The MarketWatch Guides team conducted an in-depth review into the best renters insurance in Colorado and our picks for the top companies include Lemonade, State Farm and Allstate. We rated each provider after assessing cost, coverage options, customer service and other key factors.
Colorado does not mandate that renters buy insurance by law, but landlords and rental management companies may require you to purchase a policy before signing a lease. The average cost of renters insurance in the state is $10.68 a month, according to data from Quadrant Information Services, which provides property insurance analytics.
Get a quote from our top renters insurance provider, Lemonade.
Get Quote with our partner, Lemonade
×
Lemonade Renters Insurance
4.6
Cost: 4.8
Availability and Ease of Use: 5
Brand Trust: 5
Coverage: 3.5
- Monthly Premium: $13.33
- Personal Property Limits: $10,000 – $250,000
- Deductible Options: $250, $500, $1000, $2,500
- J.D. Power Rating: 854/1000
- Year Founded: 2015
Add-ons and Discounts
| Endorsem*nt Options* | Discounts Available |
| Significant Other | Annual Payments |
| Water Backup | Pet Bundle |
| Tenant Pet Damage | Auto Bundle |
| Tenant Water Damage | Life Bundle |
| Equipment Breakdown | Protective Devices |
| Earthquake (CA and AR only) |
Page
1
of
*Endorsem*nts are additional coverage areas you can add to your policy to expand the scope of your basic policy.
Top 6 Renters Insurance Providers in Colorado
After in-depth research, we at the Guides Home Team found the following are Colorado’s best renters insurance providers:
- Lemonade: Our top pick
- State Farm: Best for Localized Support
- Allstate: Best for Industry Experience
- USAA: Best for Military Families
- Liberty Mutual: Best for High-value Coverage
- Toggle: Best for Custom Pricing
Lemonade Renters Insurance
Best for Most Renters
4.6
Cost: 4.3/5
Customer Experience: 4.7/5
Industry Standing: 4.1/5
Coverage: 4.4/5
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$13.33
Why We Chose Lemonade
Lemonade is our top choice for renters insurance in Colorado because it offers instant quotes through artificial intelligence (AI) technology, which can make it easy to sign up for a policy digitally. You can get an estimate in a few minutes by answering questions related to your claims history, address, property and other relevant details.
Lemonade also lets you choose from several endorsem*nt options. For instance, you can add equipment breakdown coverage, which covers appliances and electronics against wear and tear.
Pros and Cons of Lemonade
Pros Offers a fast digital process for buying a policy, based on our experience Donates a portion of unpaid premiums to charity with the Giveback program Relatively affordable policies compared to other providers on our list Cons Earthquake damage endorsem*nt is not available in Colorado Not rated by AM Best, which helps weigh a company’s financial strength
Discounts and Endorsem*nts
You can lower the cost of your Lemonade renters policy with these discounts:
- Multi-policy bundling
- Protective devices
Lemonade offers the following endorsem*nt options if you want to extend your coverage:
- Equipment breakdown
- Pet damage
- Significant other
- Water backup
- Water damage
What Customers Think of Lemonade
To get a sense of what customers like and dislike about Lemonade, our team read through reviews on the Better Business Bureau (BBB) and Trustpilot and identified common trends.
What Customers Like
- Customer service: Many customers, such as this one, praised Lemonade for its efficient handling of claims, along with its prompt customer service.
- Simplified processes: A policyholder appreciated the insurer’s uncomplicated claims process and friendly agents.
What Customers Don’t Like
- Claim rejections: Many customers, such as this one, were upset because they felt that Lemonade unfairly denied their claims.
- Issues with bundling discounts: A customer complained about the company not applying a discount when they tried to bundle their Lemonade renters insurance with another policy.
We reached out to Lemonade for comment on its negative customer reviews but did not receive a response.
State Farm Renters Insurance
Best for Localized Support
4.6
Cost: 4.6/5
Customer Experience: 5/5
Industry Standing: 4/5
Coverage: 4.4/5
Our Review
AM Best ratingAJ.D. Power score844/1000
MONTHLY COST$7.72
Why We Chose State Farm
State Farm is one of the least expensive renters insurance providers on our list, offering coverage at an average price of $10 per month. Although the cost may vary based on your personal information and property details, you may also qualify for discounts to lower your overall expenses.
The insurer also scored well on J.D. Power’s most recent customer satisfaction study, which suggests that it offers good customer service at an affordable price.
