Average Costs and Cheapest Homeowners Insurance Companies in Colorado

MoneyGeek analyzed thousands of quotes to calculate average rates and find the cheapest home insurance companies in Colorado for different profiles. Chubb is the cheapest option overall for most homeowners, including those who have a pool and those with expensive homes that require a high dwelling coverage. However, Nationwide is the cheapest for those with newer homes. If you have poor credit, consider Auto-Owners Insurance Co.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Colorado.

MoneyGeek analyzed thousands of quotes to find the cheapest insurance companies in Colorado for different dwelling coverages. Chubb is the cheapest insurer in Colorado for a baseline dwelling coverage of $250,000 at $1,598 per year.

If you are looking for cheap homeowners insurance in Colorado, the most affordable companies by dwelling coverage are:

• Cheapest for $100,000: Chubb
• Cheapest for $250,000: Chubb
• Cheapest for $500,000: Chubb

When buying homeowners insurance in Colorado, how much dwelling coverage you need will depend on the replacement cost of your home.

You can look up rates for different dwelling coverages in the table below.

The average cost of homeowners insurance in Colorado varies depending on the dwelling coverage that you need. Homeowners in Colorado pay an average of $3,156 per year for the baseline dwelling coverage of $250,000.

Dwelling coverage is the most significant factor in the cost of home insurance in Colorado. The higher the dwelling coverage you purchase, the higher your premium. For a dwelling coverage of $100,000 a homeowner in Colorado will pay $1,918 per year while a dwelling coverage of $3 million costs up to $24,882 more at $26,800 per year.

The cost of your homeowners insurance can depend on individual circumstances and several factors relevant to the area, including the value of the home, as well as its age and roof quality. Insurers also consider credit score and claim frequency when determining rates.

You can adjust your dwelling coverage and other limits to see how home insurance rates vary depending on your needs.

MoneyGeek averaged thousands of quotes to find the cheapest home insurance companies in Colorado for expensive homes.

The most affordable insurers in Colorado for expensive homes valued at $2 million are:

• Chubb: $8,632 per year
• American Family: $8,774 per year

Home insurance costs can vary widely depending on the provider so if you are looking for affordable homeowners insurance in Colorado, it is important to compare quotes from different providers.

According to insurance providers, newer homes are cheaper to insure. Using a sample home built in 2015, the cheapest home insurance companies for newer homes with a baseline dwelling coverage of $250,000 are:

• Nationwide: $1,378 per year
• Chubb: $1,405 per year

Home insurance rates in Colorado can be as much as $1,100 cheaper for newer homes compared to homes built in 2000.

Numbers for these 2000 homes differ from the first section due to a different ZIP code collection process.

Having a newer home can save you money. It costs an average of $1,995 per year to insure a newer home built in 2015 in Colorado compared to an average of $3,095 for a home built in 2000. Older homes cost up to $1,100 more to insure per year because older materials are less resistant to the weather and more expensive to replace. Insurance companies expect homeowners of older homes to file more claims, and they increase premiums upfront.

MoneyGeek analyzed thousands of quotes to determine low cost homeowners insurance in Colorado for homeowners with pools.

The cheapest companies in Colorado for homes with a pool and baseline dwelling coverage of $250,000 are:

• Chubb: $1,590 per year
• Allstate: $2,485 per year

Home insurance rates tend to be higher for homes with pools. Insurers consider pools to be a greater risk of injury on the property, as well as an additional structure that would increase the cost of replacing your home.

Some insurers may not cover your pool as part of your dwelling coverage limit and may require you to get additional coverage.

In Colorado, homeowners with a pool pay an average of $3,096 per year for a dwelling coverage of $250,000 while homeowners without a pool will pay an average of $3,095 per year for similar coverage. These rates may vary depending on other factors such as your location and the age of your home.

If you have poor credit, you can still find affordable homeowners insurance in Colorado. Consider the following companies:

• Auto-Owners Insurance Co: $2,902 per year
• Chubb: $3,292 per year

Homeowners with a poor credit score are considered more likely to file a claim and more likely to default on payments. Poor credit poses a risk to insurance providers, meaning higher premiums.

Your credit score can have a significant impact on how much you pay for home insurance. In Colorado, you can pay up to $1,737 more for homeowners insurance if you have poor credit compared to a homeowner with good credit. Homeowners with good credit scores are considered more likely to maintain their homes and pay on time.

The average cost of homeowners insurance in Colorado can fluctuate depending on where you live in the state. Colorado Springs is the most expensive city for home insurance in Colorado at $3,230 per year while Denver is the cheapest at $3,104 per year. Chubb is the cheapest home insurance company in Colorado across all cities.

You can learn more about the rates in your city using the table below.

In order to get a home insurance quote in Colorado, you need to provide the insurer with your personal information to get a binding quote or estimate. The insurer will require 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.

You can also get an anonymous home insurance estimate using MoneyGeek’s Colorado home insurance calculator which is compiled using thousands of quotes.

MoneyGeek analyzed homeowners insurance premiums from 11 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.