Best and Cheapest Renters Insurance in Arvada, CO (2024)

The best and cheapest renters insurance company in Arvada, Colorado is Auto-Owners, with a MoneyGeek score of 92 and an annual premium of $56. Depending on your needs, other providers may be best; for example, Chubb excels in service quality with a MoneyGeek score of 93 and an annual premium of $137. MoneyGeek also looked into the best and cheapest renters insurance in Colorado for those who live elsewhere in the state.

The best renters insurance in Arvada, Colorado, is Auto-Owners with a MoneyGeek score of 92 out of 100 and an annual premium of $56. The following providers are the top two best renters insurance providers in Arvada for a policy with $20,000 in personal property coverage, $100,000 in personal liability and a $1,000 deductible.

• Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($56 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($63 per year).

The best provider in the state balances both cost and affordability. Auto-Owners Insurance has perfectly balanced customer satisfaction and affordability with an affordability score of 55 out of 55.

In Arvada, Colorado, Auto-Owners offers the cheapest renters insurance with an annual premium of $56 for $20,000 in personal property coverage. Personal property coverage protects your belongings in case of theft, fire, or other covered events. The following providers are the top two cheapest providers in Arvada for $20,000 in personal property coverage and a $1,000 deductible, with minimal consideration for customer service according to MoneyGeek's ratings:

• Auto-Owners Insurance: $56 per year
• State Farm: $63 per year

Cheap renters insurance policies often have lower personal property coverage limits. Higher coverage limits can lead to higher monthly costs but provide better protection if you own many personal belongings.

In Arvada, Colorado, Auto-Owners offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible, with an annual premium of $54. A deductible is the amount you pay out-of-pocket before your insurance covers the rest, and it can affect your rates. The following providers are the top two cheapest providers in Arvada for $20,000 in personal property coverage and a $2,000 deductible:

• Auto-Owners: $54 per year
• State Farm: $62 per year

A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. It's important to balance both to ensure you're not overpaying for insurance or facing high out-of-pocket costs if you need to file a claim.

In Arvada, Colorado, Chubb stands out as the best renters insurance company for service quality, with an annual premium of $137. The following providers are the top two best providers in Arvada, Colorado, for a policy with $20,000 in personal property coverage, for those who value great customer service without considering affordability.

• Chubb: MoneyGeek score of 93 out of 100 ($137 per year)
• American Family: MoneyGeek score of 87 out of 100 ($151 per year)

Great customer service is essential for renters looking for insurance. When you make a claim, efficient service can help you get back on your feet quickly and with less stress.

Auto-Owners offers an annual premium of $118 for policies with $100,000 in personal property coverage, making it the best choice for renters in Arvada, Colorado, who require high personal property coverage. High personal property coverage refers to a higher limit on the insurance policy to protect personal belongings. For $100K in personal property coverage, the top two best providers in Arvada are:

• Auto-Owners: MoneyGeek score of 92 out of 100 ($118 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($146 per year)

Renters with a substantial number of belongings often need higher personal property coverage, which is designed to protect items like furniture, electronics, and clothing from loss or damage. While higher coverage typically comes with a higher premium, finding a provider that offers a good balance of cost and service is vital. Remember, high-value items like jewelry or art may need additional coverage, as standard policies may not fully cover these items.

In Arvada, USAA is the top-ranked renters insurance company for those with military backgrounds, boasting an annual premium of $92. The following providers are the top two best providers in Arvada for military members with a policy offering $20,000 in personal property coverage.

• USAA: MoneyGeek score of 100 out of 100 ($92 per year)
• Auto-Owners: MoneyGeek score of 92 out of 100 ($56 per year)

USAA offers a range of products tailored for those with a military background, including discounts and coverages that suit the military lifestyle. Although Auto-Owners ranks first in affordability, USAA's tailored offerings for military members make it a strong contender.

For renters in Arvada with poor credit, Chubb offers the best renters insurance at an annual premium of $234 for a policy with $20,000 in personal property coverage. The top two providers in Arvada for those with poor credit for the same type of policy are:

• Chubb: MoneyGeek score of 94 out of 100 ($234 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($127 per year)

In Arvada, rates for renters with poor credit are typically higher due to the increased risk they pose to insurance providers. Providers view these renters as higher-risk because poor credit may indicate a history of late payments or financial instability. However, by taking steps to improve their credit and exploring available discounts, renters can work towards more favorable insurance rates in the future.

The average cost of renters insurance in Arvada, Colorado is $113 annually, or $9 monthly, which is slightly lower than the average cost of renters insurance in the state at $114 annually. This makes Arvada's average cost $1 cheaper than the Colorado average and $32 cheaper than the national average of $145 annually.

These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Arvada may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings against risks like theft, fire, and other damages. Use the calculator below to see how prices change based on the value of your personal property.

Various factors influence renters insurance costs in Arvada, Colorado. For example, the location of your rental property and the amount of coverage you choose can significantly affect your premiums. Understanding these factors is crucial when shopping for a policy to ensure you get the best coverage at an affordable price. Below are some key factors that impact renters insurance costs:

• Location: The neighborhood's crime rate and susceptibility to natural disasters can raise premiums. Insurers charge more in high-risk areas to offset potential claims.
• Coverage Amount: The higher the coverage you select, the more you'll pay. More coverage means higher payouts for the insurer in case of a claim.
• Deductible: A higher deductible lowers your premium but increases your out-of-pocket costs when filing a claim. Choosing the right balance is essential.
• Claims History: A history of frequent claims can lead to higher premiums. Insurers view you as a higher risk if you have a record of numerous claims.
• Credit Score: A good credit score can lower your insurance costs. Insurers use credit scores to assess risk, with higher scores indicating lower risk.

Renters insurance covers personal property, liability, and additional living expenses. It protects your belongings from theft or damage and covers legal costs if someone gets hurt in your home. Purchasing renters insurance is important to avoid financial loss from unforeseen events.

• Personal Property Coverage: This covers the cost to repair or replace your belongings if they're damaged or stolen. For instance, a renter may receive compensation for a stolen laptop.
• Personal Liability Coverage: This protects you financially if a guest is injured in your rental or you cause property damage. A renter could use this coverage if a guest slips and falls in their apartment.
• Loss of Use Coverage: Loss of use coverage helps with additional living expenses if your rental is unlivable due to a covered peril. A renter might rely on loss of use coverage to pay for a hotel stay after a fire.

Although renters insurance provides a financial safety net, it doesn't shield against every mishap. For instance, it typically excludes flood damage and your roommate's possessions.

• Natural Disasters: Standard renters insurance often does not cover damage from earthquakes or floods.
• Roommate's Belongings: Personal property coverage does not extend to items owned by a roommate unless they are listed on the policy.
• High-Value Items: Expensive jewelry or electronics may exceed the policy's limit and require additional coverage.
• Business Equipment: Property used for business purposes might not be covered under a standard renters insurance policy.
• Pest Damage: Infestations and damage from pests like bed bugs or rodents are usually not covered.
• Car Theft: While personal property stolen from your car may be covered, the theft of the car itself is not.

The best renters insurance provider for you in Arvada ultimately depends on your needs. Below, we've answered some frequently asked questions to help you make an informed decision.