The average cost of homeowners insurance in Colorado Springs is $2,984 per year for a policy with $300,000 in dwelling coverage, according to our latest insurance pricing analysis.
Colorado Springs and other densely populated areas of Colorado have experienced an uptick in home-threatening wildfires and claims in recent years, causing many insurers to no longer offer homeowners insurance in these areas. This has made home insurance in Colorado both more expensive and difficult to find in 2023.
To help area residents navigate the state's tough home insurance market, we researched several currently available options to find the best and cheapest home insurance companies in Colorado Springs, CO.
Compare the best cheap homeowners insurance companies in Colorado Springs
Based on our analysis, State Farm, American Family, Nationwide, Farmers, and Allstate are the best homeowners insurance companies in Colorado Springs.
To find the best and cheapest homeowners insurance in Colorado Springs, Policygenius reviewed over a dozen of the largest insurance companies in the state of Colorado and chose the five with the highest overall Policygenius rating.
Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average carrier premiums in each of Colorado Springs' 26 ZIP codes.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$233 | 4.8 out of 5 | ||
$214 | 4.5 out of 5 | ||
$342 | 4.5 out of 5 | ||
$401 | 4.5 out of 5 | ||
$209 | 4.4 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
State Farm is the best overall home insurance company in Colorado Springs due to its availability in every ZIP code, policy options for homes of all shapes and sizes, high marks for customer service, and its industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More details
Why we chose State Farm
As the largest home insurance provider in Colorado, State Farm is best known for its easy-to-reach and dependable customer service. And this goes for all steps of the the customer journey — from shopping and setting up your policy to making changes to your coverage to filing a claim.
What makes this possible is State Farm's extensive network of local agents who understand the weather risks and overall coverage needs of their community. This is an especially important consideration for Colorado Springs residents given the state's worsening wildfires and the increasingly difficult process of getting approved for home insurance.
Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How do State Farm home insurance rates compare to the Colorado Springs average?
The average cost of State Farm home insurance in Colorado Springs is $2,798 per year, which is about 6% cheaper than the average annual premium in Colorado Springs of $2,984.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
2024 Policygenius award winner
American Family
4.6
Offers extended replacement cost
Offers flood insurance
Bundle home & auto
Why we chose it
American Family home insurance has industry-best coverage options, high customer service ratings, and several discounts to compliment its already affordable rates, making it a great option in the 19 states where it’s available.
Pros and cons
Pros
Lower than average rates
High customer satisfaction and digital shopping satisfaction scores with J.D. Power
Several one-of-its-kind coverage endorsements and policy perks
Cons
Requires you to work with an agent to purchase a policy
More details
Why we chose American Family
When it comes to home insurance coverage quality and affordability, there are few companies in Colorado Springs in the same league as American Family.
Choose from three comprehensive policy tiers with various levels of protection offered through American Family, or customize a policy to suit your specific coverage needs. With up to 15 additional coverage options — including inland flood, equipment breakdown, and service line coverage — there is no shortage of ways to personalize your home insurance with American Family.
And the best part? American Family won't nickel and dime you for all of that coverage. Its rates are among the most affordable in Colorado Springs, and it gives you even more ways to save with up to 11 available discounts.
How do American Family home insurance rates compare to the Colorado average?
The average annual cost of American Family home insurance in Colorado Springs is $2,568 per year, which is about about 14% cheaper than the Colorado Springs average of $2,984 per year.
How to get a quote
Online with American Family or by contacting a local agent
2024 Policygenius award winner
Nationwide
4.6
Bundle home & auto
Mobile app
New homebuyer discount
Offers extended replacement cost
Why we chose it
Nationwide offers an impressive selection of home insurance coverages for both standard and high-net worth Colorado Springs homes, offering extended and guaranteed home replacement coverages and broad coverage for your home and personal belongings.
Pros and cons
Pros
Up to 14 additional coverage options, such as guaranteed and extended replacement cost, all-risk protection, and better roof replacement coverage
Among the highest-ranked companies for claims satisfaction with J.D. Power
A+ credit rating with AM Best
Cons
Customer satisfaction and digital shopping experience ratings are below the segment average with J.D. Power
Average annual premium is higher than average
More details
Why we chose Nationwide
Nationwide is best known for its robust home and personal property coverage add-ons — something Colorado Springs homeowners should consider given the recent uptick in wildfires throughout the area.
Nationwide customers in Colorado Springs can choose from extended or guaranteed replacement cost coverages to increase their home's structural protection and ensure they have enough dwelling coverage to rebuild after a major wildfire. If your home is damaged or destroyed by a covered event, Nationwide's signature "better roof replacement" coverage will replace your roof with stronger materials than what you had before.
Keep in mind that both of these additional coverages don't come standard with Nationwide — you need to pay extra for them — and with Nationwide's already somewhat high premiums in Colorado Springs, the thought of paying for even more coverage may give some homeowners pause. But if you're looking for the best in comprehensive wildfire protection and claims satisfaction, Nationwide seems like a no-brainer.
How do Nationwide home insurance rates compare to the Colorado Springs average?
