Finding the Best Homeowners Insurance in Colorado
Colorado State is prone to adverse weather conditions such as tornadoes, thunderstorms, snow, flooding, and wildfires. Living in Colorado means that you are likely to face any of the problems and should therefore stay protected at all times. The insurance cost is usually high because of the potential risks and, therefore, essential to find a company that charge affordable prices. It’s advisable to check reviews to ensure that you work with a trusted and reputable insurance company. This review serves as a guide on how to go for the best homeowner’s insurance quotes. You should choose an insurance cover by considering your needs.
| Colorado Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in Colorado | $538.00 |
| Costs Per Month for Homeowners Insurance in Colorado | $44.83 |
How Much is Homeowners Insurance in Colorado
On the national scale, Colorado's homeowners' insurance rates are relatively high, with an average of $1,417, which is slightly above the national average cost. The national average price is approximately $1,211. The higher cost of homeowners insurance in Colorado is attributed to its high risk of threats due to harsh weather conditions. Insurance premiums vary based on factors such as the age of the home, the owners' credit rating, the value of the house, probability of risk and distance from the nearest fire hydrant. The cost also depends on the geographical location where remote and areas prone to damage attract high premiums. Factors that might attract high insurance premiums in Colorado include wildfires and snow damage. Fires are not frequent, but they cause significant damage once they strike; on the other hand, snow damage is a common occurrence. Homes in areas that are prone to wildfires are more expensive. We are considering factors such as the landscape and the probability of risk in a given area to help in choosing insurance policies in Colorado cities. The least expensive city for homeowners insurance in Colorado is Federal Heights, CO, with an average closing cost of $2,307, Annual Property Tax and an Annual Homeowner's Insurance of $236. Federal Heights, CO, has an affordability rate index of 80.23. The most expensive city for homeowners in Colorado is Wellington, CO, with an average of $2,307, an Annual Property Tax of $1,777, Annual Homeowner's Insurance of $1,158 with an affordability index of 38.57%. The Average Annual Cost of homeowners insurance in Colorado is $3,082, which marks a 34% difference from that of the national average. The Average Monthly cost of Homeowners in Colorado is currently $153 against $101 at the National level. The annual premium of the most expensive homeowners insurance in Colorado by cities is Denver at $3,672. The annual premium of the cheapest city in the state for homeowners insurance includes Castle Pines at $2,006.
| City in Colorado | Monthly Costs | Yearly Costs |
|---|---|---|
| Denver, CO | $168.67 | $2,024.00 |
| Colorado Springs, CO | $171.92 | $2,063.00 |
| Aurora, CO | $171.58 | $2,059.00 |
| Fort Collins, CO | $117.17 | $1,406.00 |
| Lakewood, CO | $158.17 | $1,898.00 |
| Thornton, CO | $159.17 | $1,910.00 |
| Arvada, CO | $153.67 | $1,844.00 |
| Westminster, CO | $153.75 | $1,845.00 |
| Pueblo, CO | $199.08 | $2,389.00 |
| Centennial, CO | $171.67 | $2,060.00 |
| Boulder, CO | $135.75 | $1,629.00 |
| Greeley, CO | $151.25 | $1,815.00 |
| Highlands Ranch, CO | $170.58 | $2,047.00 |
| Longmont, CO | $135.92 | $1,631.00 |
| Loveland, CO | $116.25 | $1,395.00 |
| Broomfield, CO | $147.50 | $1,770.00 |
| Castle Rock, CO | $163.67 | $1,964.00 |
| Grand Junction, CO | $72.17 | $866.00 |
| Commerce City, CO | $167.17 | $2,006.00 |
| Parker, CO | $177.08 | $2,125.00 |
| Littleton, CO | $162.92 | $1,955.00 |
| Brighton, CO | $158.67 | $1,904.00 |
| Northglenn, CO | $157.58 | $1,891.00 |
| Security-Widefield, CO | $171.00 | $2,052.00 |
| Englewood, CO | $167.00 | $2,004.00 |
| Dakota Ridge, CO | $160.33 | $1,924.00 |
| Ken Caryl, CO | $155.58 | $1,867.00 |
| Wheat Ridge, CO | $155.08 | $1,861.00 |
| Pueblo West, CO | $174.00 | $2,088.00 |
| Fountain, CO | $169.00 | $2,028.00 |
| Windsor, CO | $143.75 | $1,725.00 |
| Lafayette, CO | $138.67 | $1,664.00 |
| Erie, CO | $137.67 | $1,652.00 |
| Columbine, CO | $157.83 | $1,894.00 |
| Golden, CO | $152.17 | $1,826.00 |
