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Colorado Homeowners Insurance Quotes

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.

Colorado Facts

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 compare multiple quotes on your homeowners insurance in Colorado.

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.

YearAverage Annual PremiumAverage Monthly PremiumState Rank (Overall)
2020$1667 (3%)$ 1397
2019$1618 (0.1%)$ 1357
2018$1616 (7.78%)$ 1357
2017$1495 (3.33%)$ 1258
2016$1446 (4.45%)$ 12110

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.

Colorado Homeowners Insurance News & Information

  • Largest Insurer in California – Travelers Announces Home Insurance Rates Going Up 15% Posted on Monday 20th May, 2024

    Travelers Insurance, which is one of the largest insurers in California, recently announced that they will be raising premiums by an average of 15% in the Golden State. This is just the latest rate increase or policy limitation by major insurance companies who blame the increases on spreading wildfire risks, inflation, and the cost of […]

  • Should I raise my deductible to $10,000 to help offset the cost of rising premiums? Posted on Wednesday 15th May, 2024

    According to industry reports, homeowners are raising their deductibles to $5,000 to $10,000 to help offset the cost of rising premiums.  While raising a deductible into the stratosphere will absolutely lower your homeowner insurance premium, it does mean that you will have to cover your deductible amount in the event you have to make a […]

  • Should I choose the minimum or maximum homeowners insurance coverage? Posted on Monday 13th May, 2024

    As homeowner insurance rates rise across the country, some homeowners are opting for policies that offer minimal coverage to keep their premiums affordable. Unfortunately, this choice will leave them at higher risk and in a position where they may have to pay more out of pocket if they have to make a claim on their […]

  • Texas is Seeing Major Increases in the Cost of Homeowners Insurance Posted on Tuesday 7th May, 2024

    Like much of the rest of the country, Texas is seeing major increases in the cost of homeowners insurance. According to an article in Austin American-Stateman, residents of Texas have seen their insurance rates go up 50.9% on average which is the largest increase in the country for that time period. Unfortunately, experts are predicting […]

  • Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024

    While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states.  In most states, insurers are allowed to consider credit scores when setting […]

Colorado Housing & Real Estate Data

Details:Staticstics
Total Housing Units2212898
Occupied Housing Units1972868
Vacant Housing Units240030
Vacant Housing Units for Rent57644
Vacant Housing Units Rented Not Occupied3058
Vacant Housing Units For Sale32673
Vacant Housing Units Sold Not Occupied5418
Vacant Housing Units For Seasonal Occasional Use101965
Vacant Housing Units All Other Vacants39272
Housing Units Homeowner Vacancy Rate Percent2.5
Housing Units Rental Vacancy Rate Percent7.8
Housing Tenure Occupied Units1972868
Housing Tenure Occupied Units Owner Occupied1293100
Housing Tenure Occupied Units Owner Occupied Population3323026
Housing Tenure Occupied Units Owner Occupied Averge Household Size2.57
Housing Tenure Occupied Units Renter Occupied679768
Housing Tenure Occupied Units Renter Occupied Population1590292
Housing Tenure Occupied Units Renter Occupied Average Household Size2.34

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.