besthome insuranceLakewoodThe Best Cheap Homeowners Insurance in Lakewood, Colorado for 2023: Quotes and Reviews
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besthome insuranceLakewoodThe Cheapest and Best Homeowners Insurance in Lakewood
Cheapest homeowners insurance in Lakewood - Auto-Owners Insurance
Best homeowners insurance in Lakewood - Auto-Owners Insurance
The Cheapest Home Insurance Companies in Lakewood
Homeowners exploring home insurance companies in Lakewood should consider price first since many firms offer the same basic coverages. MoneyGeek identified the cheapest homeowners insurance in Lakewood with a $250,000 dwelling coverage as:
- Auto-Owners Insurance Co: $1,016 per year
- Chubb: $1,424 per year
The lowest insurance costs for expensive homes in Lakewood with a $2 million dwelling coverage are:
- Chubb: $7,670 per year
- American Family: $8,304 per year
You may adjust the dwelling coverage limits in the table below to see how premiums change. Dwelling coverage is a type of homeowners insurance that protects the physical structure of a policyholder's house from damages that are covered by the policy.
The Cheapest Home Insurance in Lakewood, Ranked
Dwelling Coverage:
$250,000
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According to MoneyGeek, the minimum liability coverage on any insurance policy is $100,000. Personal property limits of $100,000 are included in all plans with initial baseline dwelling coverage, while personal property limits of $800,000 are included in policies with dwelling coverage of $2 million.
If you live in a different city, you may want to look into alternative Colorado home insurance options.
The Average Cost of Homeowners Insurance in Lakewood for 2022
Lakewood$2,765
Colorado$3,156
U.S.$2,103
The average cost of homeowners insurance in Lakewood varies depending on where you live, how old your house is and the building type. On average, home insurance in Lakewood costs $2,765 per year, which is lower than the state average of $3,156, but higher than the national average of $2,103.
Calculate the Cost of Home Insurance in Lakewood
The cost of homeowners insurance in Lakewood is directly related to the location of your home. The amount of dwelling coverage you acquire, personal property coverage you purchase and your credit score also play an important part.
With MoneyGeek's home insurance calculator, you can compare homeowners insurance quotes in Lakewood.
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 Lakewood
Apart from the cost of homeowners insurance in Lakewood, consider the insurer’s financial stability and customer service ratings. You want a company that processes claims quickly and equitably. In order to identify the best home insurance companies, MoneyGeek looked at a variety of factors, including price, customer ratings and financial stability.
The results are in and the best home insurance companies in Lakewood are:
- Best Overall: Auto-Owners Insurance Co
- Runner-up: USAA
Please note that USAA policies are only available to veterans and military families.
1
Auto-Owners Insurance
Score:97
Auto-Owners Insurance took the lead in MoneyGeek's review of customer satisfaction, affordability and financial stability. It offers homeowners insurance in Lakewood for an annual premium of $1,016 and allows homeowners to add on home replacement coverage, which fully insures the home, even with low coverage limits.
More About Auto-Owners Insurance
Auto-Owners Insurance offers several rare coverages, including electrical equipment breakdown. This covers air conditioners, heating units, computers and large appliances when they fail electrically or mechanically in your house.
Read MoneyGeek's Auto-Owners Insurance home Insurance Review2
USAA
Score:91
MoneyGeek’s analysis ranked USAA the second-best homeowners insurance in Lakewood. It costs $1,424 annually and provides a choice of additional rare coverage selections for homeowners to choose from, including rental coverage.
More About USAA
USAA customers can purchase additional rental insurance that covers costs associated with being a landlord. The company also offers discounts for having security systems and remaining claims-free.
MoneyGeek notes that these are "add-on" coverages, which means they can be purchased separately from your insurance and are not included by default. Insurance companies that automatically add these coverages give the homeowner a meaningful cost advantage.
