Colorado Homeowners Insurance

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How to get affordable homeowners insurance in Colorado


Homeowners insurance may be optional, but it's important. It helps to protect your belongings in the event your house is damaged. A homeowners policy protects your dwelling and property from a variety of calamities, including wind damage, fire, theft, vandalism, and others.

Unlike car insurance, home insurance isn't controlled by state legislation. That said, large gulfs exist in home insurance costs from state to state. Home insurance costs in US states vary depending on the total number and value of homeowners policy claims in the state, and also on the value of the dwelling and belongings being insured.

The easiest way to get an affordable homeowners insurance policy in Colorado is to shop around and compare rates from as many homeowners insurance companies as you can. Learn more about home insurance rates in Colorado by referencing the below data. Individual rates may vary depending on coverage options and the value of the dwelling being insured.


Home insurance in Colorado:
  1. By company
  2. Rates by city
  3. Rates by coverage level
  4. Rates by deductible level
  5. How to bundle home and auto insurance
  6. FAQs

Homeowners insurance prices in Colorado by company

Homeowners insurance rates in Colorado vary depending on the insurance company you choose. Owners Insurance Company sells the cheapest home insurance in Colorado — $1,094 per year. This is less than the state average cost of $2,412, providing a $1,318 price break on rates typical to the state.

Start searching for affordable coverage by reviewing the cheapest Colorado companies, listed below.


THE MOST AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN COLORADO
Insurance CompanyAverage Yearly Rate in Colorado
Owners Insurance Company$1,094
Safeco$1,179
Nationwide$1,290
Great Northern$1,452
Shelter$1,894

Colorado homeowners insurance costs: by city

Not every city in Colorado has equal home insurance costs. Rates are determined based on on city-specific variables, such as the number of claims filed in the immediate area, lending your ZIP code plenty of weight in deciding how much you pay.

The cheapest home insurance rates in Colorado are available in Grand Junction. A typical home insurance term in Grand Junction costs just $1,269 per year — $1,142 less than the average Colorado rate. The below table shows the best places to live in Colorado if you’re looking for cheap homeowners insurance.


AFFORDABLE HOMEOWNERS INSURANCE BY CITY IN COLORADO
CityAverage Yearly Home Insurance Rate
Grand Junction$1,269
Fort Collins$1,979
Loveland$1,996
Boulder$2,120
Longmont$2,145

Average home insurance rates in Colorado by coverage amount

Your chosen level of homeowners coverage determines the insurance premiums you pay . In Colorado, carrying $100K dwelling coverage costs an average of $1,333 per year, while carrying additional coverage up to $400K costs $3,100/year.


HOMEOWNERS INSURANCE RATES IN COLORADO — COMMON COVERAGE TIERS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$1,333
$200,000 Dwelling$1,806
$250,000 Dwelling$2,277
$400,000 Dwelling$3,100

Compare Homeowners Insurance Rates

Homeowners insurance deductibles in Colorado

Homeowners have numerous choices to make when deciding on a policy, including how high or low to set their deductible. The deductible is the amount the insured is responsible for paying toward a covered loss. The deductible chosen can have a big impact on home insurance rates.

A good rule of thumb is: the lower your deductible, the higher your premium. Therefore, if you are wanting lower home insurance rates, it pays to increase your deductible. Remember that your deductible should only be set as high as you can reasonably pay in the event of a covered loss.

The following chart shows the typical premiums associated with standard homeowners deductibles.


HOMEOWNERS INSURANCE PREMIUMS BY DEDUCTIBLE TIER IN COLORADO
Deductible AmountAverage Annual Homeowners Insurance Rate
$500$2,479
$1,000$2,277
$1,500$2,111
$2,000$2,024
$5,000$1,601

Homeowners and auto insurance bundles in Colorado

If you're trying to save, consider purchasing your homeowners and car insurance policies from the same company. Bundling homeowners and auto insurance in Colorado can lead to substantial savings on auto insurance. Bundling home and auto policies in Colorado leads to a yearly discount of $160.


HOME AND AUTO INSURANCE BUNDLING DISCOUNTS IN COLORADO
Avg. Yearly Auto Insurance Rate (No Bundle)Avg. Yearly Auto Insurance Rate (Bundle)Annual Bundle Savings% Savings with Bundle
$1,631$1,471$16011%

One of the best ways to save on auto insurance is bundling. Start shopping today!


Looking for insights on homeowners insurance in a specific city? Check out our analysis of populous Colorado cities:

  1. Aurora
  2. Colorado Springs
  3. Denver

Colorado home insurance FAQs


Why is homeowners insurance so expensive in Colorado?

Insurance premiums are reflective of risk. In Colorado, the threat of wildfires, price of homes, population, etc., all make home insurance premiums more expensive than average.

Is homeowners insurance mandatory in Colorado?

Home insurance will be required by your mortgage in Colorado. If you don't have a mortgage, it's still encouraged to insure your home and your personal contents to protect your assets.

Does Liberty Mutual insure manufactured homes in Colorado?

Liberty Mutual provides mobile, not manufactored homes in Colorado through Assurant. Outside of this, they do not have a product.


Homeowners insurance and tornadoes in Colorado

A tornado can strike with precious little warning. There is little you can do to protect yourself and the outcomes can be catastrophic. As such, it's important to protect your home against tornado damage in Colorado, which suffers an average of 49 tornadoes each year.*

Tornado damage comes primarily in the form of wind, so verify your homeowners policy has windstorm coverage, a standard feature of any average homeowners policy.

The exterior and overall structure of the building are covered by wind protection. However, depending on the type of policy you have, damage to the building's interior may only be covered if it's caused by exterior damage, like a tree branch breaking a window. Detached structures are also covered, typically about 10% of the amount at which the home is insured. Keep in mind that other damages the storm causes may not be covered by insurance. For example, if your home is damaged from flooding that occurs from the same storm that produces the tornado, those damages won't be covered unless you've previously added flood insurance to your policy.

*Source: NOAA'S National Weather Service (https://www.spc.noaa.gov/gis/svrgis/)


Homeowners insurance and hail in Colorado

Depending on your location, hail could be a common side effect of stormy weather conditions and can lead to varying degrees of destruction to your property. In Colorado, homeowners policies typically come with hail coverage to insure the structure of your home if it suffers damages in a hail event.

If your home is in an area that’s very prone to hail — such as Colorado, which underwent 332 incidents of hail in 2018* — it's smart to confirm the details of your homeowners policy to see exactly what's covered and what's not — some insurers charge steeper deductibles in hail-prone regions and won't cover cosmetic damage, so if your home is battered but still functionally sound despite aesthetic flaws caused by a hailstorm, your insurance company will probably refuse to pay for its repair.

*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hail)


Does home insurance cover damage from fires inColorado?

Homeowners insurance covers fire damage in Colorado.If yourhomeweredestroyed or damagedby a fire,your insurance company would cover the damage to your property up to your policy limits. The prevalence of wildfires inColorado underlines the importance of maintaining home insurance: 17% of houses in the state are in danger of sustaining wildfire damage, and475, 803of the state's acres fell victim to fires in the state in 2018.*

In addition to covering damages — up to your coverage limits — your homeowners insurance policy could pay for your additional living expenses if your home is uninhabitable. Fire-related damage that will not be covered by your home insurance provider is intentional damage (arson) or damage to a vacant home.

*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-wildfires)


Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has contributed to numerous publications focused on the nuances of insurance, including BestCompany.com.