7 Best Renters Insurance Companies in Colorado 2022
Living in Colorado, also known as the Rocky Mountain State, offers renters a combination of fresh air, breathtaking scenery, and the benefit of living in a state that’s unlike any other.
As the 8th largest and 21st most populous state, Colorado has many renters, including people living in apartments, condominiums, and even houses. These renters may not be aware that their landlord’s property insurance does not protect them.
While Colorado does not have a law requiring renters insurance, some landlords may require it of their tenants. Keep in mind that not buying renters insurance may leave you open to personal liability if someone is injured or their property is damaged in your rental.
The good news is that multiple insurance companies sell renters insurance to Colorado residents, including many that provide discounts and extended coverage. Regardless of your budget, you should be able to find a renters insurance policy that will work for you.
We have taken the time to review the companies that offer renters insurance in Colorado state. We have included information about average costs, available discounts, coverage limits, and more, to help you make the right decision for your renters insurance.
Best Renters Insurance in Colorado
- Lemonade: Best for Online Services
- Liberty Mutual: Best for Discounts on Renters Insurance
- Allstate: Best for Renters Over 55 Years Old
- State Farm: Best for Cheap Renters Insurance
- USAA: Best for Military Service Members
- Progressive: Best for Combining Deductibles
- Nationwide: Best for Extended Coverage
Lemonade: Best for Online Services
Lemonade doesn’t have the long history that some companies have, but it offers modern convenience more than any other company on our list.
The company offers affordable renters insurance and you can get a quote in just a few minutes. There are multiple discounts available.
One feature that makes Lemonade unique is that they pool premiums and claims from every policyholder. At the end of the year, they donate the excess to charity.
Does Lemonade Offer Renters Insurance Discounts?
Lemonade doesn’t offer as many discounts as some of the other companies on our list, but there are two that almost everyone can qualify for.
|Safety device discount||If your rental has a fire alarm, smoke detector, or burglar alarm, you can get a discount on your premium.|
|Bundling discount||If you bundle other insurance policies with Lemonade, such as pet insurance, you can get a discount.|
Lemonade offers renters insurance policies starting at just $5 per month and an average monthly cost of just over $15. Keep in mind that the price will be higher if you schedule high-value items or add a roommate to your plan and may vary depending on where you live.
How is Lemonade Rated?
As a new company, Lemonade is not yet rated by some of the traditional sources such as A.M. Best. However, it does receive the following ratings that indicate its strength and customer service.
- Demotech: A
- BBB: A-
- NAIC: .081 (better than national average)
Read a full Lemonade home insurance review.
Here are the pros and cons of getting renters insurance with Lemonade.
|Coverage is affordable, starting at just $5 per month.||Not ideal for Colorado renters who prefer personal service|
|Getting a quote online is quick and easy||Offers limited discounts.|
|Some claims are paid instantly.|
|Convenient online and mobile customer service.|
|Lemonade donates a large amount to charity every year.|
Liberty Mutual: Best for Discounts on Renters Insurance
For over a hundred years, Liberty Mutual Insurance Company has been providing insurance coverage to Americans who need it. They offer a wide array of insurance options, including affordable renters insurance.
Liberty Mutual is a top-rated company. Colorado renters can get standard coverage, including protection against personal liability and theft.
There’s also the option to schedule high-value items such as artwork, electronics, and jewelry.
What Renters Insurance Discounts Are Available with Liberty Mutual?
Liberty Mutual offers one of the most impressive lineups of discounts on renters insurance. Here are the ways you can save if you buy your insurance from Liberty Mutual.
|Early shopper discount.||You can get this discount if you obtain a quote and buy a policy from Liberty Mutual before your existing policy expires.|
|Online purchase discount||Get an online quote for renters insurance and buy your coverage online to get a discount on your premium.|
|Multi-policy discount||Like many insurers, Liberty Mutual offers a discount if you consolidate your insurance coverage with them.|
|Claims-free discount||If you’ve never filed a renters insurance claim, then Liberty Mutual will discount your premium.|
|Autopay discount||Sign up to make your monthly payments automatically and you’ll get a reduction in your premium.|
With prices starting at just $5 per month and an array of discounts, Liberty Mutual is one of the most affordable companies on our list.
