How much is renters insurance in Colorado Springs, CO

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In Colorado Springs, the average cost of renters insurance is $193 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $2 more than the state average of $191 per year.

Renters insurance costs can vary based on the coverage you choose and the amount of liability protection included in your policy. If you’re living in a rental, it’s a smart way to protect your personal belongings from things like fire, smoke, theft, vandalism, and other covered incidents.

Let’s take a look at the cheapest renters insurance options in Colorado Springs.

Key Takeaways

The average cost of renters insurance in Colorado Springs is $193 annually or $16 monthly.
The cheapest option for renters in Colorado Springs is State Farm, offering coverage at $13 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as installing a security system or bundling policies.

What is the average cost of renters insurance per month in Colorado Springs?

The average monthly cost of renters insurance in Colorado Springs is $16, which is equals to the state average of $16. This rate is for a coverage limit of $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in Colorado Springs pay $12 monthly for $20,000 in personal property coverage with a $1,000 deductible. If you increase your personal property coverage to $40,000, the cost will rise by $4.

Higher coverage limits are recommended if you own valuable items like jewelry, furniture, and electronics.

How much is renters insurance in Colorado Springs by deductible?

The average cost of renters insurance in Colorado Springs is $164 annually for a $500 deductible and $20,000 in personal property coverage

Your deductible is the amount you must pay out of pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $15 annually on your insurance.

Below, you’ll find average renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$164	$216	$264
$1,000	$149	$193	$234

Note: Liability coverage is set at $100,000.

Who offers affordable renters insurance in Colorado Springs?

State Farm provides the cheapest rates in Colorado Springs, with an annual premium of $160 or $13 per month. Chubb Ltd is the second-cheapest company, followed by Farmers.

Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$160	$13
Chubb Ltd	$184	$15
Farmers	$184	$15
Allstate	$196	$16
American Family	$330	$27
USAA	$172	$14

Tips for reducing the cost of renters insurance

Here are some tips to help reduce renters insurance costs in Colorado Springs:

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 Colorado Springs.

Increase deductible. Opting for a higher deductible can lower your premium in Colorado Springs, 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 Colorado Springs from multiple providers to find the best price for the coverage you need.

Renters insurance in Colorado Springs, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Colorado Springs in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.