Best Home Insurance Rates In Colorado

On average, your neighbors pay $115 a month.

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Compare Homeowners Insurance In Colorado

Known as The Centennial State, Colorado gained statehood on America’s 100th birthday, and is home to breweries, Broncos, and Buffs alike. Colorado is the birthplace of John Denver, Bill Murray, John Elway, Hunter S. Thompson, and the fictional town of South Park. Colorado’s famously vivid and diverse landscape can pose a risk to those seeking homeowners insurance.

Average Colorado Homeowners Insurance Rates

How much is home insurance in Colorado? Colorado is in the middle when it comes to average homeowners insurance rates in the US. The average home insurance premium in the state of Colorado was $1,383, about the same as the national average of $1,173. There are eight states that have higher average homeowners insurance rates than Colorado.

Colorado Average Annual Homeowners Insurance Rates
  2013 2014 2015
Colorado Annual Average $1,160 $1,273 $1,383
Colorado Price Per Month $96 $106 $115
US Annual Average $1,096 $1,132 $1,383
US Cost Per Month $91 $94 $98
National Rank 15 11 9
Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance

The graph below shows the change in average Colorado home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Colorado homeowners insurance rates increased from $961 in 2011 to $1,383 in 2015, a jump of $422 dollars, or 43.91 percent.

Colorado average homeowners insurance rates

Choosing a homeowners insurance company in Colorado should be easier. Actually, it’s already easy. The key to finding the best rates is to compare home insurance quotes in Colorado from multiple companies.

Best Home Insurance Companies in Colorado

Most Popular Insurance Companies

These were the most common home insurance companies reported by QuoteWizard users in the Colorado last year. Out of the 16,185 Colorado homeowners that used QuoteWizard to request insurance quotes last year, 457 had no home insurance.

  1. Allstate Insurance
  2. Farmers
  3. American Family
  4. Geico
  5. Progressive Casualty
  6. Liberty Mutual
  7. USAA
  8. AAA Insurance Co.
  9. Safeco
  10. Nationwide
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Best Homeowners Insurance Companies

The above list shows Colorado’s most popular home insurers according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top 10 Colorado Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Strength Market Share
1 Farmers Insurance Group A 12.8%
2 American Family Insurance A 10.3%
3 USAA Insurance A++ 9.6%
4 Allstate A+ 9.2%
5 Liberty Mutual A 6.7%
6 Travelers Companies A++ 4.5%
7 Hartford Financial Services A+ 3.0%
8 Chubb Corp. A++ 2.7%
9 Nationwide Mutual A+ 2.1%

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Colorado.

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Average Home Listing Prices

Home prices can greatly affect the cost of insurance in a given state. A higher average home price generally means higher premiums in that state. For Colorado, the average listing price is $450,250 as of July 2015, almost twice the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Colorado’s average burglary rate was 476.1 per 100,000 people. This is considerably lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Colorado, there are 24.1 law enforcement personnel per 100,000 total citizens. This is a bit lower than the national median of 32 per 100,000.

Home Insurance Hazards

Colorado sits at the intersection of the Rocky Mountains, the Great Plains, and the southwestern desert. As such, it is home to a variety of homeowners insurance hazards, including hail, tornadoes, and heavy snow.

Hailstorms: Colorado’s Eastern Plains have had some of the most severe hailstorms in history. Hail occurs here more frequently than anywhere else in the US. Coupled with strong winds and other kinds of storms, these hailstorms can be incredibly damaging. Hail storms are one of the most variable weather events. Hailstorm season runs April to September. It's most frequent in June, and August in more mountainous regions. The northeast end of the state is most vulnerable. Hail can be very dangerous, as it can break glass, kill livestock, cause bodily harm, and dent roofs, causing them to crack and leak.

Hailstorms are also very much associated with thunderstorms, which Colorado is no stranger to. According to the National Weather Service, Colorado averages 45 days of thunderstorms per year, almost all of which occur between June and August. Southern and eastern Colorado are the most susceptible to these storms. Some are accompanied by hail, strong wind, heavy rain, and even tornadoes.

Tornadoes: The far eastern side of the state is also part of “Tornado Alley,” the area of the US most commonly hit by tornadoes. According to the National Oceanic and Atmospheric Administration, Colorado averages 24 tornadoes per year. That’s more than Indiana or Arkansas, two states with a reputation for tornadoes. While Colorado’s tornados are less frequent and severe than some other states’, tornadoes are an extremely dangerous weather event. As the most violent kind of storm, tornadoes are a highly-localized and deadly combination of heavy wind, rain, and low pressure. The strongest tornadoes move at over 100 miles an hour, and have the potential to completely destroy homes and other buildings.  Even a weak tornado can uproot trees or cause damage to homes.

Wildfires: Colorado is a relatively arid state, and averages only 17 inches of rain per year. These dry conditions, combined with Colorado’s terrain, makes it a hotspot for wildfires. Wildfires can be incredibly damaging, engulfing acres at a time, and forcing people to evacuate their homes. Drought conditions and powerful winds can cause wildfires to grow and spread more quickly. As of April 2015, six distinct wildfires were burning throughout Colorado. Though these are not particularly severe, wildfires can spread like, well wildfire.

Snowfall: Colorado averages 77 inches of snow per year, with a large spread between different cities. For example, at Crested Butte, they average about 217 inches of snow per year. But Grand Junction averaged only about 19 inches of snow per year. Some cities can see snow as late as May and as early as October. In fact, the city of Leadville averages about 12 inches of snow in May alone. For large US cities, Denver ranks #6 in total annual snowfall, with about 54 inches a year. Denver is also the #1 ranked major US city with most days at or below freezing per year. With 157 days, Denver is freezing cold almost half the year. This beats Minneapolis, Milwaukee, Buffalo, and other many cities with reputations for cold weather.

Though snowfall supports Colorado’s famous snow sports industry, the heavy snowfall can have some unforeseen consequences as well. In spring, when the snow melts, Colorado’s many rivers are fed by the runoff. However, rapidly-melting snow, combined with occasional thunderstorms can cause flooding, especially in the eastern region of the state. The only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Types of Home Insurance Policies

Homeowners have many policy options when shopping for home insurance. In Colorado, homeowners can choose from the following insurance types:

  • HO-1: Basic insurance policy. Covers normal damages.
  • HO-2: Broad homeowners insurance. Covers everything in HO-1 plus falling objects and damages to AC units, pipes, and other household systems.
  • HO-3: Covers damage from all perils unless specifically excluded. Also covers unattached structures.
  • HO-5: Comprehensive policy like HO-3, but comes with expanded coverage and less limitations for property claims. This is considered a premium policy.
  • HO-6: Covers possessions and provides liability for condo owners.
  • HO-7: Similar coverage as HO-3, but for mobile homes.
  • HO-8: Designed specifically for older homes. This policy provides similar coverage as HO-3. Customizable to unique needs of older homes.

Colorado Division of Insurance

Website:
Homepage
Insurance Commissioner:
Michael Conway
Insurance Hotline:
(800) 886 - 7675
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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