The average cost of Nationwide home insurance in Colorado Springs is $4,105 per year, which is around 38% more expensive than the annual Colorado Springs average of $2,984.
How to get a quote
Online through Policygenius or Nationwide
2024 Policygenius award winner
Farmers
4.6
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
In addition to helping you save around 20% by bundling your home and car insurance, Farmers also gives you access to its extensive suite of discounts, policy credits, and incentives for not filing claims that can put even money back in your pocket.
Pros and cons
Pros
Over a dozen available discounts to help lower your bill
Optional extended or guaranteed replacement cost coverage to better protect your home
Declining deductibles features takes $50 off your deductible each year you’re a Farmers customer
Cons
Ranks low with J.D. Power for overall customer satisfaction and digital customer service experience
Average annual premium is among the highest in Colorado
More details
Why we chose Farmers
Farmers home insurance stands out against competitors thanks to its 17 available discounts and policy perks. For context, Farmers competitors offer an average of around seven discounts total.
Along with several discount offerings and affordable rates, Farmers also offers the following two key policy perks:
Declining deductibles: Earn $50 toward your home deductible each year you have a home insurance policy with Farmers.
Claim forgiveness: Once you’ve gone five years without filing a claim, Farmers won’t raise your rate after that if you end up filing one.
Even more, depending on your state of residence, you can save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies, according to Farmers.
How do Farmers home insurance rates compare to the Colorado Springs average?
The average cost of Farmers home insurance in Colorado Springs is $4,814 per year, which is around 61% more expensive than the annual citywide average of $2,984.
How to get a quote
Online through Policygenius or Farmers, or by contacting a local Farmers agent.
2024 Policygenius award winner
Allstate
4.5
Bundle home & auto
Smart home discounts
Why we chose it
Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may find a suitor in Allstate thanks HostAdvantage — its affordable short-term rental coverage that can be easily added to any policy.
Pros and cons
Pros
Offers HostAdvantage — an excellent short-term rental coverage add-on that can be seamlessly added to any policy
Extensive list of discounts and policy features to lower your bill and out-of-pocket costs
A+ credit rating with A.M. Best
Cons
Beginning to pull back coverage in high-risk areas
Customer experience scores with J.D. Power are below the segment average
More details
Why we chose Allstate
If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.
And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.
How do Allstate home insurance rates compare to the Colorado Springs average?
The average annual cost of an Allstate home insurance policy in Colorado Springs is $2,509, or around 16% cheaper than the citywide average of $2,984 per year.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
How much is homeowners insurance in Colorado Springs?
The average cost of homeowners insurance in Colorado Springs is $2,984 per year, or $249 per month, according to our analysis of quoted premiums in every ZIP code in the city.
This makes home insurance in Colorado Springs around 29% more expensive than the Colorado state average of $2,322 per year, and 70% more expensive than the national annual average of $1,754.
Colorado Springs home insurance rates by ZIP code
To help you find out how much home insurance costs where you live, we calculated average home insurance rates in the 10 most populated ZIP codes in Colorado Springs.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
80918 | $2,962 | 28% |
80916 | $3,066 | 32% |
80920 | $2,923 | 26% |
80906 | $2,914 | 25% |
80909 | $2,968 | 28% |
80923 | $2,953 | 27% |
80910 | $3,099 | 33% |
80917 | $2,940 | 27% |
80922 | $2,942 | 27% |
80907 | $2,966 | 28% |
Cheapest ZIP codes for home insurance in Colorado Springs
With an average annual premium of $2,868, the 80921 ZIP code has the cheapest average home insurance rates in Colorado Springs.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
80921 | $2,868 | 24% |
80927 | $2,884 | 24% |
80939 | $2,892 | 25% |
80938 | $2,897 | 25% |
80906 | $2,914 | 25% |
80951 | $2,918 | 26% |
80920 | $2,923 | 26% |
80917 | $2,940 | 27% |
80922 | $2,942 | 27% |
80924 | $2,945 | 27% |
Most expensive areas for homeowners insurance in Colorado Springs
With an average annual premium of $3,105 per year, the 80905 ZIP code (Broadmoor) has the most expensive home insurance rates in Colorado Springs.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
80905 | $3,105 | 34% |
80910 | $3,099 | 33% |
80903 | $3,095 | 33% |
80930 | $3,090 | 33% |
80928 | $3,070 | 32% |
80916 | $3,066 | 32% |
80929 | $3,062 | 32% |
80926 | $3,042 | 31% |
80946 | $3,001 | 29% |
80912 | $2,992 | 29% |
Learn more >> Home insurance rates by ZIP code
Colorado Springs home insurance costs by coverage amount
Along with your home's location, your homeowners insurance premiums are also based on how much dwelling coverage you need to ensure you're able to rebuild your house from the ground up after a total loss.
The average annual home insurance premium for a Colorado Springs home with $500,000 in dwelling coverage is $4,374 — around $1,500 higher than the average citywide cost of homeowners insurance.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $1,295 |
$200,000 | $2,150 |
$300,000 | $2,984 |
$400,000 | $3,648 |
$500,000 | $4,374 |
Colorado Springs home insurance costs by deductible amount
A home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to cover the rest of the damage costs. If you choose a high policy deductible, you'll have to cover a larger proportion of each claim that you file, but you may also pay significantly less in premiums each year.
