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Home insurance is an important investment for any homeowner. Home insurance policies provide coverage against fire, wind damage, and theft for your home and the contents inside it. With the relative frequency of such incidents -- along with the high cost of rebuilding or repairing a home -- obtaining homeowners insurance is a smart investment.
The cost of homeowners insurance coverage depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. Your home's location can also impact how much you pay, as some locations are more prone to destructive hazards. If your area is at risk of being affected by hail, strong winds, fire, frozen pipes, or volcanic activity, then your premiums could be substantially higher than average. Discover more info about what is covered by a homeowners insurance policy.
If you want to find cheap home insurance in Colorado Springs, start with shopping around and comparing different policies. Have a look at the summary below comparing average homeowners insurance rates in Colorado Springs to help you get as much information as possible when you start your search for homeowners insurance. Remember: your homeowners insurance rates may vary based on your coverage limits and other factors.
Colorado Springs homeowners insurance rates will vary depending on which insurance company you choose. The most inexpensive home insurance in Colorado Springs comes from AAA, which offers average annual rates of just $1,233 per year. This is more favorable than the city’s average home insurance premium of $2,719.
Take a look at the cheapest insurance companies in Colorado Springs, Colorado to find the best homeowners policy for you.
| Company | Average Annual Rate |
| AAA | $1,233 |
| Nationwide | $1,520 |
| Liberty | $1,938 |
| State Farm | $1,959 |
| USAA | $2,163 |
Your chosen amount of homeowners coverage has an impact on the insurance premiums you pay. In Colorado Springs, carrying $200K dwelling coverage costs an average of $2,058, while carrying additional coverage up to $400K costs $3,603/year.
| Coverage Level | Average Annual Rate |
| $100K Dwelling | $1,556 |
| $200K Dwelling | $2,058 |
| $250K Dwelling | $2,644 |
| $400K Dwelling | $3,603 |
Not every area of Colorado Springs has equal home insurance costs. One of the factors that insurers use when pricing your policy is the number of claims filed in your surrounding area. As such, the neighborhood you live in can dramatically influence your home insurance premium.
If you're looking for the cheapest homeowners insurance premiums in Colorado Springs, take a look at the 80946 ZIP code. In the 80946 area, homeowners policies typically cost just $2,604 per year, which is a full $115 less than the overall average for Colorado Springs. The below table shows the best places to live in Colorado Springs if you’re looking for affordable homeowners insurance.
| ZIP Code | Average Annual Home Insurance Rate |
| 80946 | $2,604 |
| 80912 | $2,628 |
| 80921 | $2,643 |
Some parts of Colorado Springs, however, are prone to homeowners insurance premiums that are higher on average. These areas of the city could be more susceptible to perils such as theft, severe weather, or fires that present more risk for insurance companies. One of the costliest ZIP codes for homeowners coverage in Colorado Springs is 80919, with an annual average rate of $2,856.
| ZIP Code | Average Annual Home Insurance Rate |
| 80919 | $2,856 |
| 80922 | $2,837 |
| 80929 | $2,789 |
One of the decisions to be made when shopping for homeowners policies is how high or low to set your deductible. A deductible is the amount for which a homeowner is responsible before the insurer will cover a claim. Choosing where to set your deductible plays a significant role in how much you pay for your coverage.
On the whole, having a lower deductible means that your insurance premiums will be higher. Therefore, you may want to think about setting a higher deductible if you are hoping to pay lower home insurance premiums. Bear in mind that your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.
Below you'll find some popular deductible options offered on most home policies alongside corresponding average insurance premiums.
| Deductible Level | Average Annual Home Insurance Rate |
| $500 | $2,883 |
| $1,000 | $2,644 |
| $1,500 | $2,455 |
| $2,000 | $2,355 |
| $5,000 | $1,888 |
If you’re seeking ways to save on your overall insurance costs, consider purchasing your home and auto policies from the same insurance company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. By bundling your policies, Colorado Springs homeowners could see annual savings of 12% on average.
| Company | Avg. Annual Auto Insurance Rate (With Bundle) |
| USAA | $1,128 |
| American Family | $1,189 |
| GEICO | $1,217 |
| State Farm | $1,315 |
| Farmers | $1,765 |
Bundling your homeowners and auto policies can be a great way to save some money on insurance.
