Cheapest & Best Renters Insurance In Denver 2025

State Farm provides the most budget-friendly renters insurance in Denver, CO, with an average monthly cost of around $10. If you prefer more coverage options and enhanced service, Auto-Owners is a great alternative, though its average premium is slightly higher at about $12 per month.

Known as the Mile High City, Denver reports over 41,000 property crimes annually, affecting approximately 57 out of every 1,000 residents. Given the risks of theft and natural disasters, renters insurance is a smart investment to protect your belongings and offer financial security and peace of mind.

Cheapest Renters Insurance Companies In Denver

If you’re looking for affordable renters insurance in Denver, State Farm offers the lowest rates, averaging around $10 per month. To make your decision easier, the table below highlights the five most cost-effective providers.

Best Renters Insurance Companies In Denver

State Farm is an excellent option for Denver renters seeking low-cost insurance. However, the most affordable choice isn’t always the best in terms of coverage or service. Auto-Owners, in my view, is the top overall provider, offering high-quality service and a range of customizable coverage options at competitive prices. It also provides contents replacement cost coverage at lower rates than many other insurers.

Average Cost Of Renters Insurance In Denver

Renters in Denver typically spend around $17 per month or $204 per year on insurance. However, your actual cost may differ depending on factors like coverage limits, location, deductible, and the insurer’s pricing model. The table below provides a comparison of average rates from five leading providers in the city.

Average Cost By Deductible

A deductible is an amount you must pay out of pocket before your renters insurance covers a claim. Opting for a higher deductible can reduce your monthly premium, while a lower deductible usually results in higher monthly costs. The table below shows how renters insurance rates in Denver vary depending on different deductible choices.

Factors That Impact Renters Insurance Costs In Denver

Several factors affect the cost of renters insurance in Denver:

Location: Areas with higher crime rates or risks of natural disasters, such as storms and floods, tend to have higher insurance premiums.

Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can reduce risks and may qualify you for discounts.

Deductible Amount: A higher deductible lowers your monthly premium, while a lower deductible increases costs since the insurer takes on more risk.

Claim History: If you’ve filed multiple claims in the past, insurers may view you as a higher-risk policyholder, leading to higher premiums.

Credit Score: Many insurers factor in credit scores, with lower scores often resulting in higher insurance costs.

Coverage Limits: Policies that include extensive coverage or add-ons like replacement cost coverage and identity theft protection generally have higher premiums.

What Does Renters Insurance Cover In Denver?

Renters insurance provides essential financial protection by covering a variety of risks. Most policies typically include the following key coverages:

Liability Coverage

It helps cover legal fees and medical expenses if you’re responsible for injuring someone or causing damage to their property.

Additional Living Expenses (ALE)

It covers temporary housing, meals, and other necessary costs if a covered event forces you to move out of your rental.

Personal Property Protection

Protects your belongings, including furniture, electronics, and clothing, from risks like theft, fire, and certain types of water damage (excluding floods).

Medical Payments to Others

Provides limited coverage, usually between $1,000 and $2,000, to help pay for medical expenses if a guest gets injured in your rental, regardless of who is at fault.

What Does Renters Insurance Not Cover In Denver?

While renters insurance provides valuable protection, it also has exclusions and limitations. Here are some common risks that standard policies typically don’t cover:

Earthquakes

Most renters insurance policies exclude earthquake-related damage, so you’ll need separate coverage for protection.

Flooding

Standard policies don’t cover flood damage. Since Denver is prone to floods, you may need separate flood insurance or a flood coverage add-on.

Business-Related Losses

If you operate a business from home, renters insurance won’t cover business equipment or liabilities unless you have specific business coverage.

Pest Infestations

Damage caused by bedbugs, termites, or rodents is considered a maintenance issue and isn’t covered.

High-Value Belongings Over Policy Limits

Items like jewelry, artwork, or collectibles may exceed standard coverage limits. A policy rider can provide extra protection.

Intentional Damage

Any damage caused deliberately by you or a household member isn’t covered.

Car Theft or Damage

Personal vehicles aren’t covered under renters insurance; auto insurance is required for car protection.

How Much Should Students Pay For Renters Insurance In Denver?