How is Liberty Mutual Rated?
Liberty Mutual Insurance Company has earned high ratings that indicate the company’s financial strength.
- A.M. Best: A
- BBB: A+
- J.D. Power: 872/1,000
- Moody’s: A2
- Standard & Poor’s: A
Read a full Liberty Mutual home insurance review.
As you might expect, there are pros and cons to choosing Liberty Mutual renters insurance.
|Layering multiple discounts allows Colorado renters to save money.||The maximum available coverage for renters insurance is $25,000.|
|Customer support is available 24/7/365.||Water damage coverage is not available.|
|Online claims filing is quick and easy.||It is not always possible to get an online quote from Liberty Mutual.|
|Renters can opt for actual cash value or replacement cash value for their belongings. (Replacement cost value costs more).||Opting for replacement value or theft coverage will increase your premium.|
Allstate: Best for Renters Over 55 Years Old
Allstate Insurance is a Fortune 500 company and one of the largest renters insurance carriers in the United States.
The company offers some significant discounts to Colorado renters, including one that can help people over the age of 55 save on their premium.
In addition to being financially secure and well-regarded, Allstate has a convenient mobile app and online options to make buying renters insurance and filing a claim easy for all policyholders.
What Renters Insurance Discounts Are Available from Allstate?
If you buy renters insurance in Colorado from Allstate, you may be able to save with as many as four discounts.
|Bundling discount||Colorado renters who bundle multiple policies with Allstate may receive a significant discount on their annual premium.|
|55 and retired discount||If you’re over 55 and not actively seeking employment, this discount can save you up to 25% on your renters insurance.|
|Safe home discount||If your rental unit has an installed fire alarm, smoke detector, or burglar alarm, you will get a discount.|
|Easy pay discount||Enroll in Allstate’s automatic payment option and you’ll get a discount.|
The average cost of renters insurance with Allstate is $16 per month, but the company says you may pay as little as $4 if you bundle renters insurance with car insurance.
How is Allstate Rated?
Allstate has received strong financial ratings from the following companies.
- A.M. Best: A+
- Moody’s: A3
- NAIC: 2.73
- Standard & Poor’s: A-
Here are the pros and cons of buying your Colorado renters insurance with Allstate.
Read a full Allstate renters insurance review.
|There’s a free online tool to help you estimate the value of your belongings.||The average cost of renters insurance from Allstate is slightly higher than the national average. (However, the cost may be offset with multiple discounts.)|
|You can choose between actual cash value or replacement cash value coverage.||The company’s website doesn’t provide enough information about what’s covered by renters insurance.|
|There are four discounts available including one that is unique and offers big savings for retirees.||Coverage starts at $25,000, which may be too high for some (and may explain the higher-than-average prices.)|
|Their mobile app is easy to use for claims tracking.||Allstate has received a higher-than-average number of complaints.|
|You can buy additional coverage for identity theft protection, flood insurance, and scheduled coverage for high-value items.|
State Farm: Best for Cheap Renters Insurance
State Farm has been in business for 100 years, having started as an auto insurance company back in 1922.
As the largest property and casualty insurance company in the US, State Farm offers peace of mind to Colorado renters who can feel secure that they’ll be reimbursed in the event their belongings are damaged, lost, or stolen.
The company gets a lot of praise for excellent customer service and rapid payment of claims. They also offer higher renters insurance limits than some of the other companies on our list.
Does State Farm Offer Renters Insurance Discounts in Colorado?
Some of the companies on our list offer four or five discounts for renters insurance. State Farm offers only two, but they are easy to qualify for.
|Alarm/security discount||If your apartment or rental home has installed security features, such as a smoke detector, fire alarm, or burglar alarm, you can get a discount.|
|Multi-policy discount||Buy both your auto insurance and renters insurance from State Farm to receive a bundling discount.|
The reason we chose State Farm as the most affordable renters insurance in Colorado is that their average premium is only a little over $10 per month or $125 per year. Most of the other companies on our list average about $15, so you can save a significant amount by choosing State Farm.
How is State Farm Rated?
Not only is State Farm the biggest property and casualty insurance carrier in the US, it receives excellent ratings from the following sources.
