The Best and Cheapest Renters Insurance in Colorado
Colorado is a great state to live in if you’re a college student. Colleges in this state range from public schools like the University of Colorado and Colorado State University to private schools that include Colorado College and the University of Denver. No matter which university or college you pick, you should look at getting insurance to protect your belongings. Renters insurance allows you to file a claim and get help paying to replace anything that you lost.
Though college campuses take steps to keep students safe, you never know what might happen. Whether you live in a campus apartment or decide to move off-campus with some friends, you can use renters insurance in Colorado to get help when you need it.
The chances that you may become a victim of a burglary vary based on where you live. Students in Denver report 13 burglary crimes to police every year, while only three students report these crimes in Fort Collins. The number of burglaries that occur in Boulder is right around 13, but the figure climbs to 16 per year for students living in Greeley. Though students in Durango are safer, they still report a few burglaries every year.
Take some time to learn about how this insurance works and what you can do to get the best and cheapest renters insurance in Colorado.
How Much is Renters Insurance in Colorado?
With all of the money that you spend on textbooks and living expenses, you probably worry about adding one more bill. You should not worry though because there are companies that offer affordable rates. To give you an idea of what you will pay for insurance in Colorado, take a look at how much Lemonade charges. We used Lemonade to estimate the rental insurance that a 20-year-old male student would pay in different college towns across Colorado.
|Premium Cost Per Month
When looking at how much is renters insurance in Colorado, keep in mind that companies set their own rates. They look at your school address to determine if you live in an area with a lot of crime as this will increase the chances that you will file a claim. The best way to find out how much you will pay is with a look at some of the estimates we obtained from the top eight companies that offer renters insurance in Colorado.
- Allstate, $10
- USAA, $13
- Safeco, $14
- AmFam, $15
- Nationwide, $15
- Lemonade, $16
- Acuity, $16
- GradGuard, $25
The best and cheapest renters insurance in Colorado is available through Allstate. Students pay an average of just $10 a month for the coverage they need. Your price will rise if you add any other features to your plan. Allstate knows that you care about your stuff, which is why its plans cover all types of theft. You can file a claim if someone breaks in and runs off with your television and other electronics. Allstate also allows you to file a claim if a robber steals your computer when you’re out at a bar or restaurant with your friends. You get protection against fire and water damage too. While your landlord’s insurance will cover damage to the property, only renters insurance will cover your belongings.
USAA is one of the best insurance companies for those in the military. Even if you didn’t serve, you can sign up for a plan if your mother or father served. USAA only offers insurance plans for people who can prove they have a connection to a branch of the military. If you qualify, you get personal property coverage in the form of total replacement value. This means that USAA will pay the amount it takes to replace those items with exact replicas. It comes in handy if you cannot afford to buy a new laptop when someone steals your old computer. USAA gives you up to $100,000 in liability coverage with most plans as well as coverage for living expenses and medical bills.
Not only does Safeco offers affordable renters insurance in Colorado, but the insurer can help you change your coverage limits whenever you want. You can pay by the month, but you qualify for discounts if you pay for six months or a year of coverage upfront. Renters insurance from Safeco includes personal property coverage, which covers your stuff. You can file claims for property stolen from you when you’re away from home and burglaries that occur in your home. All plans also include liability coverage for guests that hurt themselves in your home and living expenses coverage. If you need to leave your home for any reason due to a covered claim, Safeco will pay for a hotel room and all of your other expenses.
Known as both AmFam and American Family, this insurer offers plans designed for Colorado college students. While we received an estimate of just $15 per month, you may pay more or less depending on how much coverage you need and the deductible you select. If you have valuable items that are worth more than $1,500, AmFam recommends that you add extra coverage for those items. You can also add coverage against identity theft for just a few dollars more every month. AmFam has several local offices where you can get help as needed. Your policy covers both thefts and burglaries as well as damage that occurs due to acts of god such as fire and water damage.
Nationwide helps you find the right renters’ insurance plan for your Colorado home. No matter where you live, you can get insurance for as little as $15 per month. Many of the bigger plans cost only $20 a month. If you decide to bundle your car insurance or any other insurance that you need, Nationwide will drop your price by a few dollars or more. One of the top reasons to choose this insurer is that Nationwide has local offices all across the state, including in Fort Collins and Denver. This allows you to meet your insurance agent in person and get help when you need it. You can even file a claim with your agent in their office if you have problems using the site or don’t have access to your phone.
