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

The best and cheapest renters insurance company in Lakewood, 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. Chubb excels in service quality with 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 Lakewood, 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 Lakewood 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 ($56 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($63 per year)

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

In Lakewood, Colorado, Auto-Owners offers the cheapest renters insurance with an annual premium of $56 for $20,000 in personal property coverage. The following providers are the top two cheapest in Lakewood for $20,000 in personal property coverage with a $1,000 deductible, rated by MoneyGeek with minimal consideration for customer service.

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

Cheap renters insurance policies often come with low personal property coverage limits. While these plans are more affordable, higher coverage limits can better protect you if you own many personal items, though they may increase your monthly premiums. Personal property coverage helps protect your belongings, such as furniture, electronics, and clothing, against risks like theft and fire.

In Lakewood, CO, 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 kicks in and can affect your rates.

The following providers are the top two cheapest providers in Lakewood 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 can afford your deductible if you need to file a claim. Renters should consider their financial situation and risk tolerance when choosing a deductible.

In Lakewood, Colorado, Chubb is the best renters insurance company for service quality with an annual premium of $137. The following providers are the top two best in Lakewood, 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 important for renters because it ensures a smooth and supportive experience, especially when filing a claim. For instance, when you file a claim, a company with excellent service will guide you through the process quickly and efficiently, providing peace of mind.

Auto-Owners offers the best renters insurance for those in Lakewood, Colorado needing high personal property coverage, with an annual premium of $118 for a policy with $100,000 in coverage. High personal property coverage ensures that renters with a substantial amount of belongings are fully protected. For $100K in personal property coverage, the top two best providers in Lakewood 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 considerable number of possessions often require higher personal property coverage, which safeguards their belongings from potential risks. This coverage can come at a higher cost, underscoring the importance of selecting a provider that offers both reasonable prices and excellent service. For those with high-value items like jewelry or art, remember that standard policies may not suffice, and additional coverage might be necessary.

In Lakewood, USAA is the top-ranked renters insurance company for those with military backgrounds, boasting an annual premium of $89. The following providers are the top two best providers in Greeley for veterans for a policy with $20,000 in personal property coverage.

• USAA: MoneyGeek score of 100 out of 100 ($94 per year)
• Auto-Owners: MoneyGeek score of 90 out of 100 ($64 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 most affordable option in Greeley for military members.

The top renters insurance company for Lakewood residents with poor credit is Chubb, with an annual premium of $234 for a policy with $20,000 in personal property coverage. The following providers are the top two best providers in Lakewood for those with poor credit for the same type of policy:

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

Renters in Lakewood with poor credit typically face higher insurance rates as they are considered higher-risk by providers. This risk is due to a history that suggests a higher likelihood of filing claims. Improving your credit score and seeking available discounts can help lower your insurance premiums over time.

The average cost of renters insurance in Lakewood, Colorado, is $113 annually, or $9 monthly. This is slightly lower than the average cost of renters insurance in Colorado, which is $114 per year, and significantly lower 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 Lakewood 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.

Various factors can influence the cost of renters insurance in Lakewood, Colorado. For example, the crime rate in your neighborhood and the amount of coverage you select can significantly impact your premiums. Understanding these factors is essential when choosing a policy to ensure you get the best value for your money. Below are some key factors that affect renters insurance costs:

• Location: Areas with higher crime rates or natural disaster risks typically have higher insurance costs. Insurers consider these risks when determining your premium.
• Coverage Amount: The more coverage you need, the higher your premium will be. Higher limits provide greater protection but come at a cost.
• Deductible: A higher deductible can lower your premium, but it means you'll pay more out-of-pocket in the event of a claim.
• Credit Score: Insurers often use credit scores to assess risk. A higher credit score can lead to lower premiums.
• Claims History: If you have a history of filing claims, insurers may view you as a higher risk, leading to higher premiums.

Renters insurance primarily protects your personal belongings from damage, but it also covers personal liability and loss of use. Below are the key coverages provided by renters insurance:

• Personal Property Coverage: This protects your belongings from risks like fire, theft, and vandalism. For example, if a fire damages your apartment in Colorado, this coverage helps replace your furniture and electronics.
• Personal Liability Coverage: This covers legal expenses if someone is injured in your rental unit. For instance, if a guest slips and falls in your Colorado apartment, this coverage can help with medical bills and legal fees.
• Loss Of Use Coverage: This pays for additional living expenses if your rental becomes uninhabitable due to a covered event. If a flood forces you out of your Colorado apartment, loss of use coverage can help pay for temporary housing.

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 Lakewood ultimately depends on your needs.
Below, we address some frequently asked questions to help you make an informed decision.