Pros and Cons of State Farm
Pros Provides an online estimate in a few minutes, based on our experience Charges lower premiums than some other providers we reviewed High score on the J.D. Power and Associates customer satisfaction study Cons Does not offer many endorsem*nt options compared to other options on our list Limited number of discounts available
Discounts and Endorsem*nts
State Farm only offers a few discounts with its renters insurance policies, which include:
- Multi-policy bundling
- Home protection
State Farm has few common endorsem*nt options but renters can add these extra coverages:
- Earthquake damage
- Identity restoration
- Personal liability umbrella policy
- Pet medical insurance
What Customers Think of State Farm
To learn more about State Farm’s customer service, our team analyzed reviews on the BBB and Trustpilot to better understand what customers think about the company.
What Customers Like
- Responsive local agents: Several customers, including this reviewer, praised the quick and efficient help they got from the company’s local agents.
- Efficient claims process: Many policyholders, such as this one, appreciated the insurer’s efficient and straightforward process when handling claims.
What Customers Don’t Like
- Premium increases: Many customers, including this one, were upset about the company significantly increasing their premiums.
- Water damage: A customer who had State Farm renters and auto insurance complained about the company not covering water damage in their home.
We reached out to State Farm for comment on its negative customer reviews but did not receive a response.
Allstate Renters Insurance
Best for Industry Experience
4.4
Cost: 4.5/5
Customer Experience: 4.8/5
Industry Standing: 4.2/5
Coverage: 4/5
Our Review
AM Best ratingA+J.D. Power score835/1000
MONTHLY COST$9.89
Why We Chose Allstate
Allstate may benefit Colorado’s senior renters because the company provides a 25% discount on overall insurance expenses. However, the discount is only available for seniors who are retired and over 55 years old. Allstate also makes it convenient to bundle your policy if you have other types of coverage.
Besides a discount for seniors, the insurer does not provide many saving opportunities. It also received a below-average score for customer satisfaction on the J.D. Power and Associates customer satisfaction survey.
Pros and Cons of Allstate
Pros Offers flood insurance, which could benefit Colorado residents in flood-prone areas Provides up to 25% off to senior renters Several bundling options available Cons Did not score well for customer satisfaction on J.D. Power’s 2023 survey Does not offer many discounts compared to other options on our list
Discounts and Endorsem*nts
You may qualify for these discounts with an Allstate renters policy:
- Multi-policy bundling
- 55-and-retired discount
If you want additional coverage, you can add these endorsem*nts to your policy:
- Flood insurance
- Identity theft restoration
- Personal umbrella policy
- Scheduled personal property coverage
What Customers Think of Allstate
To better understand Allstate’s customer service, our team read reviews on the BBB and Trustpilot and identified positive and negative themes.
What Customers Like
- Helpful agents: Many customers, such as this one, appreciated the quick and attentive service from the company’s agents, who promptly addressed their concerns.
- High-quality service: A policyholder mentioned how the company offers “great” service despite charging more money than some other renters insurance options.
What Customers Don’t Like
- Premium increase: Several policyholders, such as this customer, mentioned how premiums increased significantly when renewing their policy.
- Coverage changes: A customer expressed dissatisfaction over Allstate modifying their coverage without their consent.
We reached out to Allstate for comment on its negative customer reviews but did not receive a response.
USAA Renters Insurance
Best for Military Families
4.4
Cost: 4.6/5
Customer Experience: 4.6/5
Industry Standing: 4.4/5
Coverage: 4.2/5
Our Review
AM BestA++J.D. Power894/1000
MONTHLY COST$9.85
Why We Chose USAA
USAA is our pick for a renters insurance provider for military members. The insurer has affordable rates and policies tailored to military members and their families. For instance, it offers up to a 28% discount for those who live in military housing, along with other available discounts. The company also offers replacement cost coverage that can help you cover the cost of damaged items without accounting for depreciation.
Pros and Cons of USAA
Pros Charges low premiums compared to some other companies on our list Provides several discounts to lower costs Offers replacement cost coverage Cons Limited number of endorsem*nts available Only military members or their families can buy a policy
Discounts and Endorsem*nts
USAA offers several ways to help policyholders lower overall insurance costs, including:
- Multi-policy bundling
- Claims-free history
- Living on base
- Military college background
- Protective devices
- Service academy
You can add these endorsem*nts to your policy:
- Personal cyber insurance
- Umbrella insurance
- Valuable personal property insurance
What Customers Think of USAA
Our team read reviews of USAA on the BBB and Trustpilot to learn more about positive and negative themes in its customer service.
What Customers Like
- Reliable service: Many customers, such as this one, appreciated the company for its reliable service over an extended period.
- Customer support: A policyholder commended USAA for its customer support.
