7 Best Renters Insurance Companies in Colorado 2023
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. Remember 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.
According to PropertyNest research, the average basic renters insurance in Colorado costs $18.31 a month or $219.68 a year.
We have taken the time to review the companies offering renters insurance in Colorado. We have included information about average costs, available discounts, coverage limits, and more to help you make the right decision for your renters insurance.
Compare Renters Insurance in CO
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.
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.
Read a full Lemonade home insurance review.
| J.D. Power (out of 1,000) | 853 |
|---|---|
| BBB | B+ |
| NAIC Complaint Index | 1.94 |
Liberty Mutual: Best for Discounts on Renters Insurance
Liberty Mutual Insurance Company has provided insurance coverage to Americans who need it for over a hundred years. 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.
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.
Read a full Liberty Mutual home insurance review.
| J.D. Power (out of 1,000) | 834 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A+ |
| NAIC Complaint Index | 2.37 |
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 premiums.
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.
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.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
State Farm: Best for Cheap Renters Insurance
State Farm has been in business for 100 years, starting as an auto insurance company 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 if 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.
We chose State Farm as the most affordable renters insurance in Colorado because 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 significantly by choosing State Farm.
Not only is State Farm the biggest property and casualty insurance carrier in the US, it receives excellent ratings.
Now, it’s time to review the pros and cons of buying your Colorado renters insurance through State Farm.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
USAA: Best for Military Service Members
- Average basic renters insurance cost: $13.70 mo.
- Available in 50 states & Washington, D.C.
- Quote access: Online & by phone
USAA started 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 various 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 any in the Colorado military.
USAA says its average cost for renters insurance is just $10 per month. That number is impressive because it includes built-in flood, earthquake, and replacement value coverage.
USAA has received excellent ratings from several sources, including one that makes it unique among the companies on our list.
| J.D. Power (out of 1,000) | 886 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 0.88 |
Progressive: Best for Combining Deductibles
- Average basic renters insurance cost: $21.01 mo.
- Available in 50 states & Washington, D.C.
- Quote access: Online, by phone and through independent agents
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 unique coverage options, which is why we chose it for our list.
Progressive doesn’t provide a true average cost of renters insurance because they say 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.
Progressive is a highly-rated company with strong marks across the board.
Read a full Progressive renters insurance review.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
Nationwide: Best for Extended Coverage
Nationwide started 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 various 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.
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.
Nationwide Insurance has received top ratings from several sources.
| J.D. Power (out of 1,000) | 859 |
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.04 (Very Low) |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Lemonade | 5.0 | 853 | Not Rated | B+ |
| Allstate | 5.0 | 837 | A+ | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| USAA | 4.5 | 886 | A++ | A+ |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Travelers | 4.0 | 801 | A++ | A |
| Amica | 4.0 | 854* | A+ | A+ |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Jetty | 4.0 | Not Rated | A | A+ |
Is Renters Insurance Mandatory to Rent an Apartment in Colorado?
In Colorado, renters insurance is technically not mandatory by law to rent an apartment.
However, many renters here purchase renters insurance to protect themselves from potential losses if their property is damaged.
Not only can renters insurance cover the cost of replacing or repairing lost or damaged items due to theft, fire, and other disasters, but it also safeguards tenants against liability claims related to damage to property or injury sustained by a third party.
By investing in renters insurance, tenants in Colorado can live with peace of mind knowing that they’re financially protected from potentially significant losses.
Do You Need Renters Insurance?
Now that you know the best renters insurance companies in Colorado, let’s review why 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.
- Adding extra coverage for valuable items such as artwork, electronics, or jewelry is easy.
- 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 yourself from personal liability.
What is the Average Cost of Renters Insurance in Colorado?
The average cost of renters insurance in Colorado varies depending on the coverage.
Basic renters insurance policies are relatively affordable, with an average annual cost of $219.68 or $18.31 monthly.
What Things Affect the Cost of Renters Insurance?
You know that the average monthly premium for renters insurance is $15 per month, but several factors can impact how much you pay.
Coverage Amount
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.
Deductible
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.
Your Location
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.
Policy Add-Ons
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 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 choose.
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.
| Type | Items | Coverage |
|---|---|---|
| Cash or Other Forms of Currency | Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards. | Most renters insurance policies will only cover up to $200 in stolen cash. |
| Electronic Equipment | Phones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc. | Standard renters insurance policies cover the loss or damage of electronic devices. |
| Clothing | Designer purse/handbags, shoes, jewelry, designer watches | Standard renters policies cover your personal clothing or designer handbags etc. |
| Power Tools | Drills & drivers, saws. | Covered under the personal property coverage. |
| Kitchen appliances | Refrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs. | |
| Personal information | Bank accounts, identity information stolen from documents, or stolen personal equipment. | Most companies do not include identity theft as a covered peril in a standard renters insurance policy. |
| Firearms | Pistols, rifles | Legal firearms are covered under personal property coverage. |
What is Not Covered by Rental Insurance?
You should always read the fine print of your renters insurance policy and ask questions to ensure you understand the coverage you’re buying.
Losses over the limit of your policy
All renters insurance policies have a policy maximum. If you sustain a significant 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.
How Much Renters Insurance Do You Need?
One of the questions we frequently hear 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 three insurance companies and compare coverage amounts and costs.
Ultimately, it would be best if you chose 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.
Many renters insurance policies start at a $10,000 limit but may not be enough to protect you, which is why we suggested taking an inventory before you buy a policy.
Conclusion
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.
We feel strongly about renters insurance because 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, be sure to schedule valuable items, and take advantage of every available discount. We suggest comparing quotes from three carriers to ensure you get the best possible deal.
Make sure to read your policy completely before buying it to understand what is covered and what isn’t. Reviewing claims filing procedures when you buy is also a good idea. That way, you'll know what to do if you need to file a claim.
Our Methodology
We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Colorado. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.
How We Ranked and Picked the Best Renters Insurance Companies in Colorado
Here are the criteria we used to choose the best renters insurance companies in Colorado.
Average Cost
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.
Available 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.
Customer Service
To be included on our list, companies had to have a good customer service record, 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.
Discounts
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.
Technology
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.
Locations
We surveyed insurance coverage prices in Denver, Colorado Springs, Aurora, Fort Collins, and Lakewood.
