Average Cost of Homeowners Insurance in Colorado (2024)


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Updated: May 22, 2024

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The average cost of homeowners insurance in Colorado in 2024 is $3,320. This is $897 higher than the national average of $2,423. Aside from the coverage amount, credit rating has the largest impact on premiums. Homeowners with poor credit may pay up to $10,762 more than those with excellent credit.

If your rates have recently increased, we've also analyzed the cheapest policies in the state. Remember, the insurance provider you choose can also influence your premiums.

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Rates updated:

Jul 15, 2024

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To establish the average cost of homeowners insurance in Colorado, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Colorado as of 2024.

2.9 MQuotes Analyzed
 
8Companies Compared
 
33ZIP Codes

Average Cost of Home Insurance in Colorado by Coverage Amount

In Colorado, the average homeowners insurance premium is $3,320 for policies with $250K Dwelling / $125K Personal Property / $200K Liability coverage, which is more than the national average of $2,423. When determining how much coverage you need, consider the full cost to rebuild your home and replace your belongings. Coverage should account for your personal property, additional structures, liability and living expenses if you're unable to use your home.

For example, choosing a policy with $100K in dwelling coverage results in an annual premium of $1,921. If your home and assets require more protection, a policy with $500K in dwelling coverage comes with an annual premium of $5,586. These figures illustrate the direct correlation between the amount of coverage and the associated premium.

Average Annual Home Insurance Premium New Jersey by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,921
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$3,320
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$5,586
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$7,307

Average Cost of Home Insurance in Colorado by Insurer

Premiums for homeowners insurance in Colorado can vary significantly among providers, even when offering similar levels of coverage. For instance, while one insurer may quote a relatively low annual premium (Auto-Owners), another might present a figure that's substantially higher for the same coverage (Nationwide).

For homeowners scouting the market, there are plenty of great providers in Colorado. Differences in underwriting criteria, company risk assessments and regional claims experiences can influence these premium disparities.

Average Annual Home Insurance Premium New Jersey by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Auto-Owners InsuranceAnnual Premium$1,587
USAAAnnual Premium$2,640
ChubbAnnual Premium$2,685
State FarmAnnual Premium$2,760
American FamilyAnnual Premium$3,298
AllstateAnnual Premium$3,519
FarmersAnnual Premium$4,893
NationwideAnnual Premium$5,177

Average Cost of Home Insurance in Colorado by Credit Score

Homeowners in Colorado with excellent credit pay an average annual premium of $2,650 for homeowners insurance, which is $670 less than the state average. Conversely, those with poor credit face an average cost of $13,412, exceeding the average by $10,092. Credit scores directly affect insurance rates, with lower scores leading to higher premiums.

While improving your credit score takes time, there are immediate steps to potentially lower your rates. Comparing insurers can reveal cost-saving options; for example, you might find affordable homeowners insurance in Colorado that fits your budget. Taking the time to shop around can make a notable difference in your insurance costs.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$13,412
Below FairAnnual Premium$6,564
FairAnnual Premium$4,301
GoodAnnual Premium$3,320
ExcellentAnnual Premium$2,650

Average Cost of Home Insurance in Colorado by Construction and Roof Type

Roofing materials can influence the cost of homeowners insurance, albeit to a lesser extent than coverage amount and credit score. In Colorado, homes with tile roofs, known for their durability may see lower premiums. Shake-treated roofs, which can be less resistant to severe weather, may result in higher insurance costs.

The construction materials of a home influences insurance premiums. Superior construction materials, which are more resistant to hazards like fire, can result in lower insurance rates. Standard frame construction, which is less robust against some risks, such as severe weather, may carry higher insurance premiums.

Explore the tables below to see how your home's construction and roofing materials could affect your insurance premiums.

