1. Home
  2. The Best Cheap Homeowners Insurance in Colorado

The 5 Best Homeowners Insurance Companies in Colorado

Price is just one of the factors you should consider when looking for the right policy. However, you also need to ensure that your insurance comprehensively covers your needs. Taking into account factors like coverage options, quality of customer service, pricing and the ability to pay claims can help you choose the best homeowners insurance policy possible.

To help you choose the best homeowners insurance in Colorado, MoneyGeek has ranked the top five companies in the state based on several factors, including the cost of their policies, their J.D. Power customer satisfaction ratings and their ability to pay claims according to AM Best’s financial stability rating.


1

USAAScore: 92

4.3/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


USAA provides excellent customer service and generally affordable prices. Policies can be bundled for discounts, and their homeowners insurance policies come with identity theft coverage. You can even report and view claims using their mobile app. However, USAA has a closed membership structure, offering their policies only to past and present members of the military and eligible family members.

2

Auto-Owners Insurance CoScore: 91

4.5/5

Affordability

4.5/5

User Satisfaction

5/5

Financial Stability


Auto-Owners boasts an excellent financial rating and can be a great option if you like a personal touch. Policyholders in Colorado can communicate directly with their personal agents and take advantage of multiple policy options. They offer discounts for fully paid premiums, new or renovated homes and protection devices. They also provide discounts for seniors. Auto-Owners’ large network of agents ensures excellent customer service. Their website, while basic, provides adequate information about the available products and service options.

3

AllstateScore: 90

4.7/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


In Colorado, Allstate offers personalized service through its network of agents. Several technology features come with an Allstate policy, including a mobile app, online bill payments, a common and costly claims tool and an online claims application. Apart from standard and extended coverage, you can also purchase liability protection, personal property coverage, discounts for safe homes and multiple policies, storm shutters, hail-resistant roofs and smoke-free homes.

Read MoneyGeek's Allstate Home Insurance Review

4

State FarmScore: 89

4.5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm offers a wide variety of property insurance policies, with coverage for homes, personal property, liability protection and replacement value. Special deals are available for customers with smart home monitoring systems. An online quoting system can be used to get quotes in very little time, and the website and mobile app have features for making claims, bill payments and finding local agents.

Read MoneyGeek's State Farm Home Insurance Review

5

TravelersScore: 89

4.6/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


Travelers Insurance in Colorado covers dwellings, personal property, personal liability and loss of use. There are substantial discounts for multi-policy bundles and green homes. With a certified green home, you get coverage to repair, rebuild or replace parts of your home using green materials. Making claims online can be convenient on the website or mobile app, and the online quoting system is detailed.

Read MoneyGeek's Travelers Home Insurance Review

What Is the Average Cost of Homeowners Insurance in Colorado?

$0
$0

home insurance is 0.0% more than the average.

For a dwelling coverage baseline amount of $250,000, the average cost of home insurance in Colorado is $3,156. This is 50.1% higher than the national average of $2,103, with a difference of $1,053.

Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Colorado

The cost of your homeowners insurance can depend on individual circumstances and several factors relevant to the area. The value of the dwelling, its age, its roof quality, your credit score and your claim frequency are all considered by carriers while determining your estimated costs.

moneygeek-logo

Home Insurance Calculator

State

Colorado

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$150,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Cheapest Homeowners Insurance Quotes in Colorado

While the average annual premiums for Colorado residents are higher than the national average, a policy from Chubb can be your best option if you are looking for cheap homeowners insurance in Colorado. For a baseline dwelling coverage amount of $250,000, the average annual premium for a Chubb policy is $1,598, which is 49.4% cheaper than the state average.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Colorado.
$1,598
2. Allstate
In 2020, Allstate ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Colorado.
$2,353
3. MetLife
In 2020, MetLife ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Colorado.
$2,538
4. Travelers
In 2020, Travelers ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Colorado.
$2,606
5. American Family
In 2020, American Family ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Colorado.
$2,660

Best Cheap Homeowners Insurance Companies for Expensive Homes

If you own an expensive home, it can make sense to purchase the best home insurance in Colorado to cover all of your bases. On average, the most affordable coverage for $2 million homes in Colorado comes from Chubb, with an average annual premium of $8,632. Similar policies with other companies can be significantly more expensive, sometimes exceeding an average of $25,000 a year.

Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 in Colorado for the cheapest homeowners insurance for high-value homes.
$8,632
2. American Family
In 2020, American Family ranked #2 in Colorado for the cheapest homeowners insurance for high-value homes.
$8,774
3. Allstate
In 2020, Allstate ranked #3 in Colorado for the cheapest homeowners insurance for high-value homes.
$9,641
4. USAA
In 2020, USAA ranked #4 in Colorado for the cheapest homeowners insurance for high-value homes.
$10,198
5. MetLife
In 2020, MetLife ranked #5 in Colorado for the cheapest homeowners insurance for high-value homes.
$14,727

Best Homeowners Insurance Companies if You Have a Pool

A pool can be a great addition to your home. However, it can also increase your insurance costs and the amount of coverage you need. For an average dwelling cost of $250,000, homeowners insurance rates can vary to a great extent. The cheapest option in Colorado for a home with a pool is offered by Chubb with an average annual cost of $1,590.

Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 in Colorado for the cheapest homeowners insurance for homes with a pool.
$1,590
2. Allstate
In 2020, Allstate ranked #2 in Colorado for the cheapest homeowners insurance for homes with a pool.
$2,485
3. Travelers
In 2020, Travelers ranked #3 in Colorado for the cheapest homeowners insurance for homes with a pool.
$2,609
4. American Family
In 2020, American Family ranked #4 in Colorado for the cheapest homeowners insurance for homes with a pool.
$2,629
5. State Farm
In 2020, State Farm ranked #5 in Colorado for the cheapest homeowners insurance for homes with a pool.
$2,873

Cheapest Home Insurance in Colorado if You Have Poor Credit

Your credit score is one of the most important factors when determining your premium costs. Having poor credit can cause insurance premiums to increase. The cheapest option for a Colorado homeowner with poor credit is Auto-Owners, with an average rate of $2,902 annually for a baseline dwelling coverage amount of $250,000.

Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #1 for the cheapest homeowners insurance for owners with poor credit in Colorado.
$2,902
2. Chubb
In 2020, Chubb ranked #2 for the cheapest homeowners insurance for owners with poor credit in Colorado.
$3,292
3. Travelers
In 2020, Travelers ranked #3 for the cheapest homeowners insurance for owners with poor credit in Colorado.
$3,970
4. Allstate
In 2020, Allstate ranked #4 for the cheapest homeowners insurance for owners with poor credit in Colorado.
$3,999
5. Country Financial
In 2020, Country Financial ranked #5 for the cheapest homeowners insurance for owners with poor credit in Colorado.
$4,428

How to Get Homeowners Insurance Quotes in Colorado

In order to get home insurance in Colorado, you need to provide certain information to your provider that allows them to calculate your premium, like your name, Social Security number, home address and phone number. You also need an accurate monetary value of your home, its contents and all relevant add-ons like pools and solar installations. Valuables in the home, security systems and your distance from a nearby fire station can also be important factors. In addition, you should determine the amount of coverage you need. Comparing personalized quotes from multiple providers can be a good way to get the best deal.

Auto Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

Other Considerations for Homeowners Insurance in Colorado

There are other factors that merit consideration when getting homeowners insurance in Colorado, like average home value, crime rates and weather risks. As an example, Colorado is ranked 14th in the country in terms of crime. According to FBI statistics, Colorado had 22,624 instances of violent crime in 2018, with 152,163 property crimes.

In terms of home value, Colorado ranks 9th overall in the country with an average cost of $397,820. There can also be risks associated with hazardous weather conditions in Colorado, so it’s smart to be prepared by understanding your risks and getting the relevant insurance coverage.


Do You Need Fire Insurance in Colorado?This is an icon

Fire insurance can be a good idea if you live in Colorado. Statistics indicate that 17% of all properties in the state, a total of 371,100 properties, are at risk for fire damage. The appropriate insurance can be a great thing to have, along with fire safety systems installed in your home.

Do You Need Hail Insurance in Colorado?This is an icon

You might want to include coverage for hail damage in your homeowners insurance if you live in Colorado. The state experienced more than 300 hail events in 2018 and had the second-most hail loss claims in the nation from 2017–2019.

Methodology

MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Colorado that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Colorado. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.

Sources