How Much is Renters Insurance in Colorado?
The average cost of renters insurance in Colorado is $13 per month. The average annual cost of renters insurance is $159, which is well below the national average of $180 a year. Colorado renters can purchase a plan for as little as $11 a month, an affordable price that can offer you protection from the unexpected.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019)|
Typically, the coverage offered by a renters insurance plan increases as the premium cost rises. Although you might be tempted to select the plan with the cheapest premium, by increasing your monthly premium by only a few dollars, you can increase the coverage amount by thousands of dollars.
The cheapest renters insurance plan in Colorado is $11 a month, offering less than $14,000 in coverage. Some plans cost only $13 per month for $44,000 in coverage. So for only an additional $2 a month, you could increase your coverage amount by $30,000! Either way, the average cost of renters insurance in Colorado is $13 a month. The value of your possessions can add up quickly, so this extra coverage may offer peace of mind at a low cost.
Colorado renters insurance companies
Many companies offer renters insurance in Colorado. In the following table, we list some of the best renters insurance companies in Colorado, along with customer satisfaction scores for each company.
|Company||2019 J.D. Power overall satisfaction||2019 NAIC Complaint Index (lower is better)|
We use both the J.D. Power overall satisfaction rating, which measures overall customer satisfaction, as well as the NAIC Complaint Index. The NAIC Complaint Index measures the number of customer complaints relative to the size of the company. A lower NAIC rating is better, and the national average is 1.0.
Looking at our table, we can see that State Farm, American Family and USAA each received 5/5 from J.D. Power and less than a 0.4 rating from NAIC. USAA is only available to active military, veterans and certain qualified family members, but State Farm and American Family are available to the general public and also have high customer service ratings.
Of course, there are other factors to consider when choosing a company, depending on your personal preference. Are you the type of person who wants to manage your account online? If so, choose a company with a user-friendly website. If your preference is handling your account in person, does the company have an office near you? If you would feel more comfortable knowing that you have a designated agent to handle your account, see if that is a service available to you.
Renters insurance quotes in Colorado
As is the case with any important financial decision, we recommend shopping around and comparing renters insurance quotes to find the right plan for you. Spend plenty of time looking not just at price, but what coverages are specifically offered in each quote.
Coverage limits, which indicate the maximum amount a company will pay out for a claim, are the most important consideration. Renters insurance covers personal property, personal liability, medical payments to others and loss of use.
It’s also important to consider whether a plan offers actual cash value or replacement cost value payouts. Plans that include actual cash value factor in the depreciation of your personal items. For example, if your $2,000 couch is damaged in an apartment fire, you may only receive $1,000 after the insurance company factors in depreciation. However, with a replacement cost plan, you would receive the full $2,000 value of the couch. Plans with replacement cost coverage are typically more expensive, but you will be thankful for the coverage if you have to make a claim.
Colorado renters insurance laws and regulations
Renters insurance is not required by state law in Colorado, but some landlords might require tenants to purchase renters insurance. You can share renters insurance with a roommate, but it's usually better to get your own policy. Regardless of whether or not your landlord requires renters insurance, we highly recommend purchasing an affordable plan in case the unexpected happens. In addition to universal concerns such as fire and theft, renters in a cold state like Colorado likely want insurance in case of frozen or burst pipes.
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