| Evans, CO | $150.50 | $1,806.00 |
| Louisville, CO | $143.08 | $1,717.00 |
| Clifton, CO | $74.58 | $895.00 |
| Montrose, CO | $84.58 | $1,015.00 |
| Durango, CO | $86.33 | $1,036.00 |
| Sherrelwood, CO | $162.50 | $1,950.00 |
| Cimarron Hills, CO | $175.58 | $2,107.00 |
| Welby, CO | $165.33 | $1,984.00 |
| Greenwood Village, CO | $169.83 | $2,038.00 |
| Fort Carson, CO | $167.00 | $2,004.00 |
| Firestone, CO | $135.67 | $1,628.00 |
| Johnstown, CO | $156.00 | $1,872.00 |
| Lone Tree, CO | $179.67 | $2,156.00 |
| Black Forest, CO | $182.25 | $2,187.00 |
| Sterling, CO | $218.50 | $2,622.00 |
| Frederick, CO | $138.00 | $1,656.00 |
| Fruita, CO | $77.00 | $924.00 |
| Steamboat Springs, CO | $88.25 | $1,059.00 |
| Superior, CO | $143.17 | $1,718.00 |
| Federal Heights, CO | $154.42 | $1,853.00 |
| Cherry Creek, CO | $176.17 | $2,114.00 |
| Berkley, CO | $159.83 | $1,918.00 |
| The Pinery, CO | $181.58 | $2,179.00 |
| Fort Morgan, CO | $209.33 | $2,512.00 |
| Castle Pines, CO | $167.17 | $2,006.00 |
Colorado Homeowners Insurance Laws
Colorado homeowners' insurance requirement is not a legal requirement, but in a case where you have a mortgage, the lender requires a form of insurance against risk. Lenders ask for specific damage insurance, which is the homeowner's insurance policy. The minimum homeowner's insurance amount is $100,000 in terms of liability coverage, but it is advisable to have a liability of at least $300,000. There is a high risk of damage from natural factors such as wildfires, and tornadoes and therefore essential to take homeowner insurance for your good. Commonly, homeowner's insurance policies cover the buildings, personal property to a specific limit, and living expenses during the reconstruction of the damaged property.
What Does Homeowners Insurance Cover in Colorado
With a large number of homeowner's insurance companies, you should be aware of the company you choose to cover in Colorado. Most homeowner's insurance covers the building, which consumes much of the premiums share since it is the largest asset. Besides the basic homeowner's insurance cover, it is important to take some other coverage options for other assets such as personal belongings. If the building has lots of expensive items, it is important to get an additional cover. In short, it is always important to consider extra protection for items not covered in the basic cover.
| Costs of Home Insurance in Colorado by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Adams County, CO | $168.17 | $2,018.00 |
| Alamosa County, CO | $103.67 | $1,244.00 |
| Arapahoe County, CO | $179.58 | $2,155.00 |
| Archuleta County, CO | $93.00 | $1,116.00 |
| Baca County, CO | $224.92 | $2,699.00 |
| Bent County, CO | $240.58 | $2,887.00 |
| Boulder County, CO | $139.92 | $1,679.00 |
| Broomfield County, CO | $151.00 | $1,812.00 |
| Chaffee County, CO | $103.92 | $1,247.00 |
| Cheyenne County, CO | $247.92 | $2,975.00 |
| Clear Creek County, CO | $129.25 | $1,551.00 |
| Conejos County, CO | $105.75 | $1,269.00 |
| Costilla County, CO | $108.92 | $1,307.00 |
| Crowley County, CO | $228.00 | $2,736.00 |
| Custer County, CO | $132.42 | $1,589.00 |
| Delta County, CO | $88.08 | $1,057.00 |
| Denver County, CO | $176.58 | $2,119.00 |
| Dolores County, CO | $84.33 | $1,012.00 |
| Douglas County, CO | $180.17 | $2,162.00 |
| Eagle County, CO | $93.00 | $1,116.00 |
| El Paso County, CO | $181.33 | $2,176.00 |
| Elbert County, CO | $193.25 | $2,319.00 |
| Fremont County, CO | $126.50 | $1,518.00 |
| Garfield County, CO | $81.92 | $983.00 |
| Gilpin County, CO | $143.25 | $1,719.00 |
| Grand County, CO | $96.42 | $1,157.00 |
| Gunnison County, CO | $90.08 | $1,081.00 |
| Hinsdale County, CO | $86.42 | $1,037.00 |
| Huerfano County, CO | $144.08 | $1,729.00 |
| Jackson County, CO | $103.58 | $1,243.00 |
| Jefferson County, CO | $161.33 | $1,936.00 |
| Kiowa County, CO | $247.67 | $2,972.00 |
| Kit Carson County, CO | $245.50 | $2,946.00 |
| La Plata County, CO | $86.08 | $1,033.00 |
| Lake County, CO | $101.17 | $1,214.00 |
| Larimer County, CO | $121.33 | $1,456.00 |
| Las Animas County, CO | $176.83 | $2,122.00 |
| Lincoln County, CO | $222.08 | $2,665.00 |
| Logan County, CO | $228.67 | $2,744.00 |
| Mesa County, CO | $73.75 | $885.00 |
| Mineral County, CO | $90.75 | $1,089.00 |
