Insurance
Colorado Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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Jul 26, 2024
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MoneyGeek evaluated various homeowner profiles to find the most affordable homeowners insurance in Colorado and determined that Chubb offers the cheapest overall rate in the state.
We also analyzed different insurance companies based on affordability and service quality to select the best homeowners insurance companies in Colorado. However, the best insurer for you depends on your specific needs.
How to Estimate the Cost of Your Homeowners Insurance Policy in Colorado
Home insurance rates vary from homeowner to homeowner. Several factors impact your premium, including deductible, dwelling coverage amount, personal property limit, credit score and location.
Get a personalized estimate by typing your information into MoneyGeek’s Colorado home insurance calculator below. You can also learn more about how each factor affects the cost of homeowners insurance.
Colorado
Where you live in Colorado heavily impacts homeowners insurance rates. Insurance providers consider how risky it may be to insure your home.
Those who live in areas with high crime rates or frequent weather events tend to pay more. On the other hand, homeowners in relatively low-risk areas pay a cheaper rate.
Dwelling Coverage
Dwelling coverage helps pay for repairing or rebuilding your home’s physical structure. The cost of your homeowners insurance is affected by how much dwelling coverage you include in your policy.
You can contact a professional home appraiser or an insurance company to help determine an appropriate dwelling coverage for your home. On average, the dwelling coverage amount in Colorado is $250,000.
Deductible
A deductible is the amount of money you pay in a covered claim. Choosing a higher deductible means paying a lower monthly rate.
Let’s say you file a claim for a covered peril of $20,000, and your deductible is $2,000. Your insurance provider is responsible for paying $18,000 since you cover $2,000.
Liability
Liability coverage protects against expenses if a third party is injured or if their property is damaged because of your negligence.
The coverage pays for legal fees, pain and suffering costs, replacement expenses, medical and death benefits. It may be worthwhile to increase your liability limit by tens of thousands of dollars since it may only cost you a couple of dollars more each month.
Personal Property
Personal property covers your belongings, whether inside or outside your home. Items such as electronics, furniture and clothing are financially covered from risks such as theft or damage.
Use MoneyGeek’s calculator to know how much personal property coverage will fit your needs. You may want to avoid having too much or too little coverage.
Credit Score
Your credit score plays a role when insurance providers compute your premium. If you have good credit, it’s likely that you’ll pay a cheaper premium.
People with poor credit are considered risky to insure since they may be more likely to file a claim, so insurers tend to charge them a higher premium.
Average Cost of Home Insurance in Colorado
For homeowners insurance, Colorado sits on the pricier end nationwide, as the eighth most expensive state. Colorado homeowners pay $3,599 on average per year for a policy with $250K dwelling coverage. That’s nearly 49% more than the national average.
To see how much more or less dwelling coverage could cost, refer to the table below, which lists the average cost of home insurance in Colorado by dwelling coverage.
Average Annual Premium in Colorado for Homeowners Insurance
| $100,000 | Average Annual Premium$2,512 |
| $250,000 | Average Annual Premium$3,599 |
| $500,000 | Average Annual Premium$6,908 |
| $750,000 | Average Annual Premium$9,222 |
| $1,000,000 | Average Annual Premium$12,278 |
| $2,000,000 | Average Annual Premium$25,115 |
| $3,000,000 | Average Annual Premium$40,394 |
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When deciding how much dwelling coverage you need, a good rule of thumb is to choose an amount that can cover the cost of rebuilding your home.
Purchasing too much or too little dwelling coverage can greatly cost you in the long run. That’s why it’s important to have an estimate before you even purchase a homeowners insurance policy. You can contact your insurance company or a professional home appraiser to get an accurate amount. They will consider your home’s age, building materials, size and other factors.
Average Cost of Home Insurance in Colorado Cities
Homeowners insurance rates vary by state and city. Your homeowners insurance rate in Colorado does depend on the city you live in. View the table below to get an estimate of how much homeowners insurance costs in different Colorado cities.
Average Annual Premium in Colorado Cities for Homeowners Insurance
| Aurora | Average Annual Premium ($100K Dwelling Coverage)$2,402 | Average Annual Premium ($250K Dwelling Coverage)$3,393 |
| Colorado Springs | Average Annual Premium ($100K Dwelling Coverage)$2,467 | Average Annual Premium ($250K Dwelling Coverage)$3,568 |
| Denver | Average Annual Premium ($100K Dwelling Coverage)$2,396 | Average Annual Premium ($250K Dwelling Coverage)$3,529 |
| Lakewood | Average Annual Premium ($100K Dwelling Coverage)$3,155 | Average Annual Premium ($250K Dwelling Coverage)$5,459 |
| Loveland | Average Annual Premium ($100K Dwelling Coverage)$2,322 | Average Annual Premium ($250K Dwelling Coverage)$3,960 |
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MoneyGeek found that Allstate offers the best homeowners insurance overall nationwide. It strikes a good balance between cost and customer service.
However, the best company depends on your household’s needs. MoneyGeek outlined top-performing homeowners insurance companies for different profiles, such as people with an expensive home or military families, so you can pick a suitable option.
Frequently Asked Questions About Home Insurance in Colorado
Shopping for homeowners insurance in Colorado can be overwhelming for first-time homeowners, especially since there are several aspects to consider. MoneyGeek answered a few commonly asked questions to help you.
How much does homeowners insurance cost in Colorado?
In Colorado, homeowners insurance costs an average of $3,599 yearly for $250K coverage. A policy in Colorado costs nearly 49% more than the average national cost, making it the eighth most expensive state for homeowners insurance.
How do I know how much dwelling coverage to get?
The average baseline dwelling coverage in Colorado is $250,000. However, the most suitable amount for you depends on the cost of rebuilding your home. Consider factors such as the home’s materials and labor expenses. Contact an appraiser or your insurance company to get a suitable amount.
Insurance
Methodology
To determine the average cost of homeowners insurance in Colorado, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.