- A.M. Best: A++
- Standard & Poor’s: AA
- Moody’s: Aa1
- J.D. Power: 892/1,000
- NAIC: 1.44
Now, it’s time to review the pros and cons of buying your Colorado renters insurance through State Farm.
|State Farm has a great reputation and is known for paying claims quickly.||The lowest coverage limit available is $10,000.|
|High coverage limits are available to protect your belongings.||Offers only two discounts – fewer than other companies we have reviewed.|
|Choose from five types of coverage, including identity restoration and personal liability.||Telephone support is not available 24/7.|
|The average cost of State Farm renters insurance is well below the national average.||The only online support available is FAQ.|
|Save money with policy bundling and alarms.|
USAA: Best for Military Service Members
USAA got its start in 1922 as an auto insurance company founded by 25 service members. Today, it provides affordable insurance to millions of military families.
The company offers an array of insurance options including property, automobile, life, and health insurance.
With an array of unique features and coverages, including built-in flood and earthquake coverage, USAA is easily the best option for anybody in the military in Colorado.
What Discounts Does USAA Offer Renters?
USAA offers several discounts for renters insurance, including one that can help military members living on base protect their personal belongings.
|On-base discount||Active-duty military personnel can save up to 28% if they live on base. (Not available in every location.)|
|Bundle discount||Save money if you get both your auto and renters coverage through USAA.|
|Security discount||Renters with installed alarms, including fire alarms and burglar alarms, can get a reduction in their premium.|
|No claim discount||If you have never filed a renters insurance claim, USAA will discount your premium.|
USAA says its average cost for renters insurance is just $10 per month. What makes that number impressive is that it includes built-in flood, earthquake, and replacement value coverage.
How is USAA Rated?
USAA has received excellent ratings from several sources, including one that makes it unique among the companies on our list.
- A.M. Best: A++
- Moody’s: Aa1
- Standard & Poor’s: AA+
USAA has also been rated one of the most reputable and ethical companies in the world for three straight years as of 2022, coming in at #36.
Now, let’s do a review of the pros and cons of USAA renters insurance.
|The most affordable option for active-duty military members||Available only to military service members and their families.|
|Flood and earthquake coverage are included in their standard policy.||On-base discount is not available in all locations.|
|The default option for coverage is the replacement value of items.|
|Has fewer customer service complaints than other carriers and receives high ratings for ethical practices.|
|Offers a no-deductible option for damage to military uniforms.|
Progressive: Best for Combining Deductibles
Progressive Insurance is the third-largest insurance company in the US and has a strong reputation for claims payment and customer service.
While Progressive’s cost for renters insurance is higher than the national average, they offer something that other insurance carriers don’t: a single-deductible option if you have claims that apply to more than one policy.
Progressive offers several discounts for renters insurance and some unique coverage options, which is why we chose it for our list.
What Renters Insurance Discounts Does Progressive Offer?
One of the things we like about Progressive is that they offer multiple discounts on renters insurance, including some that aren’t available with any other company.
|Quote in advance discount||Renters who request a Progressive quote before their existing policy runs out can get a discount on their renters insurance premium.|
|E-document discount||Progressive believes in paperless coverage, so if you agree to receive your policy and other documents electronically, you’ll get a break on your premium.|
|Multi-policy discount||Like most other companies, Progressive will reduce your premium if you bundle your auto and renters insurance with them.|
|Secure/gated community discount||If your rental is located in a secure or gated community, Progressive will reduce your premium.|
|Pay in full discount||Finally, if you agree to pay your renters insurance premium annually in advance, you can save a significant amount.|
Progressive doesn’t provide a true average cost of renters insurance because they say that the cost is highly dependent on individual circumstances. However, they do provide a range from $10 to $23 per month. Keep in mind that you can layer discounts for maximum savings.
How is Progressive Rated?
Progressive is a highly-rated company, with strong marks across the board.
