The Cheapest Colorado Renters Insurance Companies 2020

Over 32 percent of Colorado residents—roughly 500,000 people—rent their homes, according to data from the U.S. Census Bureau. If you’re one of those people, consider purchasing renters insurance to protect your personal belongings from fire, theft or extreme weather events.

When talking about insurance, the first thing that comes to mind is cost. Some policies, like home and auto, can cost thousands of dollars per year. But in Colorado, the average cost of renters insurance is $159 per year, which is lower than the U.S. national average of $180. For about $13 per month, you can have peace of mind knowing that your prized possessions are covered.

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    There are a few things to consider before you purchase renters insurance. First, make sure you know the total estimated value of your personal belongings, so you can gauge how much coverage you need. Also, think about how much you can afford to pay out-of-pocket if you needed to replace your items without aid from the insurance company. That will determine your deductible.

    In this article

      Best renters insurance companies in Colorado

      Purchasing insurance often sounds simpler than it is. Shopping for renters insurance can be challenging because there are dozens of providers on the market. So how can you determine which provider will give you the best value for your budget?

      To simplify your shopping experience, we put together a list of the cheapest and best Colorado renters insurance companies. These providers were rated highly in J.D. Power’s 2019 Renters Insurance Study, which uses real customer reviews to rate insurers on overall satisfaction, price, policy offerings and customer service. Check out the full list of ratings in the table below.

      • American Family: In J.D. Power’s study, American Family earned high marks in each category, making it our top pick for Colorado renters insurance.
      • State Farm: State Farm ranked just below American Family in J.D. Power’s study and is lauded by customers for offering affordable premiums.
      • AAA: With AAA, Colorado residents can choose from a wide range of coverage options while keeping their annual costs low.
      • Allstate: Allstate is a great insurance provider for renters that are looking to save big on their premiums, but care less about extensive coverage options or customer service.
       Overall satisfactionPolicy offeringsPriceCustomer serviceBilling
      American Family5 out of 55 out of 55 out of 55 out of 55 out of 5
      State Farm5 out of 55 out of 55 out of 55 out of 55 out of 5
      AAA3 out of 55 out of 55 out of 53 out of 53 out of 5
      Allstate2 out of 53 out of 52 out of 52 out of 52 out of 5

      The amount you’ll pay for your renters insurance premium is determined by a few criteria, including the location of your home, the type of building, the value of your belongings, your claims history and your credit score, among others. Here is a look at the best insurers for specific needs.

      Top Pick – American Family

      Overall satisfaction 5/5

      J.D. Power Rating
      5/5
      AM Best Rating
      A
      Standard & Poor’s
      N/A
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore American Family 4.8
      Discounts 5
      Coverage Options 5
      Customer Satisfaction 5
      Support 4
      Accessibility 5

      In J.D. Power’s study, American Family earned high marks in each category, making it our top pick for Colorado renters insurance.

      Cheapest Colorado renters insurance for extensive coverage options – State Farm

      State Farm’s basic renters insurance policy is pretty comprehensive.

      J.D. Power Rating
      5/5
      AM Best Rating
      A++
      Standard & Poor’s
      AA
      SimpleScore
      4.2 / 5.0
      close
      SimpleScore State Farm 4.2
      Discounts 3
      Coverage Options 5
      Customer Satisfaction 5
      Support 4
      Accessibility 4

      State Farm’s basic renters insurance policy is pretty comprehensive, but the company also offers a personal articles policy that includes coverage for things like prosthetics, medical devices, furs, fine art and collectibles.

      Cheapest Colorado renters insurance for claims-free renters and for bundling policies – Allstate

      Allstate offers a variety of insurance products, including home, auto, life, business and identity. If you add renters insurance to the bundle, you can save money on your annual premium.

      J.D. Power Rating
      2/5
      AM Best Rating
      A+
      Standard & Poor’s
      AA-
      SimpleScore
      4.2 / 5.0
      close
      SimpleScore Allstate 4.2
      Discounts 5
      Coverage Options 5
      Customer Satisfaction 2
      Support 4
      Customer Satisfaction 5

      If you’ve filed an insurance claim in the past, you know your annual rate increases as a result. However, if you’re claims-free when you purchase renters insurance through Allstate, you’ll get a discount of up to 20 percent and get rewarded for each year you remain claims-free.

      We also looked at how these four providers were ranked by similar market research firms. In the table below, you can see how American Family, State Farm, AAA and Allstate are rated by AM Best and the Better Business Bureau (BBB).

       J.D PowerAM BestBBB
      American Family5 out of 5AA
      State Farm5 out of 5A++A+
      AAA3 out of 5AA+
      Allstate2 out of 5A+A+

      Frequently Asked Questions – Renters Insurance

      Renters insurance is not a requirement for Colorado residents. But it’s still a good idea to purchase some coverage. Without it, you’ll have to pay completely out-of-pocket to replace your personal items if they get damaged.

      Most basic renters insurance policies cover your belongings such as clothing and electronics up to a certain amount, as well as liability coverage that pays to repair someone else’s home if you cause damage. Some policies also come with additional living expenses coverage, which pays for hotel fees and restaurant meals if you were to get displaced from your home.

      There isn’t one insurance company that is the best option for every Colorado resident. Every insurance company has different strengths, like providing excellent customer service versus offering the most discounts, so it depends on what you’re looking for. Additionally, each provider will offer you a slightly different rate based on your unique circumstances, like your home’s location and your credit score. That’s why it’s important to shop around for multiple quotes before choosing a provider.

      There are a variety of ways to save money on your renters insurance policy. As you’re shopping around, visit the discounts page of each provider. Most companies offer savings if you bundle your policies, pay your premium in full, enroll in paperless billing, raise your deductible, install certain safety features in your home and raise your credit score.

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore™

      Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews. You can also review more detail on our Simplescore renter insurance methodology.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.

      Discounts

      We awarded higher scores to insurance providers with more discounts available on their website.

      Coverage Options

      We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.

      Support

      We awarded higher scores to renters insurance providers with the most channels for customer support.

      Customer Satisfaction

      We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Accessibility

      We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.

      Elizabeth Rivelli

      Contributing Writer

      Elizabeth is a contributor to The Simple Dollar, where she reviews insurance providers and policies. She has more than three years of experience writing for top online insurance and finance publications, including Bankrate, Coverage.com and Reviews.com.