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Your renters insurance premium could be higher or lower depending on the coverage and liability limits you select. Purchasing renters insurance is a good idea, as it helps protect your personal property from damage or loss due to events like fire, smoke, theft and vandalism.
After carefully evaluating renters insurance companies, we’ve compiled a list of the most affordable insurers for Denver renters. Keep reading to learn which insurers offer the lowest rates in Denver
Key Takeaways
- According to Insure.com’s data study, renters insurance costs an average of $261 per year or $22 per month in Denver.
- State Farm has the cheapest renters insurance for Denver renters at $10 per month.
- Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.
What is the average cost of renters insurance per month in Denver?
On average, the cost of renters insurance in Denver is $22 a month. It’s $2 less than the state average of $24. Renters in Denver pay these rates for the coverage limit of $40,000 in personal property coverage, $1,000 deductible and $300,000 in liability protection coverage.
The renters insurance rates vary by city depending on your insurance provider and the coverage limits you choose. For example, renters in Denver pay $17 per month for personal property coverage of $20,000 and a $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $5 more for renters insurance.
Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended that you choose higher coverage limits if your personal belongings consist of expensive jewelry, furniture and electronics.
How much is renters insurance in Denver by deductible?
The renters insurance cost in Denver is $219 per year for a $500 deductible and $20,000 as personal property coverage.
A deductible is an amount you agree to pay before your insurance coverage kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same, i.e., $20,000, but you increase your deductible limit from $500 to $1,000, you will pay $9 less every year for insurance.
Below are the renters insurance rates for different personal property coverage and deductible amount.
| Deductible | $20000 personal property | $40000 personal property | $60000 personal property |
|---|---|---|---|
| $500 | $219 | $275 | $338 |
| $1,000 | $210 | $261 | $318 |
Read our guide to know what does renters insurance cover.
Who offers cheap renters insurance in Denver?
Your search for affordable renters insurance ends here.
State Farm has the lowest rates in Denver, with an annual premium of $10 per month. Based on Insure.com data study, Travelers and Allstate also offer cheap rates.
After evaluating renters insurance quotes from all the national and regional insurance companies in Denver, the experts at Insure.com put together a list of the most affordable insurance carriers.
Below, you’ll find the average annual and monthly rates for cheap renters insurance companies in Denver, NY.
| Renter insurance provider | Average annual rate | Average per month rate |
|---|---|---|
| State Farm | $125 | $10 |
| Travelers | $143 | $12 |
| Allstate | $173 | $14 |
| NYCM Insurance | $185 | $15 |
| American Family | $201 | $17 |
| Nationwide | $232 | $19 |
| Farmers | $263 | $22 |
| Chubb Ltd | $284 | $24 |
| AIG | $1,039 | $87 |
| USAA | $230 | $19 |
Tips for reducing renters insurance cost
Here are some tips to help reduce renters insurance costs in Denver:
- Bundle insurance policies: If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in Denver.
- Increase deductible: Opting for a higher deductible can lower your premium in Denver, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.
- Choose the right coverage: Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.
- Avoid small claims: Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.
- Shop around: Don’t settle for the first quote you receive. Compare renters insurance quotes in Denver from multiple providers to find the best price for the coverage you need.
Final thoughts
Renters in Denver, NY should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.
Methodology
Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Denver for $40,000 personal property coverage, $300,000 liability coverage, and a $1000 deductible. The data presented are those with a good credit tier alignment.
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