What Customers Don’t Like
- Refusal of coverage: A customer complained about USAA denying coverage due to damages due to a roof leak.
- Policy communication: One policyholder expressed frustration at the company refusing to email a renters insurance policy to them.
We reached out to USAA for comment on its negative customer reviews but did not receive a response.
Liberty Mutual Renters Insurance
Best for High-value Coverage
4.1
Cost: 3.9/5
Customer Experience: 4.6/5
Industry Standing: 4.3/5
Coverage: 4/5
Our Review
AM Best ratingAJ.D. Power score848/1000
MONTHLY COST$16.85
Why We Chose Liberty Mutual
Liberty Mutual offers several ways to lower renters insurance premiums, which can help you get affordable coverage. For instance, the insurer provides a discount for being claims-free for a specified period, purchasing multiple policies and signing up for a new policy before your current coverage ends.
However, Liberty Mutual offers no endorsem*nts for flood damage so we recommend considering the company carefully if you live in an area of Colorado susceptible to flooding.
Pros and Cons of Liberty Mutual
Pros Provides multiple discount options Offers an endorsem*nt against earthquake damage Has an easy-to-use mobile app, based on our experience Cons Customers must provide a Social Security number to get a quote No endorsem*nt for flood damage
Discounts and Endorsem*nts
You can take advantage of these discounts with a Liberty Mutual renters insurance policy:
- Multi-policy bundling
- Claims-free
- Early policy sign-up
- Online purchase
- Preferred payment
Although Liberty Mutual does not offer as many endorsem*nt options as some other companies, you can add the following:
- Blanket jewelry coverage
- Earthquake damage
- Personal property replacement cost
What Customers Think of Liberty Mutual
To learn more about Liberty Mutual’s customer service, our team read reviews on the BBB and Trustpilot and identified positive and negative trends.
What Customers Like
- Supportive agents: Several policyholders, such as this reviewer, appreciated the company’s agents for their professionalism and empathy in handling queries and concerns.
- Customer service: Many customers praised the company for offering high-quality service at an affordable price.
What Customers Don’t Like
- Policy cancellation: Many customers, such as this one, were upset with the company for terminating their policy without a valid explanation.
- Claims processing delays: A customer complained about their claim taking too long to process, even after providing all the necessary details.
We reached out to Liberty Mutual for comment on its negative customer reviews but did not receive a response.
Toggle Renters Insurance
Best for Custom Pricing
3.8
Cost: 3.9/5
Customer Experience: 3.3/5
Industry Standing: 3.5/5
Coverage: 4.2/5
Our Review
AM Best ratingAJ.D. Power scoreNot rated
MONTHLY COST$12.59
Why We Chose Toggle
Toggle renters insurance is relatively affordable compared to the companies on our list and may benefit renters looking to customize their coverage. It offers three levels of renters insurance subscriptions: basic, standard and premium. You can adjust the limits of your chosen policy according to your budget and needs.
The insurer also offers the credit lift option, which can help you report and build your credit score based on your monthly rent payments.
Pros and Cons of Toggle
Pros Holds an A rating with the credit rating agency AM Best, indicating financial strength Easy online quote process, based on our experience Highly customizable policies that include adjustable coverage limits Cons No endorsem*nts for natural disasters Does not offer a mobile app
Discounts and Endorsem*nts
Toggle does not offer any opportunity to save on its renters insurance policies, based on our research. However, you can add these endorsem*nts to your policy for additional coverage:
- Identity protector
- Pet parent
- Replacement cost coverage
- Side hustle
- Significant other
- Temporary living costs
What Customers Think of Toggle
We found no reviews of Toggle renters insurance on third-party websites such as Trustpilot and the BBB, possibly because the company only recently started selling policies.
The Cost of Renters Insurance in Colorado
The best renters insurance companies in the state have annual premiums that range from $7.72 to $16.85. The average cost of renters insurance in Colorado is $10.68 which is lower than the national average of $14.27 per year.
Using data from Quadrant Information Services, we obtained multiple quotes for each provider in this article and compared them to the average annual premium in the United States. According to this data, the average cost of renters insurance is $171 annually. Read our full cost methodology below.
For providers unavailable in Quadrant’s database, we calculated the average annual premiums using quotes we manually pulled from the provider’s website or representatives. Quotes include comparable policy details in ZIP codes across the U.S. Your cost may vary depending on your location, coverage and personal property needs.
Since insurance providers consider your area’s risk level when determining quotes, the price of your policy will depend on your location within the state. In Colorado, for example, Denver residents might pay higher rates because the city has higher rates of theft and other incidents.