Here is the average annual cost of home insurance in Colorado Springs for a policy with $300,000 in dwelling coverage and three different deductible levels.
Deductible | Average annual cost |
|---|---|
$500 | $5,020 |
$1,000 | $2,770 |
$2,000 | $2,479 |
Cheapest homeowners insurance companies in Colorado Springs
Based on our analysis, State Auto, Auto-Owners Insurance, Chubb, USAA, and Allstate are the five cheapest home insurance companies in Colorado Springs, with average premiums ranging from $333 to $2,509 per year.
American Family, State Farm, and Colorado Farm Bureau are also among the most affordable home insurance options in Colorado Springs for 2023, as detailed below.
Company | Average annual cost |
|---|---|
$333 | |
$1,436 | |
$2,149 | |
$2,500 | |
$2,509 | |
$2,568 | |
$2,798 | |
$2,878 | |
$3,116 | |
California Casualty | $3,419 |
$3,790 | |
$4,105 | |
$4,583 | |
$4,814 | |
$4,997 |
Cheapest home insurance in Colorado Springs if you have poor credit
Having poor credit not only makes it more difficult to take out an affordable home or car loan — it can also make it more expensive to insure that home or car. In some cases, you may be turned down by insurance companies if your credit score is too low.
With an average annual premium of $1,012, State Auto has the cheapest home insurance rates in Colorado Springs for a homeowner with poor credit, while Auto-Owners' average of $16,694 per year is the most expensive.
Company | Average annual cost |
|---|---|
State Auto | $1,012 |
Allstate | $3,026 |
USAA | $3,374 |
Farm Bureau Insurance | $3,380 |
Chubb | $3,598 |
Shelter Insurance | $3,768 |
American Family | $4,199 |
State Farm | $4,811 |
Nationwide | $4,967 |
California Casualty | $5,243 |
Foremost | $5,728 |
Acuity | $5,756 |
Farmers | $7,501 |
Country Financial | $7,809 |
Auto-Owners Insurance | $16,694 |
Cheapest home insurance in Colorado Springs if you have an older home
Many insurance carriers consider older homes to have a higher risk of damage or loss compared to newer properties since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.
Looking at average home insurance quotes for a 50-year-old home, State Auto is the cheapest home insurance option for Colorado Springs residents with older homes, while Country Financial is the most expensive.
Company | Average annual cost |
|---|---|
State Auto | $593 |
Auto-Owners Insurance | $1,461 |
USAA | $2,054 |
Chubb | $2,149 |
Allstate | $2,494 |
State Farm | $2,798 |
Farm Bureau Insurance | $2,961 |
American Family | $2,966 |
Shelter Insurance | $3,273 |
Foremost | $3,432 |
California Casualty | $3,444 |
Nationwide | $3,678 |
Farmers | $4,038 |
Acuity | $4,267 |
Country Financial | $5,745 |
Cheapest homeowners insurance in Colorado Springs if you have a history of claims
Your claims history is one of the main factors insurers will consider when determining your home insurance premiums.
Typically, if you file one or multiple claims within a five year span, you may be considered a risk for future claims and your insurer could charge you higher rates as a result.
According to our analysis of company premiums for a Colorado Springs homeowner with three claims within a five-year period, State Auto has the cheapest home insurance, while Foremost is the most expensive.
Company | Average annual cost |
|---|---|
State Auto | $1,244 |
Auto-Owners Insurance | $1,594 |
State Farm | $2,798 |
Farm Bureau Insurance | $2,878 |
USAA | $2,935 |
Allstate | $3,822 |
Chubb | $4,075 |
Farmers | $4,260 |
American Family | $4,824 |
Shelter Insurance | $4,898 |
California Casualty | $5,927 |
Nationwide | $6,335 |
Acuity | $8,169 |
Country Financial | $8,589 |
Foremost | $10,206 |
How to get homeowners insurance quotes in Colorado Springs
Now that you're familiar with the best and most affordable insurance companies in Colorado Springs, it's time to start shopping for homeowners insurance. Here are some things you should keep in mind as you compare home insurance quotes in Colorado Springs, CO.
Frequently asked questions
What is personal property insurance?
Personal property insurance will help pay to replace items that are damaged or destroyed in a covered event, like a fire. This includes your furniture, clothing, and electronics.
Will my low credit score prevent me from getting affordable home insurance?
While some companies factor your credit score into your insurance premium, not all do. If you have low credit, be sure to shop around and compare quotes. It’s still possible to find a rate you can afford.
What is the average cost of home insurance in Colorado Springs?
The average annual home insurance rate in Colorado Springs is $2,984, which is well above the national average. To save money on insurance, be sure to ask about discounts and compare quotes. Since your circumstances change, it can also help to shop around every few years to see if you can get a better rate later on.
Why should I use a Policygenius agent when shopping for home insurance?
Policygenius agents are experts in the field. They will be able to help you determine your coverage limits, shop for policies, and complete the required paperwork. Our services are free and will not affect your credit score.
