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Homeowners insurance In Colorado
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The cost of homeowners insurance in Colorado is $2,270 a year for the average amount of coverage. Colorado residents can compare rates from multiple companies with Policygenius.
The average annual cost of homeowners insurance in Colorado is $2,270 for $100,000–500,000 in coverage, according to Policygenius data
The cheapest homeowners insurance company in Colorado is American Strategic Insurance (ASI), according to Policygenius quote data
When deciding on policy coverage, Colorado residents should consider the state’s blizzards, hailstorms, and wildfires
From the endless outdoor playground that is the Rocky Mountains to the vibrant cities and adventurous spirit of its residents — it’s no wonder Colorado is one of the fastest growing states in the country. Colorado is also home to some nasty blizzards, hailstorms, and wildfires, so if you own a home in Colorado, you should make sure you have a thorough home insurance policy in place.
The statewide average cost of homeowners insurance in Colorado is $2,270 per year, according to Policygenius data, but policy premiums can differ greatly based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and your policy deductible amount. Rates also vary from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.
To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Colorado offered through our website. We also calculated the cheapest and most expensive cities in Colorado for home insurance based on hundreds of submitted quotes.
IN THIS ARTICLE
Cost is important when selecting a homeowners insurance policy, but it’s a good idea to also 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.
If you’re a Colorado homeowner looking for a budget pick, ASI may be the best choice for you. According to our data, the average quote in Colorado with ASI is $1,477 for $100,000–500,000 in coverage, which is more than $700 cheaper than the statewide average of $2,270.
Read our full review of ASI here
Hippo has one of the fastest turnaround times when it comes to getting a homeowners insurance quote. When you apply, Hippo only requires you provide your address, and delivers a quote in under 60 seconds. If you want a homeowners insurance quote that’s fast and hassle-free, Hippo is probably your best bet.
Read our full review of Hippo here
Colorado is at risk for severe weather, so Coloradoans may want to look into maximizing the coverage for the structure of their homes. Safeco has four comprehensive tiers of coverage, which all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price.
Read our full review of Safeco here
Chubb is a premier carrier, which means they only insure high-value homes. They’re also designed for policyholders who need additional insurance for their valuables or high-value cars. If you own a high-value home in Colorado, you may want to consider Chubb. Chubb offers high-quality coverage options, and their standard policies automatically include extended replacement cost coverage for your home and replacement cost coverage for your personal property at no extra add-on cost.
Read our full review of Chubb here
Travelers has some of the highest scores in the industry when it comes to financial stability, which is a good indicator of safe your policy is with that company. With an A++ rating with A.M. Best, Travelers has the highest score a company can receive with the insurance company credit rating agency. Travelers also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of Travelers here
When comparing insurance companies, Colorado residents may find that rates differ greatly from company to company for the same level of coverage. A more expensive policy may provide more coverage add-ons in a basic plan than their competitors, but some companies may simply charge more for coverage in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that ASI is the cheapest insurance company in Colorado with an average annual premium of $1,477 for $100,000–500,000 in coverage. MetLife is the most expensive with an annual premium of $3,378 for the same amount of coverage.
The average cost of homeowners insurance in Colorado will also differ considerably based on the amount of insurance you have for your home. Below are the average homeowners insurance quoted rates for five different levels of coverage, according to our data.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 3,868|
Insurance companies will also price policies differently based on where you live. We found Loveland has the lowest rates in the state with an average annual premium of $1,784 for $100,000-500,000 in coverage. The most expensive area on average is Pueblo with an annual premium of $3,058 for the same amount of coverage.
|Castle Rock||$ 2,533|
|Colorado Springs||$ 2,446|
|Commerce City||$ 2,225|
|Fort Collins||$ 1,880|
|Highlands Ranch||$ 3,002|
We selected the 20 largest cities in Colorado by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
Lightning and thunderstorms are the most common natural hazard in Colorado, followed closely by winter storms and freezing temperatures. Colorado homeowners may want to consider adding water backup coverage to their home policy for protection against frozen pipes.
Colorado residents are also at risk for hailstorms, and insurance companies usually require Coloradoans to pay a separate wind and hail deductible to be covered for windstorm, hail, or tornado damage. When setting your coverage limits and deductibles for your policy, be mindful of what you’ll be able to afford if a loss occurs — you don’t want to be stuck paying high out-of-pocket expenses before your insurance kicks in.
Colorado residents who live near a fault line should also be mindful that homeowners insurance doesn’t cover earthquake damage, so you’ll need a separate policy or endorsement if you want coverage for seismic events.
Like most states in the Western United States, Colorado is at high risk for wildfire damage, with wildfires costing the Centennial State $51.2 million per year in annualized property losses. As of August 2020, The Pine Gulch Fire, near Grand Junction, had burned the most acres in the Centennial State’s recorded history. The fire was still active as of October and burned 139,0007 acres so far.
Homeowners insurance does cover fire damage, but if you live in a wildfire-prone area, your insurance company may require that you take specific mitigation efforts in order to be covered for wildfire losses, like by installing a fire-resistant “Class A” roof or pruning trees around your home.
Keep in mind that your insurance company can’t cancel your policy if it’s been in-force for more than 60 days, but they can choose to not renew your policy. If that’s the case and you can’t find adequate coverage through a standard insurer, you may need to find coverage through specialized surplus lines.
No, homeowners insurance does not cover flooding in Colorado or any of the other 49 states. But Colorado residents are at risk for floods, with floods costing the state $50.4 million a year in annualized property losses.
State residents may want to consider supplementing that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be purchased through the same insurance company that insures your home. Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
The Colorado Division of Insurance is a valuable resource both for Colorado homeowners purchasing coverage for the first time or for those who are already insured. The CDI website has helpful information about what to prioritize when selecting your coverage, purchasing flood insurance, preparing for wildfires, and filing complaints.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
Unlike other states, Colorado doesn’t offer a Fair Access to Insurance Requirements Plan (FAIR Plan). If you’re in Colorado and you’re unable to get homeowners insurance with a standard carrier, look into coverage with a surplus or excess lines insurer. Surplus carriers specialize in risks that are typically rejected by traditional insurance companies. A couple of downsides to getting coverage through a surplus carrier are that it’s typically expensive and the companies aren’t admitted with the state, meaning they aren’t subject to the same rules and regulations as traditional insurance companies. But surplus lines coverage is a solid option if you’re a Colorado resident looking for last minute coverage.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state
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.
Kara McGinley is an Insurance Editor at Policygenius. She previously worked as a freelance writer and a copywriter for various startups. Her work can be found in Teen Vogue, The Culture Crush, Mask Magazine, and more.
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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