Colorado’s Cheapest Renters Insurance Companies
While it’s important to focus on policy costs when looking for the right insurance provider, also ensure your chosen provider offers the right coverage for your needs. This can help prevent you from having to pay out-of-pocket when filing a claim. The cheapest renters insurance provider in Colorado is Auto-Owners with an average monthly cost of $5.47. If you are a renter on a budget, consider the below companies in Colorado.
How To Save on Renters Insurance
You can save on your policy by reducing the risk of damage to your rental unit or home and comparing quotes before deciding on a provider. We recommend you take these steps to potentially save on renters insurance in Colorado:
- Consider home security: Renters living in urban centers can potentially save on renters insurance by installing security equipment such as surveillance cameras and burglar alarms. By protecting your rental unit or home, insurers might consider you less risky and provide lower rates. You can also save by having other alarms, including smoke detectors, in your unit.
- Shop around: You may save money by getting quotes from several insurers and comparing coverages and costs. Each insurer will evaluate your information differently, which can result in varying rates.
Common Renters Insurance Claims in Colorado
Renters insurance covers a number of issues, and these are the ones that occur most frequently in Colorado.
Theft and Vandalism
Issues with theft and vandalism are one of the leading reasons for a renters insurance claim, both in Colorado and nationwide. According to the Colorado Department of Public Safety, there were around 114,000 incidents of property theft in 2023 alone. Theft from residential spaces is the top most cited renters insurance claim among all residents of the United States.
Renters policies insure personal property up to a certain amount, and some even guarantee replacement with brand new items. If your personal items are stolen or damaged through vandalism, a renters policy would reimburse you for those items, minus your deductible. Be sure to check out the specific language on replacement cost policy limits and how much value will be covered.
Burst or Frozen Pipes
Pipe damage due to cold temperatures is a common source of claims in Colorado due to the cold weather the state faces for much of the year. If your rental is in a mountainous region or comparably colder climate, you’re more susceptible to these issues.
Luckily, most renters policies cover water damage resulting from damaged pipes. These policies often do not cover flooding, though, so in the event of a burst or frozen pipe, be sure to document as much of the damage as possible. Document the source of the water entry if it is safe to do so to prove the water originated from the inside of your property.
Is Renters Insurance Worth It in Colorado?
Buying renters insurance is worth it for Colorado residents due to the risk of property theft, wildfires, floods and storms. In addition to offering financial protection in the event of personal property damage, renters insurance provides liability coverage if someone gets hurt in your home. Getting coverage is an affordable way of having financial protection if your belongings become damaged from such events. Though not legally required, your lease agreement might also mandate that you buy a renters policy.
Savings With Insurance
To give you an idea of how much renters insurance can help offset the cost of replacing damaged or stolen belongings, we created the table below based on a policy with $30,000 in personal property coverage and a $500 deductible.
| Cause of Claim | Cost To Repair or Replace* | Cost with Renters Insurance |
|---|---|---|
| Burglary | $2,661 | $500 |
| Water damage | $1,300 | $500 |
Page 1 of
*The cost to repair or replace an item is based on average figures and may vary depending on the extent of the damage and local market value.
Frequently Asked Questions About Colorado Renters Insurance
The average cost of renters insurance in Colorado is $10.68 per month or $128 per year, based on data from Quadrant Information Services. This rate is lower than the national average of $14.27 monthly.
Colorado renters are not required to carry insurance according to state law. However, you might need to purchase a policy depending on your lease agreement, as some landlords make it mandatory to carry coverage.
Most renters insurance policies include at least $30,000 in personal property coverage and $100,000 in liability coverage, according to the Insurance Information Institute (Triple-I). You can estimate the right amount of coverage by considering the value of your items, budget and overall situation.
Renters insurance in Colorado generally covers personal property damage, liability costs, medical payments if someone is hurt in your home and additional living expenses. You generally can use the latter if your rental unit or home becomes uninhabitable after a covered loss. However, coverage varies based on your chosen policy, which is why we recommend contacting your insurer for the most accurate information.
Methodology: Our System for Ranking the Best Renters Insurance Companies in Colorado
To identify the best renters insurance companies in Colorado, we conducted a comprehensive analysis of 14 insurers. This involved gathering estimates for an apartment building in the state to understand the quote process, looking at customer reviews on third-party sites such as Trustpilot and the BBB, and assessing discounts and endorsem*nts based on the specific needs of Colorado renters.
We then rated the providers based on these factors:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust: 15%
We update this data regularly so you can access the most up-to-date information. Read our full methodology to learn more.
AM Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $25,000
- Loss of use: $7,500
- Liability: $100,000
- Medical payments: $500
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of September 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
