Average Cost of Homeowners Insurance in Colorado (2024)
Updated: October 16, 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.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Oct 23, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Colorado, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Colorado as of 2024.
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.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,921 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $3,320 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $5,586 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $7,307 |
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.
| Auto-Owners Insurance | $1,587 |
| USAA | $2,640 |
| Chubb | $2,685 |
| State Farm | $2,760 |
| American Family | $3,298 |
| Allstate | $3,519 |
| Farmers | $4,893 |
| Nationwide | $5,177 |
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.
| Poor | $13,412 |
| Below Fair | $6,564 |
| Fair | $4,301 |
| Good | $3,320 |
| Excellent | $2,650 |
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.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,921 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $3,320 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $5,586 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $7,307 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $9,134 |
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.
| Existing Construction (2000) | $3,320 |
| New Construction (2023) | $1,828 |
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.
| Claim free for 5+ years | $3,320 |
| 1 claim in past 5 years | $3,627 |
| 2 claims in past 5 years | $3,875 |
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.
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.
| Arvada | $3,348 |
| Aurora | $3,666 |
| Boulder | $2,884 |
| Centennial | $3,609 |
| Colorado Springs | $3,636 |
| Denver | $3,667 |
| Fort Collins | $2,646 |
| Greeley | $3,430 |
| Highlands Ranch | $3,479 |
| Lakewood | $3,349 |
| Loveland | $2,695 |
| Pueblo | $3,853 |
| Thornton | $3,383 |
| Westminster | $3,303 |
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.
Ask about bundles and discounts when shopping.
Look at customer reviews and financial stability.
Pick the policy that offers the best value.
Buy your policy and start your coverage.
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.
Colorado residents can tap into several homeowners insurance discounts. Here are a few to consider:
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.
In Colorado, Auto-Owners Insurance offers the lowest average premium at $1,587. For more options, explore cheap national providers.
Homeowners insurance typically covers tornado damage. However, natural disaster coverage can vary by insurer.
Flood insurance is not typically included in a standard home policy. It can be purchased through the National Flood Insurance Program or a private flood insurer, and some home insurers offer it as an endorsement.
Credit rating is a major factor; the difference between excellent and poor credit can change premiums by up to $10,762.
Bundling in Colorado can save up to $1,255 on average.
Here's a curated list of resources that can provide further insight into homeowners insurance in Colorado.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.