| Moffat County, CO | $88.92 | $1,067.00 |
| Montezuma County, CO | $87.08 | $1,045.00 |
| Montrose County, CO | $85.58 | $1,027.00 |
| Morgan County, CO | $224.08 | $2,689.00 |
| Otero County, CO | $227.75 | $2,733.00 |
| Ouray County, CO | $86.42 | $1,037.00 |
| Park County, CO | $121.50 | $1,458.00 |
| Phillips County, CO | $237.42 | $2,849.00 |
| Pitkin County, CO | $88.83 | $1,066.00 |
| Prowers County, CO | $244.00 | $2,928.00 |
| Pueblo County, CO | $209.92 | $2,519.00 |
| Rio Blanco County, CO | $85.00 | $1,020.00 |
| Rio Grande County, CO | $98.00 | $1,176.00 |
| Routt County, CO | $88.42 | $1,061.00 |
| Saguache County, CO | $99.92 | $1,199.00 |
| San Juan County, CO | $84.17 | $1,010.00 |
| San Miguel County, CO | $87.33 | $1,048.00 |
| Sedgwick County, CO | $231.17 | $2,774.00 |
| Summit County, CO | $94.75 | $1,137.00 |
| Teller County, CO | $142.17 | $1,706.00 |
| Washington County, CO | $229.92 | $2,759.00 |
| Weld County, CO | $160.33 | $1,924.00 |
| Yuma County, CO | $240.17 | $2,882.00 |
Top Rated Homeowners Insurance Companies in Colorado Based on Ratings
Different homeowners' insurance companies offer varying services to clients, depending on what they need to be covered in the policy. No insurance policy can be termed as good or bad, but all depending on the coverage required and offered by the chosen plan. Amica Mutual, Allstate, the American Automobile Association and the American Family are the top-rated homeowner's insurance companies in Colorado.
| Colorado Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Chubb Ratings for Homeowners Insurance in Colorado | 2/5 | 0.14 |
| Travelers Ratings for Homeowners Insurance in Colorado | 2/5 | 0.3 |
| American Family Ratings for Homeowners Insurance in Colorado | 3/5 | 0.69 |
| State Farm Ratings for Homeowners Insurance in Colorado | 4/5 | 0.2 |
| USAA Ratings for Homeowners Insurance in Colorado | 5/5 | 0.15 |
| Allstate Ratings for Homeowners Insurance in Colorado | 3/5 | 0.31 |
| Farmers Ratings for Homeowners Insurance in Colorado | 3/5 | 0.39 |
| Nationwide Ratings for Homeowners Insurance in Colorado | 2/5 | 0.38 |
| Progressive Ratings for Homeowners Insurance in Colorado | N/A | 0.8 |
| Hartford Ratings for Homeowners Insurance in Colorado | 3/5 | 1 |
| CSAA Ratings for Homeowners Insurance in Colorado | 0/5 | 1.36 |
| Amica Ratings for Homeowners Insurance in Colorado | 5/5 | 0.24 |
| National General Holdings Corp Ratings for Homeowners Insurance in Colorado | N/A | 0.4 |
| AIG Ratings for Homeowners Insurance in Colorado | 2/5 | 0.09 |
| Liberty Mutual Ratings for Homeowners Insurance in Colorado | 2/5 | 0.4 |
How to Lower Homeowners Insurance in Colorado
The initial step in lowering the cost of homeowners insurance which has been on the rise in 2020, is claiming discounts you qualify for. Additionally, shopping around to identify the most affordable company is an excellent step because their premiums differ. To enjoy discounts, you must align yourself in a way that qualifies you. Bundling policies saves homeowners some amounts, which require them to take several policies with one insurer. For instance, you can lower your homeowners' insurance by taking an auto insurance policy, resulting in a discount of a given percentage. There is a likelihood that Colorado's insurance rates might hike in 2021, and therefore the need to align you with discounts. If you have not made any claims this year, consult with the insurer to see if they can offer any discount for not making any claims. Most insurers will offer a reward in the form of a discount if you have not filed a claim for a few years. Stay with the same insurer for a time might earn you a loyalty discount. The cost of insurance charged on you gets lower if you lower the chances of destruction by fitting safety equipment such as smoke detectors and burglar alarms.
Compare Homeowners Insurance in Colorado Before Buying
There are lots of homeowner's insurance companies to consider before deciding which to work considering your policy. Please do not rush to make a plan, but else take your time and compare several of them to make an informed decision. The reason why you should compare homeowner's insurance policies in Colorado is the fact that each of them offers a service different from the other. It is advisable to make a plan with a company with broader coverage.