5 Best Renters Insurance Companies in Colorado
Here are the top Colorado renters insurance providers:
Our team pulled quotes for a 650-square-foot apartment in Denver for this article’s coverage and pricing information. Your pricing, deductible, and available coverage may vary depending on your home’s size, type, and location, applicable discounts, risk profile, and your chosen plan and endorsements.
What Is the Average Cost of Renters Insurance in Colorado?
According to the III, Colorado renters insurance premiums fall in the middle range compared to other states. It ranks 28th in the nation for most expensive renters insurance rates. The average cost of a Colorado renters insurance policy is $159 annually or $13.25 monthly. Rental insurance rates vary based on multiple factors.
- Coverage: The amount of coverage you choose affects your renters insurance premium. A basic coverage policy will cost less than a more comprehensive policy.
- Coverage type: The type of coverage you choose affects your policy’s monthly cost. The cost of an ACV policy typically costs less than an RCV policy because RCV policies provide higher payouts for covered losses.
- Location: Your home’s location impacts your renters insurance rates based on its risk factor. Areas with high crime rates or inclement weather will cost more on average than safer areas.
What Does Renters Insurance Cover?
Renters insurance companies offer the following types of coverage:
- Liability coverage: Should you damage someone’s property, liability coverage covers the fees associated with the damages, such as legal fees and medical expenses. Some providers provide liability coverage for damage caused by your pet, as long as it isn’t a high-risk dog breed.
- Loss of use coverage: Loss of use coverage, also known as additional living expense coverage, covers expenses associated with your home becoming uninhabitable. Typical loss of use expenses include hotel fees and laundry expenses.
- Medical payments to others coverage: Your renters insurance policy covers medical expenses for someone who injures themselves in your home, regardless of fault.
- Personal property coverage: Personal property coverage covers your belongings if a covered loss occurs, such as fire damage, theft, or vandalism.
What Risks Do Renters in Colorado Face the Most?
There are several risks you may face as a renter in Colorado. Here is a list of common risks to consider when shopping for your renters insurance policy.
- Hailstorms: Due to the higher elevation and lower temperatures throughout the state, hailstorms occur several times per year. Ensure your renters insurance policy includes hail damage as a covered loss.
- Water damage: Colorado’s cold temperatures and heavy snowfall can increase the likelihood of water damage caused by frozen water lines or flooding.
Wildfires: Wildfires threaten Colorado renters during the warmer months due to the dry conditions and low humidity. Since most renters insurance policies include fire damage as a covered loss, ensure you select enough coverage for all your belongings.
Our Conclusion
The Quartz Reviews Team recommends Lemonade for renters who want convenient access to their insurance policy. We also recommend State Farm because it includes valuables coverage within standard policies. Our team recommends Liberty Mutual for renters who don’t need extra coverage for personal belongings and loss of use. Before making a decision, speak with provider representatives to understand costs, coverage options, exclusions, and limitations.
Our Rating Methodology
The Quartz Reviews Team rates providers using comprehensive review standards to score each company. Our review standards compare relevant factors such as cost, coverage, customer experience, technology, and reputation, which tally up to 100 points. In addition, we reviewed provider websites, customer access features, and tools; spoke with representatives; obtained sample quotes and policy terms; analyzed AM Best and JD Power ratings; and reviewed online customer feedback for each provider.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.