Students in Denver typically spend between $15 and $25 per month on renters insurance, with costs varying based on coverage needs. Factors such as location, the value of personal belongings, and optional add-ons influence the final price.

Off-campus students often pay higher premiums due to larger living spaces and greater risk exposure, while those in dorms usually have lower rates since shared housing is cheaper to insure.

When selecting a policy, it’s essential to assess the value of your belongings. While standard renters insurance covers most items, students with expensive electronics or other high-value possessions may need additional coverage. Many insurers also offer discounts for bundling renters and auto insurance, helping students reduce overall costs.

How Much Renters Insurance Do I Need In Denver?

Selecting the right renters insurance in Denver begins with assessing the value of your belongings. Most policies provide coverage ranging from $20,000 to $50,000, which suits many renters. However, if you own high-end electronics, luxury furniture, or valuable jewelry, you may need extra coverage.

Liability protection is another crucial factor. Standard policies typically offer $100,000 in liability coverage to help with legal or medical expenses if someone is injured in your rental. Raising this limit can offer additional financial security.

Your deductible also affects your premium. Opting for a higher deductible lowers your monthly payment but increases the amount you’ll need to pay out of pocket when making a claim.

Finally, consider Additional Living Expenses (ALE) coverage. If a covered event forces you to move out, ALE helps with temporary housing and essential living costs.

Can Landlords In Colorado Require Renters Insurance?

Renters insurance isn’t legally required in Colorado, but many landlords make it a lease requirement. This benefits both tenants and landlords—renters get protection for their belongings, while landlords reduce their liability risks. Most major apartment complexes in Denver require proof of renters insurance before approving a lease.

If your lease includes this requirement, you may need to provide a policy declaration page or a certificate of insurance. Some landlords also set minimum coverage limits, typically requiring at least $100,000 in liability protection. Not meeting these requirements could lead to penalties or even lease termination.

Even if it’s not mandatory, renters insurance is a smart choice—especially in Denver, where property crime rates are high and natural disasters like floods, storms, and wildfires pose threats. A policy not only protects your belongings but also provides financial security against unexpected liability claims.

Bundle Renters With Auto Insurance

Combining renters and auto insurance is a great way to save money, as many insurers offer discounts for bundling. On average, renters can lower their premiums by 6% to 8% while also benefiting from improved customer service and loyalty perks. State Farm offers some of the lowest rates for bundling renters and auto insurance in Denver.

This option is particularly beneficial for renters who already have auto insurance. Keeping both policies with the same provider simplifies billing, makes account management easier, and may include perks like flexible payment options or increased coverage limits.

However, it’s essential to compare different insurers before bundling. While combining policies can lead to savings, make sure both offer the coverage you need at a competitive price before committing.

Common Causes Of Loss In Colorado

Renters in Colorado often file claims for fire, theft, hail, storms, and wildfires. Being aware of these risks can help tenants choose a policy that provides the right level of protection for their belongings and finances.

Wildfires

Colorado is increasingly at risk for wildfires, particularly in dry seasons. Most renters insurance policies cover wildfire-related damage, making it a critical form of protection.

Fire

Fires, especially in apartment buildings, can spread quickly and cause significant losses. Renters insurance helps replace personal belongings damaged by fire.

Winter Storms

Severe winter weather in Colorado, including heavy snowfall and snowstorms, can result in costly damage. Most renters insurance policies cover weather-related losses.

Floods

Denver is prone to flooding, but standard renters insurance does not cover flood-related damage. Purchasing separate flood insurance is recommended for better protection.

Theft

With over 41,000 property crimes reported in Denver each year and more than 170,000 statewide, renters insurance is essential. It covers stolen belongings and may offer liability protection if someone is injured during a break-in. However, it does not cover damage to vehicles or the rental unit itself.

Hail

Denver experiences frequent hailstorms, particularly in the spring and summer, which can cause major damage to homes and vehicles. Renters insurance typically includes coverage for hail-related damage.

Water Damage

Issues like burst pipes, roof leaks, and plumbing failures can lead to expensive repairs. Standard renters insurance covers water damage caused by these problems, but flood damage requires separate coverage.

Other Covered Losses

Many policies also cover vandalism, accidental damage, and certain natural disasters, offering additional financial protection.

By understanding these common risks, renters can select a policy that ensures comprehensive coverage for their needs.