Best homeowners insurance in Colorado Springs

The average homeowners insurance rate in Colorado Springs is $2,534. Read our guide to the best companies, policy cost, and coverage considerations in Colorado Springs.

Pat Howard 1600

Pat Howard

Published March 24, 2020

KEY TAKEAWAYS

  • The highest-rated home insurance company in Colorado Springs is USAA

  • The average annual premium for a home in Colorado Springs is $2,534

  • Colorado Springs residents should ensure their homes are fully insured and protected against disasters like hail storms and tornadoes

Homeowners insurance is a type of financial protection that covers your home, personal property, additional living expenses, and legal expenses in the event that something bad happens. If you’re one of the 59% of Colorado Springs residents who owns a home rather than rents, you’ll want to make sure that your dwelling is equipped with a comprehensive homeowners insurance policy.

Colorado Springs’ mostly dry, arid climate and elevation make it an appealing place to settle down or visit, but it also brings with it the potential for wildfires. In 2013, the Waldo Canyon Fire just outside of Colorado Springs was the largest recorded wildfire in Colorado state history at the time, burning nearly 18,000 acres, hundreds of homes, and costing almost $500 million in insured losses.

Much of Colorado Springs is at extreme risk of wildfire damage, according to the city’s wildfire risk assessment tool on its website. Colorado Springs residents should insure their homes for at least the amount of a full rebuild in the event of a fire disaster. Residents should also take risk prevention measures like clearing brush or retrofitting their home with fire-resistant materials to make the property more insurable and keep premiums down.

Keep reading for our guide on homeowners insurance in Colorado Springs, and check out our Colorado homeowners insurance guide for more information about insuring your home in the Centennial State.

IN THIS ARTICLE

Best homeowners insurance companies in Colorado Springs

When selecting a homeowners insurance policy, you’ll want to look at far more than simply the cost of coverage. Consider the insurer’s financial standing with credit agencies like A.M. Best, customer service and claims ratings with J.D. Power, and the price for the level of coverage you’re getting, amongst other factors.

Companies that offer enhanced home rebuild protection like extended replacement or guaranteed replacement cost will offer more peace of mind for Colorado Springs homeowners than a company that only has standard replacement cost coverage provisions.

The table below looks at the 10 most popular insurers (companies with the highest market share) in Colorado, along with respective A.M. Best ratings, J.D. Power ratings, and Policygenius full-scale company ratings. Here’s more information about the Policygenius home insurance reviews methodology.

CompanyA.M. Best RatingJ.D. Power ScorePolicygenius rating
AllstateA+3/57.4
American FamilyA3/5N/A
ChubbA++2/58
FarmersA3/57.5
NationwideA+2/57.7
ProgressiveA+2/56.6
SafecoA+2/57.3
State FarmA++4/58
TravelersA+2/57.7
USAAA++5/58.7

Be sure to check out our guide on the best homeowners insurance companies in the country

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Average homeowners insurance rates in Colorado Springs

The average annual cost of homeowners insurance in Colorado Springs is $2,534, according to Policygenius quotes. That makes rates in Colorado Springs higher than the Colorado statewide average of $1,485, but keep in mind that much of Colorado Springs is at high risk of wildfire damage, and several of the homes quoted are in that designated “extreme risk” wildlands area. Additionally, the average insured value of quoted properties was around $500,000 — properties with that much coverage are more costly to insure.

As you can see, the cheapest area to insure your home is Stratton Meadows, while Southeast Colorado Springs has the highest rates, according to our quotes.

Popular residential neighborhood (ZIP code)Average annual premium
Stratton Meadows (80905)$1,111
Southeast Colorado Springs(80906)$3,500
Northeast Colorado Springs (80907)$2,334
Briargate (80908)$3,437
East Colorado Springs (80909)$1,873
Security-Widefield (80911)$1,705
East Colorado Springs (80917)$1,477
Northeast Colorado Springs (80918)$2,053
Northwest Colorado Springs (80919)$2,018
Briargate (80920)$3,082
Stetson Hills (80923)$1,903
Briargate (80924)$2,283
Security-Widefield (80925)$2,607

Colorado Springs homeowners insurance guide

It’s no wonder so many people seem to be flocking to Colorado Springs — a city where it’s anticipated that the population could grow by 100,000 people in 2020 alone. The outskirts of the city are an outdoor enthusiast’s dream thanks to its multiple hiking trails and ski resorts. Oh, and the city itself isn’t too bad either, with a dynamic art and brewery scene.

But the influx of people into the city also requires more homes, and that often means building outward into territory that is at considerable risk of catching fire. Colorado Springs residents should make sure their homes are insured with enough coverage to offset that risk.

Although it’s a more expensive type of coverage, homeowners should consider extended rebuild coverage for their home in the event a wildfire takes out multiple homes and local rebuild costs skyrocket.

Flash flooding can also be a problem in arid climates like Colorado Springs where the soil acts as more of a runway for water than a sponge. Flooding isn’t covered by standard homeowners insurance, so Colorado Springs residents will also want to consider a separate flood insurance policy or flood add-on for their home insurance policy.

Is homeowners insurance required in Colorado Springs?

Homeowners insurance is not required by law in Colorado Springs, but most mortgage lenders will require that you get homeowners insurance and maintain coverage throughout the duration of the mortgage.

Homeowners insurance resources for Colorado Springs residents

About the author

Insurance Expert

Pat Howard

Insurance Expert

Pat Howard is an Insurance Editor at Policygenius in New York City, specializing in homeowners insurance. He has been featured on Property Casualty 360, MSN, and more. Pat has a B.A. in journalism from Michigan State University.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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