auto insurer and that offered by other insurance companies. If you already have car insurance, then you should check whether your insurance provider also offers renters insurance.
What else do you need to know about renters insurance in Colorado?
The types of policies that insurers offer and the process of applying for renters insurance tend to be relatively similar from state to state, but there are some differences that may be worth considering.
All renters insurance policies cover wildfire and lightning damage, but none cover landslides
Most of the natural disasters that can happen in Colorado (such as wildfires, lightning strikes, and hail storms) are covered by virtually every renters insurance company, and the other disasters that Colorado is prone to (such as landslides and avalanches) won’t be covered by any insurer.
In this respect, the amount of coverage you choose may be more important than which insurance company you pick. In particular, if you’re worried about wildfires, storms, or tornadoes forcing you out of your home, then you may also want to take into account how much loss-of-use coverage is included in your policy (most insurers will offer you loss-of-use coverage equivalent to 25%–30% of your personal property coverage).
Is a credit check required for renters insurance in Colorado?
Yes, a credit check is required for renters insurance in most states, including Colorado. Your credit score is used to calculate your premium, with lower scores correlating to higher premiums. Thankfully, your credit score won’t be affected by the insurance company running a credit check.
If you’ve got a low credit score and you’re wondering what this means for your renters insurance application and what your options are, then check out our article on getting renters insurance with no credit check.
Can landlords require renters insurance in Colorado?
Yes, your landlord can require you to have renters insurance if you live in Colorado. The way landlords see it, requiring tenants to purchase their own coverage for their personal property is a way of avoiding disputes over who’s responsible for paying for possessions that are damaged or stolen.
How we gathered our data on Colorado renters insurance prices
The quotes we’ve provided in this article for the cost of renters insurance in Colorado are based on the following assumptions:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on the amount of personal property coverage)
- Deductible: $500
If you have a slightly different demographic background or are looking for a policy with different coverage, then the quote you receive from the insurance company will probably be a little different. The values we provide serve as general guidelines, though they shouldn’t vary too much from the actual amount you’ll end up paying.
It’s worth noting that the prices we’ve listed exclude installation fees and the cost of down payments. The good news is that we’ve found a few easy ways to get renters insurance with no down payment.
The price of renters insurance in Colorado: complete data set
|Allstate||GEICO||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Midvale||Farmers|