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

The best and cheapest renters insurance company in Centennial, 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, such as Chubb, which excels in service quality with an annual premium of $134. 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 Centennial, Colorado, is Auto-Owners, with a MoneyGeek score of 92 out of 100 and an annual premium of $56. The top two providers in Centennial for a policy with $20,000 in personal property coverage, $100,000 in personal liability, and a $1,000 deductible are:

• Auto-Owners: MoneyGeek score of 92 out of 100 ($56 per year)
• State Farm: MoneyGeek score of 89 out of 100 ($67 per year)

The best provider in the state balances both cost and affordability. Auto-Owners has perfectly balanced customer satisfaction and affordability.

In Centennial, 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 against risks such as theft, fire, and certain natural disasters. The following providers are the top two cheapest providers in Centennial for $20,000 in personal property coverage and a $1,000 deductible, with minimal consideration for customer service according to MoneyGeek.

• Auto-Owners: $56 per year
• State Farm: $67 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can increase monthly costs but offer better protection if you own many valuable belongings.

In Centennial, Colorado, Auto-Owners offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible, at an annual premium of $54. The following providers are the top two cheapest providers in Centennial for this coverage:

• Auto-Owners: $54 per year
• State Farm: $65 per year

A deductible is the amount you pay out of pocket before your insurance covers a claim, and it can affect your rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. Balancing both is important because a higher deductible can make your premiums more affordable, but you'll pay more out of pocket if you need to file a claim.

In Centennial, Colorado, Chubb is the winning best renters insurance company for service quality with an annual premium of $134. The following providers are the top two best providers in Centennial, 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 ($134 per year)
• American Family: MoneyGeek score of 87 out of 100 ($156 per year)

Great customer service is important for renters looking for insurance because it ensures a smooth process during claims. When you make a claim, having a responsive and helpful insurance provider can make a stressful situation more manageable.

Auto-Owners stands out as the best renters insurance company for those in Centennial, Colorado, who need high personal property coverage, with an annual premium of $118 for a policy with $100,000 in personal property coverage. High personal property coverage means having insurance protection for a large amount of personal belongings against potential losses. For $100K in personal property coverage, the top two best providers in Centennial are:

• Auto-Owners: MoneyGeek score of 92 out of 100 ($118 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($157 per year)

Renters with a substantial number of possessions often require higher personal property coverage. This type of coverage safeguards your belongings from damage or theft. However, more comprehensive coverage typically means higher premiums. It's crucial to find an insurer that provides both reasonable costs and excellent service, especially when you have a considerable amount of items. Keep in mind, high-value items like jewelry or art may not be fully covered under a standard policy and could necessitate additional coverage to ensure full protection.

USAA is the top-ranked renters insurance company in Centennial, exclusively serving those with military backgrounds. The following providers are the top two best providers in Centennial for veterans for a policy with $20,000 in personal property coverage

• USAA: MoneyGeek score of 100 out of 100 ($96 per year)
• Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($56 per year)

USAA has discounts and coverages that fit the military lifestyle. It is also the cheapest provider in Centennial for military members.

The best renters insurance company for those with poor credit in Centennial is Chubb, with an annual premium of $229 for a policy with $20,000 in personal property coverage. The following providers are the top two best providers in Centennial for those with poor credit for the same type of policy:

• Chubb: MoneyGeek score of 95 out of 100 ($229 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($134 per year)

Rates in Centennial for those with poor credit are often higher, as they pose a greater risk to providers. Providers view them as higher-risk because poor credit may indicate a history of late payments or financial instability. However, renters with poor credit can work on improving their credit to lower rates and should look for discounts wherever possible.

The average cost of renters insurance in Centennial, Colorado, is $113 annually or $9 monthly. This is slightly lower than the state average of $114 and significantly lower than the national average of $145. 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 Centennial may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings against risks like theft or damage. Use the calculator below to see how prices change based on the value of your personal property.

Various factors can influence the cost of renters insurance in Centennial, Colorado. For example, living in a high-crime area or selecting higher coverage limits can both increase your premiums. Understanding these factors is crucial when choosing a policy to ensure you get the best coverage at a reasonable price. Here are some key factors that affect renters insurance costs:

• Location: Living in a high-crime area can increase your premiums because insurers view these areas as higher risk.
• Coverage Amount: Higher coverage limits generally mean higher premiums, as you're insuring more valuable items.
• Deductibles: Lower deductibles often result in higher premiums since the insurer will have to cover more in the event of a claim.
• Claims History: A history of frequent claims can lead to higher rates as insurers may see you as a higher risk.
• Credit Score: Poor credit can result in higher premiums because insurers use credit scores to assess risk.

Renters insurance covers personal belongings, liability, and additional living expenses. It protects against theft, fire, and certain natural disasters. Purchasing renters insurance is important for financial protection and peace of mind. It ensures you are not left vulnerable in case of unexpected 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 Centennial ultimately depends on your needs.
Below are some frequently asked questions to help you make an informed decision.