besthome insuranceColorado SpringsThe Best Cheap Homeowners Insurance in Colorado Springs, Colorado for 2024: Quotes and Reviews
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besthome insuranceColorado SpringsThe Cheapest and Best Homeowners Insurance in Colorado Springs
The Cheapest Home Insurance Companies in Colorado Springs
Cost is an important factor to consider when searching for cheap homeowners insurance since there are many companies that offer similar core coverages at different prices.
On average, the companies offering cheap homeowners insurance in Colorado Springs with $250,000 dwelling coverage are:
- Chubb: $1,567 per year
- Allstate: $2,426 per year
Dwelling coverage can vary based on the price of the home, as more expensive homes will require higher limits. To give you an idea, MoneyGeek gathered prices on the cheapest insurers on average with $2 million in dwelling coverage:
- Chubb: $8,459 per year
- Nationwide: $8,817 per year
The table below shows how dwelling coverage limits can change annual premiums.
The Cheapest Home Insurance in Colorado Springs, Ranked
Dwelling Coverage:
$250,000
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Prices on policies with the baseline dwelling coverage include $100,000 in personal property limits, while policies with $2 million in dwelling coverage have $800,000 in personal property limits. Regardless of dwelling coverage, each policy has $100,000 in liability coverage.
Homeowners who live elsewhere in the state can also take a look at MoneyGeek's analysis of the best homeowners insurance in Colorado.
The Average Cost of Homeowners Insurance in Colorado Springs for 2022
Colorado Springs$3,230
Colorado$3,156
U.S.$2,103
The average cost of homeowners insurance varies across the nation. In Colorado Springs, homeowners pay an average of $3,230 per year, which is $74 more than the state average of $3,156. Compared to the rest of the nation, Colorado-based residents pay $1,127 more, as the national average is $2,103.
Calculate the Cost of Home Insurance in Colorado Springs
Insurers base the cost of home insurance on a number of factors such as the homeowner’s location, dwelling and personal property limits, credit score and other factors. MoneyGeek’s home insurance calculator can help homeowners compare quotes in Colorado Springs and throughout the state.
Home Insurance Calculator
State
Colorado
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Colorado Springs
To find the best homeowners insurance in Colorado Springs, homeowners need to look beyond cost and consider the company’s customer service and financial stability. As claims are often made during stressful situations, it’s important to ensure that they’re handled quickly, efficiently and fairly.
MoneyGeek rank several companies based on affordability, user satisfaction and financial stability and found that the best homeowners insurance Colorado Springs is offered by:
- Best Overall: Chubb
- Runner-up: USAA (available only for current and former military members and their families)
1
Chubb
Score:93
Chubb’s policyholders can enjoy complimentary risk consulting. This is when the insurer assesses a home to make sure the homeowners are fully protected against any risks. Additionally, if a home is completely destroyed, Chubb offers a cash settlement option. This means homeowners can accept money instead of rebuilding their old home should they desire to relocate or redesign their property.
More About Chubb
Chubb is MoneyGeek’s top pick as it scores well across categories, particularly in affordability. Their policies also pay to rebuild homes even if it exceeds the policy’s limit.
2
USAA
Score:93
USAA policyholders that are active service members have coverage for the loss of their uniforms with no deductible charge. If there is a security system installed and the policyholder is claims free, then they can also enjoy even more discounts to lower their annual premium. Homeowners who rent their property can also purchase USAA’s home-sharing coverage, which protects against the costs involved with being a landlord.
More About USAA
USAA is the runner-up since it is well-known for its customer satisfaction. However, their policies are only available for current and former military members and their families.
3
Auto-Owners
Score:91
4
Nationwide
Score:90
5
Allstate
Score:90
6
State Farm
Score:90
7
Travelers
Score:89
8
MetLife
Score:88
9
American Family Insurance
Score:87
10
Country Financial
Score:82
11
Farmers
Score:74
Cheapest Home Insurance Companies in Colorado Springs for Newly Constructed Homes
In Colorado Springs, homes that have recently been built are cheaper to insure. This is because the modern materials used are easier to replace and are more resistant to damage. It also indicates that homeowners are less likely to make a claim.
Newly-constructed homes cost an average of $2,087 per year to insure compared to $3,230 for homes built in 2000. That’s a $1,147 difference.
On average, the companies that offer the cheapest homeowners insurance in Colorado Springs for newly constructed homes are:
- Chubb: $1,383 per year
- Allstate: $1,741 per year
The Cheapest Home Insurance in Colorado Springs for New Homes, Ranked
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Cheapest Home Insurance Companies in Colorado Springs if You Have a Lot of Personal Property
Personal property coverage is part of every homeowner’s insurance policy and protects a policyholder’s personal items in the event of loss or damage. Those with high-value personal items may need more personal property coverage limits.
In Colorado Springs, personal property limits of $250,000 cost an average of $3,533 per year compared to $3,230 for just $100,000 of coverage.
On average, the companies offering cheap homeowners insurance in Colorado Springs with high personal property limits are:
- Chubb: $2,041 per year
- Allstate: $2,438 per year
Cheap Companies in Colorado Springs for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Colorado Springs for High Deductibles
Before an insurer can cover a claim, policyholders need to pay a deductible out-of-pocket. Higher deductibles mean a lower annual premium and vice versa.
In Colorado Springs, it costs an average of $2,933 per year for a $2,000 deductible, while it costs $3,230 per year for a $1,000 deductible.
On average, MoneyGeek found that the companies offering the cheapest homeowners insurance with a high deductible include:
- Chubb: $1,312 per year
- Allstate: $2,133 per year
The Cheapest Companies in Colorado Springs for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Colorado Springs if You Have Poor Credit
Insurers in Colorado Springs and Colorado state look at a homeowner’s credit score to determine their annual premiums. Those who have poor credit pay more every year for home insurance.
In Colorado Springs, it costs an average of $4,973 annually to have homeowners insurance if you had bad credit compared to $3,230 for those with good credit.
Companies that offer cheap homeowners insurance in Colorado Springs for those with poor credit include:
- Auto-Owners Insurance Co: $3,039 per year
- Chubb: $3,226 per year
The Cheapest Companies in Colorado Springs for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Colorado Springs
To get accurate homeowners insurance quotes, Colorado Springs residents need to have a list of information on hand. This includes:
- The replacement cost of your home: Insurers want to know the replacement cost of the home to determine the appropriate dwelling coverage limits. Building contractors can help with this if your home is older.
- The value of your personal property: Insurers will want to know the value of personal items at your home to determine the appropriate personal property coverage.
- Personal information: Insurers will ask for the address and exact location of your home, information about who lives in the home, insurance history and other personal details.
- Information about your house: Insurers will also ask about details of the house, such as when it was built, how big it is, the security systems that are or aren’t installed and more.
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Homeowners Insurance in Colorado Springs Analysis: Methodology
MoneyGeek analyzed 11 insurers offering home insurance in Colorado Springs using a sample homeowner profile. The profile included a home with 2,500 square feet built in 2000 and looked for $250,000 in dwelling coverage, $100,000 in personal property coverage, $100,000 in liability limits and a $1,000 deductible.
Quotes were also collected for homeowners with newly built homes, varying levels of dwelling or personal property coverage, higher deductibles and poor credit scores.
Data was collected in partnership with Quadrant and quotes were collected for homes with varying coverage levels to calculate affordability scores. Customer satisfaction information was gleaned from J.D. Power user surveys.
About Mark Fitzpatrick