- A.M. Best: A+
- BBB: A+
- Moody’s: Aa
- Standard & Poor’s: AA
Here is our take on the pros and cons of Progressive renters insurance.
|Progressive is the only company on our list to offer a single-deductible benefit, so if you have both auto and renters insurance and your belongings are lost, damaged, or stolen in your car, you will pay only one deductible instead of two.||Progressive’s premiums are higher than the national average.|
|There are multiple discounts available to reduce your premium.||There are additional fees added when you buy a new policy.|
|The company offers 24/7 phone support plus online chat, a mobile app, and a customer portal.||Not all quotes from Progressive agents are for Progressive coverage, they may be from a third-party carrier.|
|Progressive offers some unique coverages, including coverage for personal use of business devices and computers.|
|Claims filing can be done online or via the mobile app.|
Nationwide: Best for Extended Coverage
Nationwide got its start offering affordable auto insurance to farmers in Ohio, who were paying city rates for rural coverage.
The company changed its name to Nationwide in 1955 and now offers a wide array of coverage options, including Colorado renters insurance.
In addition to the standard coverage, Nationwide has extended coverage options for expenses that are not covered elsewhere, including spoiled food in the refrigerator due to an outage or breakdown, and repairs due to code violations.
What Discounts Are Available for Nationwide?
If you buy your renters insurance from Nationwide, you can benefit from up to three discounts, as follows.
|No claim discount||If you have never filed a renters insurance claim, then Nationwide will reduce your premium accordingly.|
|Bundling discount||Like many companies, Nationwide will give you a break on your premium if you elect to bundle multiple policies with them.|
|Protective device discount||If you rent a unit with an alarm installed, such as a smoke detector, fire alarm, or burglar alarm, you will save on your renters insurance premium with Nationwide.|
According to Nationwide, the average cost of their renters insurance in Colorado is $180 per year or $15 per month. However, the amount you pay will depend upon your circumstances, so you should request a quote to find out.
How is Nationwide Rated?
Nationwide Insurance has received top ratings from several sources, as follows
- A.M. Best: A+
- BBB: A+
- Moody’s: A1
- Standard & Poor’s: A+
Here are the pros and cons of Nationwide renters insurance as we see them.
|Progressive offers coverage options that other insurers do not, including loss of refrigerated food, repairs related to code violations, and even credit card protection.||Buying renters insurance with Nationwide may cost more than the national average.|
|There are several discounts to help you save on renters insurance.||While the company offers online support, live representatives are not available around the clock. You can speak to someone from 8 AM to 8 PM Eastern time, which is 6 AM t0 6 PM Mountain time for Colorado renters.|
|The company has a user-friendly mobile app.|
|The Progressive claims center is open 24/7.|
How Did We Choose Renters Insurance Companies in Colorado?
Here are the criteria we used to choose the 7 best renters insurance companies in Colorado.
Our first criterion was the cost of renters insurance in Colorado, We believe that Colorado renters deserve affordable coverage to protect their belongings.
When we included carriers with higher-than-average costs, we made sure that they offered other advantages to renters, including discounts and expanded coverage.
There’s no one-size-fits-all solution for renters insurance, which is why we included companies with both standard and unique coverage options and limits.
For some renters, it makes sense to pay a little extra to ensure they have coverage for identity theft and other losses that may result from renting a place to live.
To be included on our list, companies had to have a good record of customer service, with support readily available to policyholders.
While not every company has the same service options, they all make it easy to get the support and assistance you need, when you need it.
Everybody loves a discount, so we prioritized companies that offer at least one discount on renters insurance, including bundling, security, automatic payments, and even military discounts.
Discounts help to make renters insurance affordable in Colorado, and discounts can remove the obstacle of expense to allow people to buy the coverage they need.
We believe that the right technology can take a lot of the stress out of buying insurance and filing a claim.
We chose companies that offer online support, customer portals, mobile apps, and easy-to-access online resources for policyholders.
We surveyed insurance coverage prices in Denver, Colorado Springs, Aurora, Fort Collins, and Lakewood.
Do You Need Renters Insurance?
Now that you know the 7 best renters insurance companies in Colorado, let’s review 7 reasons that you should not skip renters insurance.
- The property insurance purchased by your landlord covers their property but it does not cover yours.
- Many people do not have sufficient savings to buy new belongings if theirs are damaged, lost, or stolen.
- The cost of renters insurance is small compared to the replacement cost of your belongings.