Average Annual Home Insurance in New Jersey by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,921
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$3,320
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$5,586
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$7,307
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$9,134

Average Cost of Home Insurance in Colorado for Newly Constructed Homes

Homeowners in Colorado can expect to pay less for insuring new construction due to modern materials and adherence to current building standards. The average annual premium for a newly constructed home is $1,828. This is a considerable reduction from the $3,320 average for homes built around the year 2000. The table below illustrates the premium differences for new versus existing homes, allowing you to adjust the filter for various coverage levels.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$3,320
New Construction (2023)Annual Premium$1,828

Average Cost of Home Insurance in Colorado by Claims History

In Colorado, homeowners who have maintained a claim-free status for over five years can expect an average annual premium of $3,320. However, those with one claim within the past five years typically see an increase to $3,627 annually, while two claims in the same period can raise premiums to an average of $3,875. This data illustrates the financial benefit of a clean claims record, as each claim can elevate the cost above the state average.

Average Annual Home Insurance in New Jersey by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$3,320
1 claim in past 5 yearsAnnual Premium$3,627
2 claims in past 5 yearsAnnual Premium$3,875
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COLORADO NATURAL DISASTERS AND HOME INSURANCE

In Colorado, wildfires, winter storms, earthquakes, tornadoes and flooding pose the highest annual risks to homes. Homeowners insurance policies cover disasters like tornado and fire damage but often exclude flood damage. Homeowners usually need to purchase separate flood insurance. Wildfires are usually covered by homeowners insurance.

Average Cost of Home Insurance by City in Colorado

For the cities we analyzed, we found premiums ranging from $2,646 to $3,853. In Denver, homeowners might pay around $3,667 annually, whereas Fort Collins residents could see rates as low as $2,646. Boulder offers a lower premium at $2,884, illustrating how location influences insurance costs. Location impacts premiums due to varying risks like weather and crime. Other factors like credit rating and roof type also affect rates, but city-based differences are notable.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
ArvadaAnnual Premium$3,348
AuroraAnnual Premium$3,666
BoulderAnnual Premium$2,884
CentennialAnnual Premium$3,609
Colorado SpringsAnnual Premium$3,636
DenverAnnual Premium$3,667
Fort CollinsAnnual Premium$2,646
GreeleyAnnual Premium$3,430
Highlands RanchAnnual Premium$3,479
LakewoodAnnual Premium$3,349

How to Shop for Home Insurance in Colorado

Getting a great deal on homeowners insurance in Colorado is within reach. By exploring your options and understanding the factors that affect premiums, you can find a policy that fits your budget. And remember, a good deal isn't just about the lowest price—it's about value. Here's how to find the best deal for you.

1
Understand Your Coverage Needs

Assess how much coverage you need for your home.

2
Shop Around

Compare quotes to find the best insurance rates.

3
Check for Discounts

Ask about bundles and discounts when shopping.

4
Review Company Reputation

Look at customer reviews and financial stability.

5
Choose Your Policy

Pick the policy that offers the best value.

6
Purchase Your Policy

Buy your policy and start your coverage.

Bundling Home Insurance With Auto Insurance in Colorado

In Colorado, homeowners can often save on insurance costs by bundling home and auto policies. According to MoneyGeek's analysis, the savings range from $0 to approximately $1,255, with an average percentage savings of about 12.7%. This multipolicy approach can lead to significant discounts on the combined cost of both home and auto insurance. For a deeper dive into the potential savings and the best companies for home and auto bundles in Colorado, explore MoneyGeek's Best and Cheapest Home and Auto Bundle Companies in Colorado analysis.

Home Insurance Discounts in Colorado

Colorado residents can tap into several homeowners insurance discounts. Here are a few to consider:

  • Impact-resistant roofing discount: Installing impact-resistant roofing can lower premiums.
  • Home safety features discount: Homes with security systems and smoke detectors may qualify for discounts.
  • Claim-free history discount: Homeowners with a claim-free record for several years often receive reduced rates.

For a comprehensive list of possible savings, explore our guide on how to save with discounts. Remember, to unlock maximum savings, inquire about available discounts when requesting a quote.

FAQ: Homeowners Insurance in Colorado

On average, what is the cheapest insurer in Colorado?
Is tornado coverage included in Colorado homeowners insurance?
Is flood coverage included in Colorado homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Colorado?
In Colorado, how much can I save on average by bundling my homeowners insurance with auto?

Additional Resources for Homeowners Insurance in Colorado

Here's a curated list of resources that can provide further insight into homeowners insurance in Colorado.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.