Renters Insurance in Colorado

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Contributor, Benzinga
January 20, 2022

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Renting in Colorado allows you the freedom to take in picturesque skies and gorgeous mountains with fluffy snow. We’ve reviewed the best companies for renters insurance in Colorado to make it easy for you to save money and get the coverage you need. 

Best Renters Insurance Providers in Colorado

It’s easy to think that all renters insurance providers have similar rates that vary only by a few dollars. But rates can sometimes vary by hundreds of dollars, depending on the insurer and your area. These companies stand out from the competition because they deliver great service, fast claims and affordable pricing. 

1. Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Consider Lemonade when you want to get affordable renters insurance as quickly as possible. This platform allows you to apply online, find a rate that suits you and get covered today. You can also read more about renters insurance on the site, reach out to the customer service team and handle everything involving your account on your mobile device or desktop. With affordable coverage starting as low as $5 per month, there’s an option for everyone.

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

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2. Farmers Insurance

Farmers Insurance isn’t the cheapest among renters insurance providers, but it offers the most comprehensive coverage.

Farmers Insurance is priced affordably, provides ample coverage and ensures that all of your belongings are protected. Farmers Insurance protects against fire, injury liability, water damage and theft. Farmers also offers identity theft protection.

You may be able to replace certain stolen items with newer versions. Identity Shield can help reimburse you for time and expenses and also help you recover important documents and other files that verify your identity. 

3. State Farm

State Farm came in considerably cheaper than the rest of all the other companies we’ve compared.

Not only would we have saved several hundred dollars over the cost of other companies for a comparable amount of coverage, but State Farm was able to provide a simple, fast and accurate online quote for renters insurance.

State Farm is known throughout Colorado and the company provides affordable insurance without sacrificing benefits. 

4. Allstate

Allstate isn’t the cheapest renters insurance provider on our list but it is one of our top picks for because you can easily bundle policies.

For example, you might bundle auto insurance, life insurance or one of the many other types of policies and save. Allstate also has a user-friendly app that you can use for instant access to your policy and much more should you have any questions about your coverage.

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5. Liberty Mutual

Liberty Mutual renters insurance is one of the most expensive no matter which city we checked. But when you want to protect your high-tier, high-value items, there’s no better company to entrust them with.

Liberty Mutual provides outstanding coverage of nearly priceless items, including jewelry, instruments, electronics and other equipment or property.

Liberty Mutual has also improved its customer service in recent years, so if you have any questions about what your policy covers or the claims process, its customer support is top-notch because it helps you understand your options and choose the right policy. 

Renters Insurance in Colorado Overview

Colorado renters insurance isn’t required by the state itself but your landlord will likely require that you have it in order to rent to you. Plus, it’s an inexpensive way to cover your valuables in a covered accident like fire, water damage or even theft. Rental vacancy rates in Colorado hover around 4% – 5%, so it’s clear that more people are moving to the state than ever. Having renters insurance beforehand presents you as a responsible tenant. 

You might think your landlord insurance will cover your belongings, but this insurance works more like homeowners insurance for the landlord. It’s designed to protect the landlord’s investment in the building itself and any adjoining structures, rather than whatever items may be inside. Renters insurance protects your belongings, which is why it pays to shop around and compare rates from top companies. 

Average Annual Renters Insurance Premium in Colorado

Generally speaking, Colorado residents pay between $187– $220 per year for renters insurance for their home or apartment. This works out to around the national average of $17 per month. Most experts recommend having up to $40,000 of personal property and $100,000 of liability protection for renters insurance with a $1,000 deductible.

These are only general amounts, so if you have particularly valuable items or you want additional protection, you may want to increase those numbers so you feel that the values accurately reflect the item or items you insure. 

Renters Insurance Coverage Explained

Renters insurance coverage protects you whether you rent a home, condominium or apartment in Colorado. It pays for repairs in case you damage someone else’s property and also helps cover liability if someone is injured on your property.

For example, let’s say a guest trips walking up your stairs and breaks his ankle. He might decide to sue for medical expenses and renters insurance can help pay his medical bills. Renters insurance can also help pay for other living expenses like the cost of a hotel while repairs are being (if your residence is uninhabitable). 

Colorado’s high altitude and geography create a cool, refreshing climate. The friction between the air across elevations often creates biting wind, hail and storms. This combination of cold temperatures, wind, hail and rain can make for some unexpected and devastating weather.

Colorado can also have particularly dry summer and fall weather and lead to wildfires. No matter where you live in the Centennial State, you’re at risk of being in the path of inclement weather and you need to protect your belongings. 

Most Affordable Cities for Renters Insurance Colorado

  • Trinidad: Renting in Trinidad is almost 20% cheaper than elsewhere in Colorado — rates are at around $180 per year. 
  • Windsor: Residents in Windsor pay around $200 per year for renters insurance. 
  • Loveland: Residents of Loveland pay an average of $200 per year for renters insurance but you may pay even less with discounts. 

Most Expensive Cities for Renters Insurance in Colorado

  • Denver: The Mile-High City costs renters around $265 per year in renters insurance.
  • Littleton: Renting in Littleton costs only $20 less per year on average than renting in Denver.
  • Gypsum: A small mining town in the northwest named for its gypsum mines, renting here is surprisingly high. It’s nearly $400 per year, which is more than the $240 average. 

Get the Best Renters Insurance in Colorado

It pays to shop around when you buy renters insurance in Colorado. You want to be sure your items are adequately protected — just like when you buy homeowners insurance

Not all renters insurance companies are comparable, so get quotes from our top providers in Colorado and you get a customized quote for your specific needs. 

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.