The Best Homeowners Insurance in Colorado [2023]
Find a top-ranked Homeowners Insurance Agency in your area
Colorado has long been a mecca for vacationers wanting to explore its gorgeous mountains or ski down its powdery slopes. But its recent economic boom and high quality of life have made it a popular choice for homeowners. Unfortunately, its homeowners insurance rate is higher than the national average, making it challenging to find a good deal.
Expertise.com knows you’d rather spend more time exploring the great outdoors around your home than researching homeowners insurance. We’ve done all the work for you — read on to learn everything you need to know about homeowners insurance in the Centennial State.
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Average Cost of Homeowners Insurance in Colorado
The average cost of homeowners insurance in Colorado is $3,956per year for $300,000 in dwelling coverage. That’s about $800 higher than the national average of $3,144, according to Insurance.com.
Colorado’s harsh temperature shifts and geography contribute to its higher-than-average homeowners insurance rates. Snow and ice can cause damage to your home’s exterior and cause flooding when it melts. Depending on your area, you may even be at risk of avalanche damage, which can be catastrophic. During the summer, frequent thunderstorms can cause wind and hail damage and flooding. Increasingly, wildfires have become a threat to Colorado homes.
A few other factors may cause your insurance to be different from the national average:
The age of your home: Older homes see wear and tear over the years, which may make them more susceptible to damage that would lead to an insurance claim.
Your home’s size: The more sizable your home, the larger the cost to make repairs due to the amount of damage that can occur and the cost of additional materials.
Your home’s building materials: Some building materials are better able to withstand damage. For example, a metal roof is less likely to need repair after a storm than a traditional shingled roof, and a brick exterior is more durable than one with wood siding.
Building costs in your area: The cost of building materials varies by location, so living in a more expensive area may increase your premium.
Your location: If you are in an area at risk of flooding or avalanche, your homeowners insurance premium will probably cost more because you have a higher risk of filing a claim while in your home.
Additional features: Some features, like a pool, deck, or trampoline, come with added risks, which can increase your annual premium. In some instances, a dog can also impact your premium, depending on the breed.
The deductible you choose: Your deductible greatly impacts your home insurance rate. If you choose a smaller deductible, your annual premium will be higher than if you had a higher deductible. Increasing your deductible can lower your annual premium, but if you have to file a claim, you’ll end up paying more out of pocket. A professional can help you find the right balance for you.
Your claims history: If you’ve never had to file a claim, you can potentially qualify for a lower rate than if you’ve filed a claim.
Colorado Homeowners Insurance Rates by City
Like any state, Colorado home insurance rates vary based on where you are in the state.
We’ve pulled the average annual homeowners insurance rate by city to give you a better idea of what to expect in your area:
The Best Homeowners Insurance in Colorado
If you’re looking for quality, comprehensive homeowners insurance coverage in Colorado, consider the providers below during your search:
Safeco
Average Annual Rate: ~ $2,873
Notes: One of the cheapest insurance options in Colorado with great add-ons
Nationwide
Average Annual Rate: ~ $2,153
Notes: Offers great rates and some of the best customer service in the business
USAA
Average Annual Rate: ~ $1,365
Notes: Only available to military members and their families
Travelers
Average Annual Rate: ~ $2,562
Notes: Offers discounts for LED-certified homes and the chance to rebuild with environmentally-friendly materials
State Farm
Average Annual Rate: ~ $2,555
Notes: Highly rated by JD Power and Associates and has an A++ rating with AM Best
Cheapest Homeowners Insurance in Colorado
Nationwide is Colorado’s cheapest homeowners insurance coverage option. $300,000 in dwelling and $300,000 in liability insurance with a $1,000 deductible through Nationwide costs $2,982 per year.
While cost is a valid factor when selecting your homeowners insurance provider, remember that you may need more than the cheapest policy to adequately cover your home.
Find Cheap Homeowners Insurance in Your Area
FAQs
Below we’ve answered some of the most commonly asked questions about homeowners insurance in Colorado.
How to Reduce Homeowners Insurance Costs in Colorado
Fortunately, there are ways to make your insurance premiums more affordable in Colorado:
Opt for a higher deductible. If you want a lower annual premium, consider raising your deductible. The higher your deductible, the more you’ll need to pay out of pocket for damages before your insurance policy takes over payment. For example, if your deductible is $1,000, you pay the first $1,000 in damages, and then your provider pays the rest.
Look for discounts. Insurance companies offer policy discounts for anything from being a first-time home buyer to having a history without claims. When shopping around for your homeowners insurance, ask your agent for what discounts you may qualify for.
Bundle your auto and homeowners insurance. You can save an average of 17% in Colorado if you bundle your home and auto insurance. You can also save money by adding other policies like motorcycle and boat insurance.
Explore your options. Hunting for the best deal on homeowners insurance can take time, but experts recommend you shop around for a new policy every few years to ensure you have the best rate on the market.
Prep for disaster. Make your home as safe as you can and lower your annual premiums in the process. Consider:
Removing potentially dangerous features like pools or trampolines.
Replacing your traditional roof with a more durable metal roof.
Upgrade your windows to make them more resistant to breakage.
Installing a security system.
Removing natural fire hazards around your home.
Upgrading your fire safety features with new smoke detectors or sprinklers.
Improve or maintain your credit. Insurance companies can legally check your credit when they put together your insurance package. If you have poor credit, they may charge you a higher premium.
Because no two insurance situations and policies are alike, so compare your home insurance quotes carefully
Colorado Insurance Options in Your City
Expertise.com knows finding insurance that fits your needs can be a hassle, and we believe all Colorado residents deserve the perfect insurance plan to protect you, your home, and your belongings.
Review our list of the 13 best homeowners insurance agencies in Colorado, or explore the best home insurance companies in your area below:
Our methodology evaluates each provider based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.