Colorado Renters Insurance: What You Need to Know

Over a third of Colorado residents, 34%, are renters. If you’re one of them, or planning to rent soon, protecting yourself and your belongings in case of theft or damage should be at the top of your list. 

A Colorado renters insurance policy gives you landlord-approved protection and financial peace of mind. If you’re confused by how it all works, you aren’t alone. Luckily, Goodcover is here to help you understand renters insurance hassle-free.

Our guide to Colorado renters insurance answers your questions about getting the best renters insurance policy for you in Colorado, why you need one, and what it covers.

• Is Renters Insurance Required in Colorado?
• How Much Is Renters Insurance in Colorado?
• What Does Colorado Renters Insurance Cover?
• What Doesn’t Renters Insurance in Colorado Cover?
• Colorado Renters Resources

Is Renters Insurance Required in Colorado?

Renters insurance isn’t required by law in The Centennial State. However, this doesn’t mean you should skip renters insurance in Colorado. Landlords usually require that you get renters liability insurance as part of the lease agreement.

Your landlord's policy may only cover the damages to the rental property, not the renter’s property. It also doesn’t always cover damage someone else is responsible for.

Many landlords require that renters get a specific amount of personal liability coverage to protect themselves in case you damage the building itself. For example, it can help protect you financially if you damage a wall because you threw a paperweight at a fly, and the landlord wants you to pay for the repair.

Even if the landlord doesn’t require that you get a renters insurance policy, it’s still better to go ahead and get one. Your possessions, such as your furniture or your partner’s gaming console, won’t be covered by the landlord’s insurance. Plus, your landlord could hold you liable for expensive building damages.

Without renters insurance, there’s no one to help you cover unexpected costs.

By getting renters insurance coverage, you’ll be able to protect yourself in case your personal belongings are damaged by fire, water, or even crime. For renters in Colorado, crime is a big concern. Colorado ranks second in the country for property crimes and had a 36.9% vandalism rate in 2022. 

While damage to personal property is common in such cases, tenants with renters insurance can rest easy knowing they are protected financially. 

How Much Is Renters Insurance in Colorado? 

Colorado renters will be happy to know that Colorado renters insurance costs run a bit lower than the national average at $14 per month, or $168 per year.

With Goodcover, we offer affordable rates for quality insurance across the state. For example, in Colorado Springs, Denver, Aurora, and Boulder, our plans start around $8.25 per month, less than $100 for an entire year of protection. 

Plus, Goodcover offers plans with property policy limits starting as low as $5,000, so you don’t have to pay for what you don’t need. We also let you share your coverage with a roommate for more affordability. 

In fact, everyone on your lease is automatically covered with Goodcover. If your roommates want their own coverage, they can do that too, just by signing up for their own plans.

We’re transparent about our coverage limits, and we have sample policies available to review before you join. You don’t have to scratch your head or dig through pages of fine print just to figure out what your policy covers. 

Changing coverage is easy, too. If you need to move or change your limits, you can make adjustments online through the Member dashboard with only a few clicks.

You can quickly get a personalized renters insurance quote today from Goodcover online for detailed pricing on Colorado renters insurance tailored to your needs.

What Does Colorado Renters Insurance Cover?

Renters insurance coverage protects you in several ways. It covers your personal property, provides liability protection, and helps with additional living expenses if you temporarily have to vacate your home due to a covered loss.

Personal Property Coverage

Personal property coverage protects your stuff against hazards like fire, many types of water damage, and theft. Clothes, TVs, and even pots and pans are covered.

You’ll also get the replacement cost value (RCV) for covered damaged items under Goodcover. Unlike other policies that depreciate your stuff and offer a reduced payout, Goodcover pays you what’s needed to replace your stuff with new items.

If you have high-value items, you might need extra coverage. We offer additional coverage for items like cameras, jewelry, and musical instruments with our SUPERGOOD coverage option.

Our SUPERGOOD coverage also includes accidental damages with zero deductibles. So, if you trip and step on your guitar while celebrating a Broncos win, you’re protected.

Liability Coverage

Liability coverage protects you in case you damage someone else’s property or cause an injury. It helps cover the costs of medical payments for your guests if they get injured in your home, helps pay your landlord if you damage their rental property, and can help with your legal defense if you are sued.

Suppose one of your friends breaks their arm while at your house. Instead of paying out of your pocket for their medical expenses, your Goodcover policy could deal with that for you. Considering the high cost of medical care and lawsuits, liability coverage as part of your renters insurance is a great value.

Additional Living Expenses Coverage

Sometimes you have to temporarily move due to damage from a covered loss at your home. Perhaps a neighbor started a fire trying to grill indoors, and you need to move while the smoke damage is repaired.

Goodcover protects you in case of loss of use of your home. With our included temporary housing coverage, your Colorado renters insurance can help pay for the cost of a hotel or even extra commuting costs if you choose to couch surf instead of staying at a hotel.

What Doesn’t Renters Insurance in Colorado Cover?

Colorado renters insurance policy offers many protections, but, like all insurance, there are a few exceptions. 

Natural Disasters

Because their scope is so large, many natural disasters are covered under separate policies. For example, spring flooding from the snowpack melts, is covered by flood insurance, which you can purchase through FEMA’s National Flood Insurance Program.

Even though Colorado has less frequent earthquakes than other states, they can still damage property. To stay protected, we recommend getting earthquake insurance through our partner, Palomar Specialty. 

Other natural disaster exclusions include damage due to tornados and hurricanes. 

Impossible to Insure

Some events are just too big or unpredictable to cover. They fall under force majeure, which just means situations that are impossible to predict and plan for. Wars, nuclear events, asbestos, and government actions fall into this category. A simple lack of maintenance is also treated as an exclusion in this category, as the damage is often preventable but unpredictable.

Intentional Damage

Intentionally damaging your own stuff isn’t covered by renters insurance in Colorado. While it might sound like a quick way to replace your old TV, deliberately dropping it down the stairs isn’t covered and is considered fraud.

Business Use

Renters insurance is a type of personal insurance and doesn’t cover loss or damage for items used in a business, even if it’s a side hustle. So, if you’re using your camera for business and personal photography, the times you use it for business aren’t covered. You’ll need a business insurance plan to cover those risks and any business liability concerns.

Vehicle Damage

Renters insurance doesn’t protect against vehicle damage. If you want to protect your car or electric scooter, you need car insurance or other dedicated policies. The good news is that you don’t have to waste time hunting for coverage. Goodcover makes it easy to find an auto policy from top carriers with Goodcover Auto.

Colorado Renters Resources

At Goodcover, we believe in empowering you through information so you can make the best decisions possible. So, we’ve compiled this list of tenant resources for you:

• Colorado Housing Connects
• Rental Assistance
• Denver Rental Assistance
• HUD
• Colorado Apartment Association Tenant Resources

Even though Colorado renters insurance isn’t a legal requirement in the state, it's best to get a renters insurance policy to keep your belongings covered and provide financial peace of mind. 

Goodcover offers quality renters insurance in Colorado with extended coverage options and affordable rates for the amount of coverage you want. With a hassle-free process and an online Member dashboard, Goodcover makes insurance easy for everyone.

We’ll even help you compare your current coverage to Goodcover and make switching easy.

Get a quote today on affordable renters insurance from Goodcover.

Note: This post is meant for informational purposes, insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

For additional questions, reach out to us – we’re happy to help.