Cheapest and Best Homeowners Insurance In Colorado as Rated by Customers in 2022
It may seem unlikely that you'll have to file a homeowners insurance claim, but there are many things that can cause you to have to. From unexpected natural disasters to theft or vandalism, homeowners coverage comes in handy in many cases. In the event you may need to file a claim, don't you want to feel confident you've protected your home with one of the best Colorado homeowners insurance companies?
To help you be more confident in your homeowners insurance company, we have reviews and rankings for hundreds of companies so you can evaluate and compare the best Colorado home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance. Next to each insurer you'll find the company's rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 reviews are eligible to appear in the best Colorado homeowners insurance rankings.
If you're looking for additional information on one of the best homeowners insurance companies in Colorado, you can visit the company's profile page where you'll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the insurance company.
On this page:
- Best homeowners insurance rates in Colorado for a $200K dwelling
- Best homeowners insurance rates in Colorado for a $400K dwelling
- Colorado property crime statistics
- Colorado disaster statistics
What types of coverage are included in a homeowners policy?
Different homeowners policies will include different types of coverage, but the standard policy usually includes the following.
Dwelling coverage – This is coverage for your house itself, and usually contains protection from perils like fire, smoke, lightning, vandalism and malicious mischief, and more. Other structures coverage – This covers any additional structures you have on your property, like sheds, garages, and carports. Personal property coverage – This is coverage for the property inside your home. It pays for the repair or replacement of items that are damaged or stolen. Personal liability coverage – Liability protection pays for medical bills if someone is injured on your property, i.e., if someone trips and falls or your dog bites someone.
Additional coverage options are usually available to add to your policy as well. Additional living expenses coverage pays for the cost of hotels and food if you are unable to live in your home as a result of damages. Identity theft coverage protects your personal information from would-be thieves.
People living in high-risk areas should ask their homeowners insurance company if they need to purchase a separate policy to cover the appropriate perils, such as flood insurance or earthquake insurance.
People who live in high-value homes or who keep valuable items in their home like jewelry or musical instruments, may wish to increase their policy limits. Those with considerable personal wealth may wish to increase their liability limits.
In the table below you can compare the average homeowners rates in Colorado for the five largest home insurance companies in the state. Of these companies, Safeco Insurance offers the cheapest homeowners insurance rates in Colorado for a $200K dwelling.
|Company||Average rates for $200K dwelling|
|American Family Insurance||$1,741|
|Farmers Insurance Group||$5,029|
|State Farm Insurance Company||$1,553|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Colorado will differ. Rate data is provided by Quadrant Information Services.
Among the five largest homeowners insurance companies in Colorado, Safeco Insurance offers the cheapest average cost of homeowners insurance rates for a $400K dwelling.
|Company||Average rates for $400K dwelling|
|American Family Insurance||$2,453|
|Farmers Insurance Group||$7,864|
|State Farm Insurance Company||$2,455|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Colorado will differ. Rate data is provided by Quadrant Information Services.
Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Colorado compare to other states around the country? The FBI published the following statistics on crime in Colorado for 2016:
- Property crime - 151,850
- Burglary - 23,903
- Larceny theft - 108,336
The property crime and larceny theft rates, when compared to the national average rate per 100,000 inhabitants, are slightly above the national average. The burglary rates are slightly below the national average rate. Regardless of the crime rates where you live, it's important to be sure you have the proper personal property coverage for peace of mind since nobody can predict when theft or vandalism will happen.
Weather-related incidents are typically among the costliest homeowners insurance claims. Whether it's from water damage from flooding on the floors and walls or a hail damage to a roof, the replacement cost can be expensive. It's important to be sure your homeowners policy covers potential damages that you could incur from a natural disaster. In some cases you may require specific coverage options, like flood insurance coverage, for certain damages that are not standard to homeowner policies in your area.
FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Colorado federally declared disasters since 1953:
- Fire - 57
- Flood - 13
- Severe storm - 3
- Coastal storm - 1
- Dam/levee break - 1
- Tornado - 1
How are homeowners insurance rates calculated in Colorado?
Ever wonder why you pay what you do for home insurance in Colorado? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance may not be as obvious. Here's a list of some of the things insurance providers consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Colorado
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons or additional coverage like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value in insurance costs for the average home insurance policy.
How can you save money on your homeowners insurance premium?
Many homeowners insurance companies offer discounts for having certain safety features in your house, such as a smoke alarm and a burglar alarm.
You can also cut down on the cost of homeowners insurance by bundling your homeowners policy with your auto insurance policy and/or another type of insurance.
Additional homeowners insurance discounts may be available, so make sure to ask about this when you're shopping around for quotes.
How does Clearsurance rate and rank the best homeowners insurance companies in Colorado?
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Is there a homeowners insurance guide?
Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Colorado homeowners insurance companies. But beyond just picking a company, it's crucial to have the right type of coverage and to understand that coverage. Many times it's not about the cheapest home insurance options, but the best coverage to suit your needs as a homeowner.
It can be a big transition to go from renters insurance to finding a homeowners policy. For example, did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!