How Much Is Renters Insurance In Colorado? 8 Important Types Of Renters Insurance Coverage

Are you wondering if how much is renters insurance in Colorado? Based on our computation, the cost of renters insurance in Colorado is 15 dollars per month on average. That equates to 185 dollars every year. If we compare this to the coverage costs in the US, the standard premium costs are almost the same.

Wherever part of Colorado you reside, you would want to protect your place, and renters insurance is a crucial tool to protect your home and what you will be taking with you.

how much is renters insurance in colorado

As of the moment, no particular state requires renters insurance. But even if it is not required, it does not mean that you should not get one. This type of insurance helps protect your belongings against certain damages. The same is true in case they are stolen.


How Much Renters Insurance In Colorado; Types Of Renters Insurance Coverage

The question “How much is renters insurance in Colorado?” would vary on what type of renters’ insurance you will avail.  Notwithstanding the place you rent, may it be a high-rise or duplex, renters insurance coverage helps protect your finances in case of any unexpected occurrences. Common coverage types that are included in a standard insurance renters plan are listed below. However, take note that some of these are optional.


#1. Personal liability

Accidents are inevitable. Since you are a renter, you might be held liable for the damages of the apartment building or the injuries suffered by your guests. The liability coverage helps pay for court, medical, and property damage costs.


#2. Protection of personal property

What makes your rental place home are the stuff that you put in it. This coverage will help you to replace any of your damaged things in instances of theft, fire, water losses, or any other covered event that may occur.


#3. Identity theft coverage

It will help if you protect your name as well as your credit with this coverage. It will protect you from the high costs that you may incur to restore your identity and credit. Plus, it costs low.


#4. Loss of coverage

If your rental place has become uninhabitable after a covered event, this type of coverage will help pay for any extra living expenses you may incur. For example, it can include higher food expenses in case you need to eat in a hotel.


#5. Pet insurance

Also, protect your buddy! The pet insurance will cover specific veterinary costs and other expenses if someone hurt your pet during a loss covered by your policy.


#6. Travel protection

Whether you are traveling inside or outside your state, travel protection can provide different coverages, including medical insurance and trip cancellation. This type of coverage will you safe as well as your belongings at home while you are traveling.


#7. Protection for businesses based at home

Perhaps, you have a home-based business. Then, it is good to include this coverage in your policy. With this, you need not worry about logistics and focus on venturing out your business. Assuring insurance for your small business is essential to compensate for all the damage and loss. If you happen to face liability claims for your business, then this insurance could help you out.


#8. Diminishing Deductible

When buying renters insurance, one has to choose a deductible. It is a specific amount that the policyholder needs to pay before the insurance provider covers the replacement or repairs costs once a claim is filed. Most renter’s insurance has a diminishing deductible feature. You can buy this to save yourself from unexpected expenses. This coverage will lower your deductible amount so that you will only need to prepare lower out-of-pocket costs.



#1. What is a considerably good price when buying renters insurance?

In the United States, the average cost of renters insurance is about 168 dollars per year. That is about 14 dollars every month based on a recent insurance rate analysis. So, anything around that cost is a good price.


#2. What if you don’t purchase renters insurance?

If you do not have renters insurance, you cannot recover anything that you may lose. The money that the landlord can receive after filing a claim from his insurance policy will be used for renovations and repairs. It will not include costs for reimbursing any of your personal belongings.


#3. What do the renters’ insurance policies cover?

This type of insurance policy will cover bodily injuries, theft, water damage, or losses from natural disasters in your rented property. It is recommended to get renters insurance if you are renting a dorm, house, or apartment so that you can protect your belongings and space in case of an accident.


#4. Can the landlord require renters insurance if the state doesn’t?

Yes, this can be a part of the agreement between the landlord and the tenant. However, before you proceed in signing the lease, it is best to check with the landlord whether or not he requires this type of insurance. Learn what landlord insurance is to understand this section further.


It’s A Wrap!

Going back to the main question: how much is renters insurance in Colorado? Costs of renters insurance vary across the different locations. Expect to pay a fraction of the amount you pay for homeowners insurance. Typically, it can cost as low as 15 dollars per month. For more insurance articles, you might be curious how to get insurance to pay for Gynecomastia surgery.

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