Best homeowners insurance in Colorado for 2023

USAA

Best for military-focused coverage

Rating: 3.7 stars out of 5

3.7 Bankrate Score

JD Power: 884/1,000 AM Best: A++

Average annual premium

^$ 1,450 for $250k dwelling coverage

USAA Review Get a personalized quote

Average annual premium

^$ 1,450 for $250k dwelling coverage

USAA Review Get a personalized quote

• Overview
• Pros and cons
• Compare rates by city

Why USAA made our list: USAA consistently earns high scores across J.D. Power consumer satisfaction studies, as well as strong financial strength ratings from AM Best. However, membership and coverage is only extended to active-duty or retired U.S. military service members and their families. Colorado residents who are either members of the military or eligible relatives may be able to take advantage of USAA’s many coverage options, including those specific to military uniforms and home sharing, among other standard coverage types.

Who USAA may be good for: Military service personnel stationed at the Air Force Academy in Colorado Springs, Fort Carson Army Base or any of Colorado's other military installations may choose USAA as their carrier of choice.

Pros

• Unique military-focused coverage add-ons 
• Low average rates in Colorado

Cons

• Strict eligibility requirements
• Fewer local agencies that many competitors

Colorado city	USAA avg. annual premium for 250K dwelling
Arvada	$1,417
Aurora	$1,544
Colorado Springs	$1,524
Denver	$1,499
Thorton	$1,379

Allstate

Best for numerous discount and reward opportunities

Rating: 3.5 stars out of 5

3.5 Bankrate Score

JD Power: 815/1,000 AM Best: A+

Average annual premium

^$ 1,858 for $250k dwelling coverage

Allstate Review Get a personalized quote

Average annual premium

^$ 1,858 for $250k dwelling coverage

Allstate Review Get a personalized quote

• Overview
• Pros and cons
• Compare rates by city

Why Allstate made our list: Colorado homeowners looking for coverage that comes with additional rewards may find Allstate to be an excellent choice. For example, you may earn a 5 percent discount on your premium each year you go without filing a claim. Adding Allstate’s Rateguard option to your policy may protect you from rate increases with an allowance of one claim per five years. Allstate also offers a home-sharing endorsement, which may appeal to homeowners who occasionally rent out their property.

Who Allstate may be good for: Homeowners looking for a long list of potential endorsements and discounts may be satisfied with Allstate's policy options.

Pros

• 2023 Bankrate Award Winner: Best Home Insurance Company Overall
• Robust digital tools available for policy management

Cons

• Scored below segment average in the 2022 J.D. Power Home Insurance Study
• Coverage options may not be available in all states

Colorado city	Allstate avg. annual premium for 250K dwelling
Arvada	$2,511
Aurora	$2,706
Colorado Springs	$2,659
Denver	$2,628
Thorton	$2,560

State Farm

Best for local offices

Rating: 3.2 stars out of 5

3.2 Bankrate Score

JD Power: 829/1,000 AM Best: A++

Average annual premium

^$ 3,126 for $250k dwelling coverage

State Farm Review Get a personalized quote

Average annual premium

^$ 3,126 for $250k dwelling coverage

State Farm Review Get a personalized quote

• Overview
• Pros and cons
• Compare rates by city

Why State Farm made our list: In addition to being the largest homeowners insurance company by market share in the nation, State Farm has a strong J.D. Power customer satisfaction rating and highly-rated mobile app. If you prefer to conduct business in person, you may be able to explore coverage through one of the carrier's agents located across nearly 100 cities in Colorado. However, State Farm’s average premium is one of the most expensive on this list, and it doesn’t offer as many discount opportunities as some competitors.

Who State Farm may be good for: If personalized customer service is more important to you than saving money, you might consider asking State Farm for a quote.

