Compare quotes for your home in Colorado! It's easy and only takes a minute! Compare up to 12 carriers.
Colorado is a great place to call home. The majesty of the mountains is well paired with large cities such as Denver and small villages like Salida. If you enjoy big city living, Denver has plenty of culture, shopping and world class restaurants. As an added perk, some of the best skiing in the world is just a short drive away in Breckenridge, Vail and Aspen.
Colorado is all about outdoor time, with over 300 days of sunshine a year we have plenty of time to get out and enjoy Mother Nature. Hiking, skiing, biking and boating are just a few of the activities we enjoy on a year round basis.
Moving to Colorado is not only a great idea, it’s a life changer. It doesn’t matter if you are looking at Boulder, Elizabeth, Idaho Springs or Colorado Springs, you are going to love your new life in Colorado.
According to the most recent census data, Colorado is the 22nd most populous state in the United States with a population of 5,029,196people. This is a population increase of 8.5% since the last census and works out to about 3,637 households per zip code with an average of 2 people per house. Colorado is also the eighth largest state in terms of area.
The most recent figures available show that the average household income in Colorado is $31,331. This is a bit below the national average. While home prices in Metro Denver increased dramatically in the last few years there are still many parts of Colorado where housing is still very affordable and the average house value is currently $116,262.
Homeowners Insurance in Colorado
The Centennial State runs slightly above average when it comes to the cost of homeowners insurance. The average cost of an H-03 policy, which is considered an industry-standard policy runs roughly $1,160 in Colorado while the national average is $1,034.
While homeowners insurance costs are fairly average, there are ways you can lower your premium even more. Here are a few tips on how to save money on your homeowner's insurance:
- Shop Around: This is the number one recommendation of almost every insurance expert. You should shop your home insurance coverage on a yearly basis. Insurance companies all rate risk differently and the difference in premiums can be surprising. It is important to compare apples to apples in regards to deductibles and coverage levels.
- Discounts: Insurance companies offer a wide variety of discounts and it's important to ensure that you are getting every discount you are entitled to receive. Ask your agent to review your policy and make sure all available discounts are being applied.
- Go Paperless: Having your insurer send your policy and bills via email instead of the regular mail can help save some money. The majority of insurance companies offer a discount for paperless policies.
Insurance Rates by Homeowners Insurance Type
There are a variety of different insurance types when it comes to homes. Each homeowner policy is designed specifically for the type of home it is insuring. Here is a quick overview of the various types of homeowners insurance as well as the average premium according to data from the NAIC.
Dwelling Fire: This type of policy is bare-bones insurance. Is it offers a very narrow range of coverage and is usually the cheapest policy type available. Fire dwelling policies only cover fire and smoke damage, although some policies may also cover wind, vandalism and explosion damage.
NAIC data shows that the average cost of a DF policy in Colorado is $823 but only 0.5 percent of Colorado policies are DFs.
HO-2: While this is still a very basic homeowner insurance policy it is a bit more robust than a dwelling fire. This type of policy only covers perils that are specifically listed in the policy wording.
In Colorado roughly 2.4 percent of homeowner policies are HO-2s and the average premium is $1,069
HO-3: The HO-3 policy is considered standard and is the policy type that most Colorado homeowners carry. These policy types offer protection from all perils except ones that are specifically excluded in the wording of the policy. It is important to remember that all homeowner insurance policies exclude earthquake and flood damage.
NAIC data shows that the HO-3 is extremely popular in Colorado with 52.3 percent of policies being HO-3s and the average policy price is a very affordable $1,160.
HO-4: These policies are designed specifically for renters and this protection is often called renters insurance. It covers your personal possessions as well as offering liability protection in the event someone is injured in your apartment.
Renters insurance is fairly popular in Colorado with 18.3 percent of policies being HO-4s.
HO-5: This policy is designed for more upscale, newer homes. It not only offers protection for your home but also any additional structures on your property as well as loss of use protection. A HO-5 policy covers your personal property against all perils except those excluded in the policy wording. In most circumstances an HO-5 is not available for older homes
In Colorado, roughly 14.8 percent of policies are HO-5s and the average premium is $1,385.
HO-6: This policy is specifically designed for condos and co-ops. The HO-6 policy offers coverage for your personal property as well as the structural parts of the building that you own such as the interior walls and cabinets. These policy types limit coverage to 16 specific perils.
In Colorado, about 11.4 percent of policies are HO-6s.
Factors to Consider in Colorado
Despite the fact that the weather in Colorado is often beautiful, severe weather can damage your home. Colorado is certainly no stranger to severe thunderstorms and hailstorms during the summer and heavy snowfalls, especially in the mountains can easily result in claims worth thousands of dollars.
There are a few simple steps, which can help lower your chances of making a claim. Upgrading your roof to wind resistance materials is always a good idea and will result in a lower premium. Installing a security or sprinkler system can also help you save.
If you are considering a move to Denver, Parker, Colorado Springs or the always beautiful Franktown you will need a fantastic policy for your new home. We can easily help you shop and compare up to 12 different Colorado home insurance premiums and apply all the available discounts and credits.
Get started today, contact us to .
Average Homeowners Insurance Premiums in Colorado
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what Colorado homeowners are paying on average. Did you know that the average homeowners insurance premium in Colorado is $1667? Colorado is now ranked 7 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in Colorado is 27.15% more than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$1667 (3%)||$ 139||7|
|2019||$1618 (0.1%)||$ 135||7|
|2018||$1616 (7.78%)||$ 135||7|
|2017||$1495 (3.33%)||$ 125||8|
|2016||$1446 (4.45%)||$ 121||10|
When we combine the state averages over the last decade, the Colorado overall average is estimated to be around $1,305.00. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. Colorado current state rank compare to the rest of the country is #7. Consider shopping your Colorado home insurance with us so we can help you save up to 40% or more on your policy.
Find Local CO Homeowners Insurance Quotes & Coverage
For more information on homeowners insurance in your area, choose a county below:
- Clear Creek
- El Paso
- Kit Carson
- La Plata
- Las Animas
- Rio Blanco
- Rio Grande
- San Juan
- San Miguel
Colorado Homeowners Insurance News & Information
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
Did you know? Your Home Insurance Doesn’t Cover… Posted on Wednesday 29th November, 2023
While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
What Is the 80/20 Rule In Homeowners Insurance? Posted on Wednesday 8th November, 2023
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
Colorado Housing & Real Estate Data
|Total Housing Units||2212898|
|Occupied Housing Units||1972868|
|Vacant Housing Units||240030|
|Vacant Housing Units for Rent||57644|
|Vacant Housing Units Rented Not Occupied||3058|
|Vacant Housing Units For Sale||32673|
|Vacant Housing Units Sold Not Occupied||5418|
|Vacant Housing Units For Seasonal Occasional Use||101965|
|Vacant Housing Units All Other Vacants||39272|
|Housing Units Homeowner Vacancy Rate Percent||2.5|
|Housing Units Rental Vacancy Rate Percent||7.8|
|Housing Tenure Occupied Units||1972868|
|Housing Tenure Occupied Units Owner Occupied||1293100|
|Housing Tenure Occupied Units Owner Occupied Population||3323026|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||2.57|
|Housing Tenure Occupied Units Renter Occupied||679768|
|Housing Tenure Occupied Units Renter Occupied Population||1590292|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.34|
Understanding Colorado Homeowners Insurance
When shopping for Colorado homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for Colorado renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in Colorado, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different Colorado rates and coverage options.