Best Renters Insurance in Denver, CO

Close to half of Denver’s population rents their home, and many of those people don’t have renters insurance. Some people assume their landlord’s insurance policy covers their personal belongings in the event of a disaster, but these policies typically only cover the building itself. Renters need separate insurance to protect themselves financially.

Property crime rates in Denver are more than 50% higher than the rest of the U.S. Rates are highest in the Downtown Denver areas of Auraria, Five Points and LODO, and renters in those areas should purchase renters insurance to protect themselves. Neighborhoods on the outskirts of the city, including Bear Valley and Montbello, have the lowest property crime rates.

Renters insurance covers most weather and natural disasters, including damage caused by lightning, wind, hail and wildfires. While this helps residents with hail and tornadoes, which are the highest natural disaster risks in Denver, standard policies don’t cover the recent historic flooding that Colorado experienced. Many companies offer supplemental flood insurance, however.

Renters insurance in Denver typically costs between $10 to $30 a month, which works out to around $125 to $365 annually. The price tends to vary depending on where you live in Denver, your chosen level of coverage and your policy’s valuation method.

When choosing renters insurance, start by creating a home inventory listing your belongings and how much they’re worth. This lets you know how high your coverage limit should be. Next, choose the valuation method of the coverage.

• Replacement cost policies cover damaged or stolen items at the current market price, which gives you the funds you need to replace your belongings. These policies are more expensive.
• Actual cash value policies cost less because they account for age and condition, also known as depreciation, when determining how much reimbursement you receive for lost or damaged possessions.

Companies also sell endorsements for flood coverage, which increases the cost of your renters insurance policy.

Renters insurance discounts in Denver

Almost all insurance companies in Denver offer discounts when you bundle your renters insurance with your car insurance. Some companies also provide lower rates for retirees and seniors. Additionally, discounts are available for renters who have burglar alarms and smoke detectors.

When selecting a renters insurance company, get quotes from multiple providers — many businesses provide free estimates. Once you can compare prices, use these guidelines to help find the right renters insurance providers:

• Ask family and friends for recommendations
• Read online reviews
• Read policies to find out what’s covered
• Check an insurance company’s record of customer issues with the National Association of Insurance Commissioners (NAIC) and the Colorado Department of Regulatory Agencies.

If you plan to insure high-value items, including jewelry, artwork, musical instruments or collectibles, you need to provide a receipt or have it appraised to prove its value. Ask your insurance provider how to document the worth of these possessions.

Your deductible is the last factor you need to think about when choosing a renters insurance company in Denver. Plans with high deductibles tend to be the most affordable since you have to pay a higher amount before the coverage kicks in. If you would rather pay less upfront, opt for a plan with a low deductible but expect to spend more on monthly premiums. Deductibles typically range from $500 to $1,000.

Is renters insurance required in Colorado?

Renters insurance is not required for Colorado residents, but it’s common and legal for landlords to require tenants to purchase a policy.

Even if it’s not required, It’s a good idea to have renters insurance. The policy protects you financially if your property is damaged or stolen, and it covers you if a guest injures themselves at your home.