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 (CO) 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: Facts + Statistics: Homeowners 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.

Most Popular Colorado Home 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 in Colorado

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 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%
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Colorado Home Insurance Rate Factors

There are several factors insurance companies use to calculate the cost of homeowners insurance. Some, like your roof, are under your control. Others, like natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Colorado.

Your Personal Rate Factors

Your House

How much you pay for homeowners insurance varies depending on the house itself:

  • Your home’s age. People with older homes tend to pay more for homeowners insurance. The older the home, the higher the chance of needing major repairs. 9 percent of CO homes were built between 2000 and 2009, which means many Coloradans have newer homes.
  • The quality of your roof. If you’re worried about high insurance rates, take care of your roof. Installing and maintaining your roof with region-appropriate material can help keep your rates low. It can be what prevents your home from needing major repairs after a storm. In CO, for example, avoid using wood shingles because they’re a major fire hazard. Also consider a metal or asphalt shingle roof with a steep pitch to combat Colorado’s heavy snow.
  • Your home’s replacement cost. Replacement cost is how much money it takes to completely rebuild your home. Homeowners insurance premiums rise for homes with a high replacement cost. Your dwelling/structure coverage is based on the home’s replacement cost. It isn’t based off how much you bought your home for, but instead its style and size. For example, a $500,000 home in Denver could actually have a higher replacement cost than a $1 million home in Aspen.

Claims History

If you’ve filed claims within the last few years, you’ll pay more for home insurance. Insurance claims stay on your record for five to seven years. Filing additional claims during that time period will result in spiking premiums. That’s why homeowners will avoid filing any unnecessary claims. Experts say that the average homeowner files a claim once a decade.

Pets

Shopping for home insurance can be a challenge if you own an unusual pet or 'risky' dog breed. Certain pets can raise your insurance prices, if you can find a company to insure you in the first place. According to a study by the American Veterinary Medical Association, CO has the 13th highest pet ownership rate in the country.

Credit Score

Insurance companies look at your credit score to price your premiums. Simply put, people with bad credit have higher rates. Fortunately, it seems Colorado residents have good credit scores across the board. The state has the 12th best average credit score in the country.

Colorado Rate Factors

Weather

CO is the seventh most natural disaster-prone state in the country. Denver is also one of the highest-risk cities for home damage caused by natural disasters. Those two facts raise insurance rates across the states. As an area with a diverse landscape, weather depends on where you live. If you live in Aspen, for example, prepare your home for avalanches and snow storms. If you live in a flat part of the state, be prepared for tornadoes.

Wherever you live in CO, you may be caught in one of these natural disasters at some point:

  • Wildfires
  • Snow storms
  • Severe thunderstorms
  • Avalanches
  • Flooding
  • Landslides
  • Earthquakes
  • Tornadoes

There are several steps you can take to prepare your home for a natural disaster.

  • Buy flood insurance.
  • Protect pipes from freezing.
  • Clear your roof.
  • Record a complete household inventory.

Property Crime

Burglary in your area is a big factor in your home insurance prices. Areas with higher property crime rates also have high homeowners insurance rates. CO has the 19th highest property crime rate in the nation. In 2017, the average property crime rate in your state was 2,701.6 per 100,000 residents.

CO property crime rates vary across the state. For example, Denver has a yearly average of 36.3 property crimes per 1,000 residents. On the other hand, Cherry Hills Village has an annual average of 10.48 property crimes per 1,000 residents.

Like natural disasters, there are steps you can take to reduce the risk of your home being burgled. Installing security cameras, alarms, deadbolt locks, and more can protect your house and qualify you for discounts.

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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