Cheapest & Best Renters Insurance In Denver 2026

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 Of Renters Insurance In Denver 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.

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.