Best and Cheapest Renters Insurance in Colorado for 2024

Many renters wrestle with this question: Do I need renters insurance? A common misconception is that you're covered by your landlord's insurance policy, but that's not entirely true and it's a little more complex than that. While the structure of your apartment or building is covered by your landlord's insurance, your own personal belongings aren't covered without your own renter's insurance policy. Plus, liability issues also aren't covered without a renters insurance policy.

So if you want to ensure you're properly covered while renting, it's important to find one of the best Colorado renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance. The rating next to each company the insurer's Clearsurance score is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Colorado renters insurance rankings.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renters insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

Interested in learning more about one of the companies on the list of the best renters insurance companies in Colorado? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Colorado renters insurance rates
• Average cost of renting in Denver
• Average cost of renting in Colorado Springs
• Renters insurance for Colorado college students
• Colorado property crime statistics

Who offers the best Colorado renters insurance rates?

Out of the most popular renters insurance companies in Colorado, Allstate offers the cheapest rates, on average, for Colorado renters.

As a renter in Colorado, you can look into renters insurance to protect your belongings from damage or theft. The cost of renters insurance is influenced by a range of factors, often unique to personal needs and situation. These factors include: age, marital status, ZIP code, insurance history, renters insurance company, etc.

The cost of renters insurance in Colorado is almost identical with the average cost of renters insurance in the United States.

Be aware that some companies may offer renters insurance in Colorado for a cheaper rate than others. In the table below, you can see average Colorado renters insurance rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Colorado will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Denver?

In Denver, Colorado, the average cost of rent is $1,535 per month. However, the cost can vary based on your location within the city as well as the size of your apartment.

Denver is the capital and most populous city in Colorado. Although Denver is not located in the mountains, hundreds are visible from the Mile High City. More than 700,000 people call Denver home. While the average cost of rent in Denver is $1,535 per month, depending on the area the apartment is located in Denver, average rent costs range from $907 in Westwood to $2,225 in Congress Park.

The type and size of the apartment also affect the price of rent per month. Smaller Denver studio apartments cost an average of $1,248 monthly and one-bedroom apartments cost an average of $1,388 monthly whereas a three-bedroom apartment costs an average of $2,073. Rent can be expensive in major cities like Denver, but it's important that renters don't cut corners on their renter's insurance policies to save money. With an average rate of $166 in Colorado, renters insurance can be an affordable way for renters to protect their personal items from perils.

How much does rent cost in Colorado Springs?

In Colorado Springs, the average cost of rent for an apartment is $1,075 per month. The cost of rent for an apartment in Colorado Springs can vary based on your location and the size of your apartment.

Colorado Springs is just more than 60 miles south of Denver and is at the base of the Rocky Mountains. It's also the headquarters of the U.S. Olympic Committee and home of the Colorado Springs Olympic Training Center. As a popular city in Colorado, the average rent for an apartment costs $1,075 monthly. Location within the city causes variations in rent cost. On average, rent in the area of Flying Horse Ranch costs $1,376 per month while rent in Old North End costs an average of $856 per month.

Another factor that affects rent cost is, of course, the type of apartment. A smaller studio apartment has an average rent cost of $689 per month and a one-bedroom averages at $946 per month while a three-bedroom unit averages $1,424 per month. Typically with your rent, your landlord will cover damages made to the structure of your unit from a covered peril such as a natural disaster, but you'll need renters insurance to cover losses or damages to your personal belongings.

With more than 50 colleges and universities scattered across Colorado, many college students live in dorms or rent apartments in the state. There are a few things for college students renting housing in Colorado to consider in order to protect their personal belongings.

Typically, college students who live in dorms located on the college campus are covered by their parent's homeowners insurance policy. That's usually only the case for students who live on campus, though. Colorado college students who rent apartments off-campus should consider a renters insurance policy because their items won't be covered under their parents' policy, and without a renters insurance policy, they won't have any protection.

College students will most likely have roommates in the apartment they rent. It's not advised that students share renters' insurance policies with roommates. Rather, each student should have their own renter's insurance policy to protect their own belongings.

What are Colorado's property crime statistic rates?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Colorado compare to other states around the country? The FBI published the following statistics on crime in Colorado for 2016:

• Property crime - 151,850
• Burglary - 23,903
• Larceny theft - 108,336

The property crime and larceny-theft rates, when compared to the national average rate per 100,000 inhabitants, are slightly above the national average. The burglary rates are slightly below the national average rate. It is important to make sure that you are always covered. Ask your local insurance agent if your renter's policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renter's insurance in Colorado?

While renter's insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Colorado renters insurance premium and have some extra spending money?. Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

How does Clearsurance rate and rank the best renters insurance companies in Colorado?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you have a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Colorado, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you're equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.