The Cheapest and Best Homeowners Insurance in Denver
The Cheapest Home Insurance Companies in Denver
One of the most important factors to consider when comparing home insurance quotes in Denver is the policy's price. This is because standard premiums of most insurance providers have the same core coverages.
For a home that has a $250,000 dwelling coverage, the two companies that offer the cheapest home insurance on average are:
- Chubb: $1,670 per year
- Allstate: $2,291 per year
In comparison, for a home with a dwelling coverage of $2 million, the two companies that offer the most affordable home insurance in Denver on average are:
- American Family: $8,890 per year
- Chubb: $9,025 per year
A home’s dwelling coverage limit has an impact on a policy’s premium. To see how prices change based on dwelling coverage, use the table below.
The Cheapest Home Insurance in Denver, Ranked
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In Denver, the initial baseline dwelling coverage is $250,000. Policies with this limit come with personal property limits of $100,000. Increasing the dwelling coverage limit also increases the coverage limit for personal property. If the dwelling coverage limit is $2 million, the personal property coverage limit becomes $800,000. All policies, regardless of the dwelling coverage limit, have liability coverage of $1,000.
If you live outside Denver but still within the state, you can check home insurance rates in Colorado.
The Average Cost of Homeowners Insurance in Denver for 2022
Homeowners in Denver pay, on average, $3,104 per year or $259 per month for home insurance. It is slightly lower than the average cost of home insurance in Colorado, which is $3,156. Compared to the national average of $2,103, however, it is higher.
Calculate the Cost of Home Insurance in Denver
When calculating premiums for home insurance policies, the location of your home is a factor. However, several factors also come into play, such as the amount of dwelling coverage you purchase, how much personal property you want to be covered and your credit standing.
If you want to compare home insurance quotes in Colorado, you can use MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Denver
How much a home insurance policy costs is one factor to consider when looking for insurance providers in Denver. However, there are other aspects to consider, such as financial stability and customer service. If you have to file a claim, you will want it to be processed efficiently.
MoneyGeek compared several insurance companies and have found the following to offer the best home insurance policies in Denver:
- Best Overall: Chubb
- Runner-up: USAA (available to current and former members of the military)
MoneyGeek used three areas to compare various home insurance companies in Dever, including affordability, financial stability and customer experience.
If the damage to your home renders it a total loss, Chubb’s offers a cash settlement. This means instead of having your home rebuilt, you can choose to accept the money.
Additionally, Chubb conducts a complimentary assessment for such potential problems to ensure you are sufficiently covered. For example, how far your home is from the nearest fire hydrant is a potential risk that not all homeowners may notice. Chubb will notice factors like this.
MoneyGeek’s top spot goes to Chubb, with a perfect score in affordability. If your home is damaged, Chubb will pay to have it rebuilt to its original condition, even if the costs exceed the amount stated in your policy.Read MoneyGeek's Chubb home Insurance Review
Homeowners insurance from USAA covers everything you take with you on active duty, including your uniform. If ever you lose it, your policy covers it without applying a deductible. You can also get additional discounts if there are security systems installed in your home or if you can remain claim-free, making your home insurance even cheaper.
USAA is MoneyGeek’s runner-up and has a perfect score in customer experience. Those who are eligible to purchase their policies are present and former members of the military as well as their families.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Denver for Newly Constructed Homes
When looking for homeowners insurance, when your house was built is a factor that determines the price of your policy. Older homes may have used materials that are harder to replace if and when they are damaged. Newer homes use materials that are more resistant to damage, making them cheaper to insure.
For instance, home insurance for a house built in 2000 will cost an average of $3,104 per year, while insurance for a recently constructed house has an average annual premium of $1,996.
For newly constructed homes with a dwelling coverage of $250,000, the companies that offer the cheapest home insurance in Denver on average are:
- Chubb: $1,475 per year
- Allstate: $1,664 per year
The Cheapest Home Insurance in Denver for New Homes, Ranked
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Cheapest Home Insurance Companies in Denver if You Have a Lot of Personal Property
Part of what homeowners insurance covers is damage to or loss of personal property kept at your home.
A policy that has a personal property limit of $100,000 costs $3,104 per year. Increasing the coverage limits of your personal property results in a higher premium. A policy with a personal property coverage limit of $250,000 costs $3,388 per year.
For homes with a personal property limit of $250,000, the homes insurance companies in Denver that offer the cheapest policies on average are:
- Chubb: $2,174 per year
- Allstate: $2,302 per year
Cheap Companies in Denver for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Denver for High Deductibles
A deductible is the specific amount that you pay out-of-pocket before your insurance covers the rest of the cost. Policies with a lower deductible are more expensive because insurers end up paying more.
For example, with a deductible of $1000, a policy will cost an average of $3,104 per year. If you increase the deductible to $2,000, the premium decreases to roughly $2,797 per year.
On average, for policies with a $2,000 deductible, the companies that offer the cheapest home insurance are:
- Chubb: $1,398 per year
- Allstate: $2,000 per year
The Cheapest Companies in Denver for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Denver if You Have Poor Credit
Certain states don’t consider your credit score when computing the cost of your home insurance policy. Unfortunately, Colorado isn’t one of them. In Colorado, your credit standing does make a difference in your policy rates.
Homeowners with good credit scores are less likely to file a claim, making them less risky to insure. It also gives insurers more confidence that they’ll be able to pay their premium each year.
A policy for a homeowner with good credit standing costs an average of $3,104 per year on average, while a homeowner with a poor credit score may have to pay roughly $4,895.
On average, for homeowners with poor credit scores, the companies in Denver that offer the cheapest home insurance are:
- Auto-Owners Insurance Co: $2,829 per year
- Chubb: $3,441 per year
The Cheapest Companies in Denver for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Denver
If you want to compare home insurance quotes in Denver, you can do so online. But make sure that you have the following information ready:
- Home Replacement Cost – How much it will take to rebuild your home determines your dwelling coverage limits. You should hire a professional to assess your house, whether this is a contractor or a construction professional.
- Personal Property Value – How much your personal belongings are worth determines your personal property coverage limits. You should have an accurate assessment of what you have and how much you’ll need in case you need to replace it.
- Personal Details – Insurers will want to know how many people live in your home as well as where it’s located. They’ll also ask for your insurance history.
- Home Details – Insurers will need information about whether there are any security devices installed in your home. Aside from this, they’ll want to know how big your home is, when it was built and even what materials were used.
Homeowners Insurance in Denver Analysis: Methodology
MoneyGeek’s study covered eleven insurance companies in Denver using information given in partnership with Quadrant.
The sample homeowner profile included a 2,500 square foot home with a dwelling coverage limit of $250,000, personal property and liability coverage limits of $100,000 each and a $1,000 deductible for a home built in the year 2000.
To present a wide array of information, MoneyGeek collected quotes from homeowners with newly constructed homes, higher coverages for dwelling and personal property, increased deductibles and poor credit standing.
Top companies were determined by analyzing financial stability and customer satisfaction surveys from J.D. Power. Quotes for a home with varying coverage levels were used to calculate affordability.
About Mark Fitzpatrick