Lemonade often comes out as the best insurer for college students, but the company charges more than some of its competitors in Colorado. With Lemonade, you save money because the company does not have dedicated offices. You can do anything you need to do via an app on your phone. This even allows you to file a claim and update your policy in the middle of the night when other insurers are closed. It takes only 90 seconds to get a quote from Lemonade, which requires your social security number and school address. Lemonade offers lots of options you can add to your plan too such as coverage for your pets. You can even upgrade your policy when you graduate and buy your first home.
Though not as affordable as some of the other insurers, Acuity offers tons of options for Colorado college students. More than 18,000 people use this insurer every year. Your plan covers damages that occur to your apartment or dorm room as well as injuries that happen due to your negligence. With a replacement policy, Acuity will pay the actual replacement value of the items you lose during a burglary rather than just the estimated cost of those items. You can add protection against identity theft if you need it and get a roadside assistance package for a small fee on top of the $16 per month you pay. With roadside assistance, Acuity will send someone to you if you ever find yourself stuck on the side of the road.
GradGuard is a good option if you worry that your belongings are worth more than the coverage limits that other insurers have. This company charges you a rate of up to 2% of the amount of coverage that you need. If you need $10,000 in coverage, you’ll pay around $200 a year for renters insurance. Whether you live on or off-campus, you’ll pay the same rate as other students at your school do. GradGuard gives you the chance to change both your coverage limit and deductible as needed and lets you add optional coverage for more expensive things. While the cost you pay varies from city to city, $25 is usually the maximum that you’ll pay. You have the option of bringing down your cost when you opt for less coverage.
Renters Insurance in Colorado: What You Need to Know
Colorado has no laws on the books that require you to have renters insurance. The only people that must have insurance in this state are those who own and drive a vehicle and people who own property. If you think that you do not need coverage, think about what would happen if someone broke into your home. Let’s say that you decided to spend the night with someone special or hang out with friends and get ready for midterms. What would you do if you came home and found your door kicked in and all of your stuff gone? With the best and cheapest renters insurance in Colorado, you can work with an agent who knows you’re upset and will try to make the process of filing a claim go as smoothly as possible.
Property Insurance Does Not Cover Your Belongings
You also need renters insurance because your landlord’s insurance covers them and not their tenants. Think about what you would do if another tenant in the building started a fire that spread to other units before help could arrive. Between the smoke and water damage, you would lose a lot of your stuff and also need to spend some time living elsewhere. Most renters’ insurance policies cover the cost of your living expenses, including a hotel room and any meals that you might need.
Proof of Insurance
Some landlords also require that tenants have renters insurance and ask for proof before you can move into your new apartment. You should always check with the landlord to see if they require this and how much or what type of coverage they demand. Many Colorado landlords require that you have enough insurance to pay for damage that occurs during accidents. If a candle you burned starts a fire, the landlord may go after your insurer for the repairs that your apartment or the entire building needs.
Check Coverage Carefully
When picking renters insurance in Colorado, you need to look at what the plan covers. The two most important forms of coverage include personal property protection and liability coverage. With personal property protection, you have the right to file a claim when someone breaks in and steals from you or your belongings suffer damage due to a fire or another type of covered incident. Liability coverage comes in handy when a friend or another person causes damage to your building or injuries themselves.
What Does Renters Insurance in Colorado Not Cover?
Do not buy a plan in Colorado until you look at what it will not cover. No plan will cover the belongings that your roommate owns. Most plans will not cover the belongings of guests or people who stay with you such as your boyfriend or girlfriend. If you live with one or more people, they need to obtain their own insurance. Colorado insurance plans usually do not cover less common incidents such as earthquakes or floods, including flood damage that happens when a pipe breaks. Keep in mind that your insurance will not cover bed bugs either. A bed bug infestation can become so bad that you need to break your lease and replace most of your stuff. You cannot file a claim for bed bug damage.
The best and cheapest renters insurance in Colorado helps you save money in the long run. Filing a claim helps you replace the stuff that you lost during a burglary or an act of god. Make sure that you know what your plan does and does not cover along with your deductible and premiums before you buy a plan.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.