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

The best and cheapest renters insurance company in Denver, Colorado is Auto-Owners, with a MoneyGeek score of 92 and an annual premium of $60. 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 $127. 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 Denver, Colorado is Auto-Owners Insurance with a MoneyGeek score of 92 out of 100 and an annual premium of $60. The following providers are the top two best renters insurance providers in Denver for a policy with $20,000 in personal property coverage, $100,000 in personal liability, and a $1,000 deductible.

• Auto-Owners: MoneyGeek score of 92 out of 100 ($60 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($67 per year)

The best provider in the state is one that can balance both cost and affordability.

In Denver, Colorado, Auto-Owners offers the cheapest renters insurance with an annual premium of $60 for $20,000 in personal property coverage. Personal property coverage helps protect your belongings in case of theft, fire, or other covered events. The following providers are the top two cheapest providers in Denver for $20,000 in personal property coverage and a $1,000 deductible, and MoneyGeek rated the cheapest renters insurance in Denver with minimal consideration for customer service.

• Auto-Owners: $60 per year
• State Farm: $67 per year

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

In Denver, 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 $58. A deductible is the amount you pay out of pocket before your insurance kicks in and can affect your rates. The following providers are the top two cheapest providers in Denver for $20,000 in personal property coverage and a $2,000 deductible:

• Auto-Owners: $58 per year
• State Farm: $66 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 can afford your deductible if you need to file a claim.

In Denver, Colorado, the best renters insurance company for service quality is Chubb with an annual premium of $127. The following providers are the top two best in Denver 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 ($127 per year)
• American Family: MoneyGeek score of 87 out of 100 ($169 per year)

Great customer service is important for renters looking for insurance because it ensures a smooth and stress-free experience. For example, when you make a claim, excellent customer service can help you get your reimbursement quickly and without hassle.

In Denver, Colorado, Auto-Owners stands out as the best renters insurance company for those needing high personal property coverage, with an annual premium of $130 for $100,000 in coverage. High personal property coverage is designed to protect a large amount of personal belongings, which is crucial for renters with numerous possessions. For $100K in personal property coverage, the following providers are the top two best providers in Denver:

• Auto-Owners: MoneyGeek score of 92 out of 100 ($130 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($157 per year)

Renters with a substantial amount of belongings often require higher personal property coverage. This coverage safeguards items like furniture, electronics, and clothing against potential losses. While higher coverage can lead to increased premiums, it's important to find a provider that offers a balance of affordability and exceptional service.

USAA is the top-ranked renters insurance company in Denver, with an annual premium of $100. USAA is exclusively for those with military backgrounds in Denver. The following providers are the top two best providers in Denver for veterans for a policy with $20,000 in personal property coverage.

• USAA: MoneyGeek score of 100 out of 100 ($100 per year)
• Auto-Owners Insurance: MoneyGeek score of 92 out of 100 ($60 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. It is the cheapest option in Denver for military members.

The top renters insurance provider for Denver residents with poor credit is Chubb, with an annual premium of $217 for a policy covering $20,000 in personal property. The following are the top two best providers in Denver for those with poor credit for the same type of policy:

• Chubb: MoneyGeek score of 95 out of 100 ($217 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($135 per year)

In Denver, rates for renters with poor credit are typically higher since they are considered higher-risk by providers. This is because poor credit can indicate a higher likelihood of filing claims. However, there are steps you can take to improve your credit and reduce your insurance costs.

The average cost of renters insurance in Denver, Colorado, is $121 annually, or $10 monthly. This is slightly higher than the state average of $114 but 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 Denver may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the calculator below to see how prices change based on the value of your personal property.

Several factors can influence the cost of renters insurance in Denver, Colorado. For example, the location of your rental property and the value of your personal belongings can significantly impact your premium. Understanding what affects the cost of renters insurance is essential when shopping for a policy, as it helps you make informed decisions and potentially save money. Below are some key factors that can impact your renters insurance costs:

• Location: Areas with higher crime rates or natural disaster risks may lead to higher premiums. Insurers consider these risks when calculating your policy cost.
• Personal Property Value: The more valuable your belongings, the higher your insurance cost. This is because the insurer will need to cover more expensive items.
• Deductible Amount: Choosing a higher deductible can lower your premium. However, you'll pay more out-of-pocket in the event of a claim.
• Credit Score: A better credit score can lead to lower insurance costs. Insurers use credit scores to assess risk.
• Coverage Limits: Higher coverage limits and additional endorsements can increase your premium. These provide extra protection but come at a higher cost.

Renters insurance provides coverage for personal property, liability, and additional living expenses. It protects against theft, fire, and certain natural disasters. Purchasing renters insurance is important because it offers financial protection and peace of mind 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 depends on your unique needs. We answered the frequently asked questions to help you make an informed decision.