Compare Homeowners Insurance Quotes In Colorado

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Best Home Insurance Rates 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

Colorado is in the middle when it comes to average home insurance rates in the US. According to the most recent available data from the Insurance Information Institute, in 2014, the average home insurance premium in the state of Colorado was $1,273, about the same as the national average of $1,132. There are 10 states that have higher average homeowners insurance rates than Colorado.

Colorado Average Annual Homeowners Insurance Rates
  2012 2013 2014
Colorado Annual Average $1,038 $1,160 $1,273
Colorado Price Per Month $86 $96 $106
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 18 15 11
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Colorado should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare home insurance quotes in Colorado from multiple companies.

Best Colorado Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Colorado. 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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Why contact every individual company in Colorado that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Colorado Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $220,638 12.8%
2 American Family Insurance Group $176,888 10.3%
3 USAA Insurance Group $164,429 9.6%
4 Allstate $158,194 9.2%
5 Liberty Mutual $114,750 6.7%
6 Travelers Companies Inc. $77,382 4.5%
7 Hartford Financial Services $51,850 3.0%
8 Chubb Corp. $46,325 2.7%
9 Nationwide Mutual Group $36,553 2.1%

Financial Strength Ratings of Top Colorado Home Insurers

Source: A.M. Best (Ratings as of 8/21/2015)

  • Farmers Insurance Group of Cos.: A
  • American Family Insurance Group: A
  • USAA Insurance Group: A++
  • Allstate: A+
  • Liberty Mutual: A
  • Travelers Companies Inc.: A++
  • Hartford Financial Services: A+
  • Chubb Corp.: A++
  • Nationwide Mutual Group: A+
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Rating Guide

Colorado Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $640,992 6.9%
2 American Family Insurance Group $551,074 6.0%
3 Liberty Mutual $516,973 5.6%
4 United Service Automobile Assurance Co. $481,065 5.2%
5 Pinnacol Assurance Co. $478,230 5.2%
6 Allstate $452,775 4.9%
7 Travelers Companies Inc. $427,606 4.6
8 Progressive Group $359,782 3.9
9 American International Group $310,654 3.4%
*Represents both home and auto insurance

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.

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, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Colorado’s average burglary rate was 476.1 per 100,000 people, which 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, which 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, and 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. While hail storms are one of the most variable weather events, hailstorm season runs April to September, and is 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, which may be 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 variable terrain, makes it a hotspot for wildfires, especially in the high desert in the south and the arid plains in the southeast. 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, compared with Grand Junction, where they average 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, beating 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.

Colorado Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Marguerite Salazar
Insurance Hotline:
(800) 886 - 7675
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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