- You can file a claim even if your belongings are not in your apartment when they are damaged or destroyed.
- It’s easy to add extra coverage for valuable items such as artwork, electronics, or jewelry.
- Renters insurance will pay for you to stay somewhere else if your apartment becomes uninhabitable.
- Renters insurance provides personal liability coverage to protect you if someone is hurt in your rental unit.
While you might not love the idea of adding an additional monthly expense to your budget, the average cost of renters insurance is about $15 per month. In return for paying your premium, you’ll get enough coverage to replace your personal belongings, pay for a place to stay if your apartment is uninhabitable, and protect you from personal liability.
What Things Affect the Cost of Renters Insurance?
You know that the average monthly premium for renters insurance is $15 per month, but there are several factors that can impact how much you pay.
You may opt to buy a high coverage limit or schedule valuables to get additional protection above and beyond what a standard policy offers. If you do, you should expect your premium to increase.
The deductible you choose has a direct impact on your premium. A policy with a high deductible will be less expensive than one with a low deductible.
In some areas, renters insurance is more expensive than in others. As a rule, city dwellers pay more for insurance than those living in suburban or rural locations.
Any time you add options or additional coverage to your renters insurance policy, you should expect an increase to your premium. For example, if you opt to buy replacement cost coverage instead of the standard cash value, your premium will go up.
What Is and Isn’t Covered by Renters Insurance?
Before you choose a renters insurance company and buy a policy, you should know what it covers and what isn’t covered by renters insurance. Here are the losses that are typically covered.
|Loss of personal property.||If any of your personal belongings are stolen, damaged, or lost, your renters insurance will reimburse you either the actual cash value or the replacement value, depending on which option you chose.|
|Additional living expenses||If the home you rent is damaged to the extent that you must move out for repairs to be completed, your renters insurance will provide coverage for the associated expenses.|
|Your personal liability||If a guest in your rental unit is hurt or their property is damaged, your personal liability is covered up to the policy limit.|
|Medical expenses||Related to personal liability, if someone requires medical attention after being injured in your rental, some of the expenses are reimbursable under your renters insurance policy.|
Losses not covered by rental insurance
|Losses over the limit of your policy||All renters insurance policies have a policy maximum. If you sustain a major loss, you will receive reimbursement only up to your policy limits.|
|Damage from non-covered events||Not every type of damage is covered under every renters insurance policy. For example, many do not include damage related to floods or earthquakes.|
|Unscheduled valuables||If you own any high-cost items such as one-of-a-kind artwork or expensive electronics or jewelry, loss or damage won’t be covered unless you schedule them separately at an additional cost.|
You should always read the fine print of your renters insurance policy and ask questions to ensure you understand the coverage you’re buying.
How Much Renters Insurance Do You Need?
One of the questions we hear most frequently about renters insurance relates to coverage limits and types. Here are some pointers to help you determine how much coverage you need.
- Take an inventory of your personal belongings. Be sure to include clothing, electronics, furniture, jewelry, books, collectibles, small appliances & kitchen items, and home decor items.
- Estimate how much it would cost you to replace these items.
- Review quotes from at least 3 insurance companies and compare coverage amounts and costs.
Ultimately, you should choose a coverage limit that gives you peace of mind that you’ll be able to replace your personal belongings in the event of a total loss. A lot of renters insurance policies start at a $10,000 limit but that may not be enough to protect you, which is why we suggested taking an inventory before you buy a policy.
Renters Insurance is Important to Every Renter and Their Possessions
At PropertyNest, we believe that buying renters insurance is the smart choice for all Colorado renters, whether they live in a rented house, condo, or apartment.
The reason we feel so strongly about renters insurance is that your landlord’s property coverage will not protect you if your belongings are lost, damaged, or stolen. It protects the landlord’s property, not yours.
Colorado renters should consider full replacement coverage, being sure to schedule valuable items and take advantage of every available discount. We suggest comparing quotes from three carriers to ensure that you get the best possible deal.
Make sure to read your policy completely before you buy it to ensure you understand what is covered and what isn’t. It’s also a good idea to review claims filing procedures when you buy. That way, if you do need to file a claim, you’ll know what to do.