Read MoneyGeek's USAA home Insurance ReviewCheapest Home Insurance Companies in Lakewood for Newly Constructed Homes
Newly built homes in Lakewood can be much less expensive to insure than older homes, because newer materials may be easier to replace for an insurer, and such homes are more resistant to damage, which means homeowners are less likely to file a claim. A newly built home costs an average of $1,782 a year to insure, much less than the cost to insure a home built in 2000, which is $2,765.
The cheapest homeowners insurance in Lakewood for new homes with $250,000 in dwelling coverage are:
- Auto-Owners Insurance Co: $655 per year
- Chubb: $1,258 per year
The Cheapest Home Insurance in Lakewood for New Homes, Ranked
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Cheapest Home Insurance Companies in Lakewood if You Have a Lot of Personal Property
Home insurance in Lakewood covers damage to personal items kept in the home, but if you want to protect a large number of personal items, you will pay a higher premium. The average home insurance policy in Lakewood costs $3,022 for $250,000 in personal property coverage limits, which is higher than the national average of $2,765 for $250,000 in personal property coverage limits.
The following are the cheapest home insurance companies in Lakewood for $250,000 in personal property coverage limits:
- Auto-Owners Insurance Co: $1,110 per year
- Chubb: $1,854 per year
Cheap Companies in Lakewood for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Lakewood for High Deductibles
The deductible amount you set might have a considerable impact on the cost of your homeowners insurance in Lakewood. If you choose a higher deductible, you will pay more out of pocket if you file a claim, but your annual premium will be lower. With a $2,000 deductible, the average cost of coverage is $2,504, which is lower than a policy with a $1,000 deductible, which costs $2,765.
The following are the cheapest homeowners insurance providers in Lakewood for clients with $2,000 deductibles:
- Auto-Owners Insurance Co: $920 per year
- Chubb: $1,192 per year
The Cheapest Companies in Lakewood for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Lakewood if You Have Poor Credit
Homeowners with poor credit scores will pay more every year for home insurance. Insurance firms in Lakewood utilize credit scores as a grading element for insurance pricing. So, if you have bad credit, home insurance will cost you an average of $4,279, compared to $2,765 for homeowners with good credit.
Based on MoneyGeek's research, the cheapest two homeowners insurance companies in Lakewood for customers with bad credit are:
- Auto-Owners Insurance Co: $1,016 per year
- Chubb: $2,932 per year
The Cheapest Companies in Lakewood for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Lakewood
When looking for homeowners insurance in Lakewood, it's imperative to compare prices and coverage options. Even for policies with the same basic coverage, cost might vary significantly from one provider to the next. To obtain online quotes, MoneyGeek suggests gathering the following information:
- Cost of home replacement: Construction expenses, square footage, material quality, and home features all influence the cost of replacing your home. To acquire an estimate, you'll need to speak with a contractor or a construction specialist.
- Worth of personal property: Home insurance can cover the value of your personal property or belongings in addition to the value of your home.
- House information: The insurer will want to know when your house was built, how big it is, and what safety equipment it contains, among other things.
- Personal information: Your address, information on who lives in your home, insurance history and other facts will also be needed.
Homeowners Insurance in Lakewood Analysis: Methodology
MoneyGeek assessed 11 home insurance companies in Lakewood to establish affordability scores based on Quadrant data and quotations for a home with various coverage levels.
For a 2,500-square-foot home built in 2000, the base homeowner profile includes $250,000 in dwelling coverage, $100,000 in personal property coverage, and $100,000 in liability coverage. Moreover, a $1,000 deductible was included in the policies.
For this in-depth study, MoneyGeek gathered quotes for homeowners with newly constructed homes, additional dwelling or personal property coverage needs and larger deductibles. J.D. Power's customer satisfaction ratings were also cited.
About Mark Fitzpatrick
sources
- Morrison Insurance Agency. "HOMEOWNER INSURANCE, Reliable insurance for you and your family." Accessed March 15, 2022.
- Trusted Choice. "Your Complete Guide to Lakewood, CO Homeowners Insurance." Accessed March 15, 2022.