Pros

• Strong digital tools and many local agents available in Colorado
• Scored above segment average in 2022 J.D. Power Home Insurance Study

Cons

• Premium may be higher than other companies
• Few discount opportunities

Colorado city	State Farm avg. annual premium for 250K dwelling
Arvada	$1,532
Aurora	$1,722
Colorado Springs	$1,674
Denver	$1,702
Thorton	$1,597

American Family

Best for add-on coverage options

Rating: 3.1 stars out of 5

3.1 Bankrate Score

JD Power: 842/1,000 AM Best: A

Average annual premium

^$ 2,369 for $250k dwelling coverage

American Family Review Get a personalized quote

Average annual premium

^$ 2,369 for $250k dwelling coverage

American Family Review Get a personalized quote

• Overview
• Pros and cons
• Compare rates by city

Why American Family made our list: American Family, also known as AmFam, is a smaller carrier with a long list of potential endorsements. Policyholders may be able to choose from numerous coverage options like hidden water damage protection, equipment breakdown coverage and matching siding protection. Discounts may also be available for customer loyalty, renovated homes and having a parent who is also an AmFam policyholder. AmFam has a very high customer satisfaction score from J.D. Power, but its digital tools are not as robust as some larger carriers.'

Who American Family may be good for: American Family may be a good choice if your parents are already AmFam policyholders and you value in-person and over-the-phone service over digital tools.

Pros

• Long list of unique endorsements
• Scored far above the industry average on the 2022 J.D. Power Home Insurance Study

Cons

• Digital tools may not be as robust as those of other companies
• Average rates are higher than the Colorado state average

Colorado city	American Family avg. annual premium for 250K dwelling
Arvada	$2,417
Aurora	$2,890
Colorado Springs	$2,458
Denver	$2,746
Thorton	$2,612

California Casualty

Best for public safety-focused coverage

JD Power: Not rated AM Best: B+

Average annual premium

^$ 2,217 for $250k dwelling coverage

California Casualty Review Get a personalized quote

Average annual premium

^$ 2,217 for $250k dwelling coverage

California Casualty Review Get a personalized quote

• Overview
• Pros and cons
• Compare rates by city

Why California Casualty made our list: California Casualty is a more unique carrier catering to homeowners in fields of public safety and education, including firefighters, nurses and teachers. Despite its name, California Casualty writes home insurance policies in most states with coverage options and discounts tailored towards its unique customer base. Potential endorsements include off-duty weapons theft coverage, personal property used in teaching coverage and school violence death survivor benefits. However, California Casualty received the lowest financial strength rating of all companies on this list from AM Best, and its customer satisfaction was not scored by J.D. Power.

Who California Casualty may be good for: This regional carrier may be worth looking at if you are in one of the professions that it services, such as teachers, public safety officers and health care providers.

Pros

• Unique coverage add-ons tailored for those working in public safety and education
• NFIP flood policies available

Cons

• Not rated by J.D. Power
• Lower AM Best financial strength rating compared to some competitors

Colorado city	California Casualty avg. annual premium for 250K dwelling
Arvada	$2,313
Aurora	$2,566
Colorado Springs	$2,501
Denver	$2,535
Thorton	$2,331

• Methodology

  Bankrate utilizes Quadrant Information Services to analyze 2023 2 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

  The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required). These are sample rates and should be used for comparative purposes only. Your quotes will differ.
  
  Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base), and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

• Bankrate Score

  Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

  To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

  While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

• What is the cheapest homeowners insurance company in Colorado?

  The cheapest homeowners insurance for you may depend on a number of factors, including the value of your home, the area in which you live, your claims history, your credit-based insurance score, the coverage types and deductibles you choose and what discounts you qualify for. The best way to find cheap coverage is likely to compare personalized quotes from various carriers.

• How do I get homeowners insurance in Colorado?

  Most companies now have an option to start home insurance quotes online. If you’re not sure what home insurance coverage options or amounts you need, it may be helpful to speak to a licensed insurance agent. Once you've found a quote with the coverage options you need at a price point you can afford, you can purchase a policy.

• Does flood insurance come with my homeowners insurance policy?

  A standard homeowner insurance policy does not cover floods. You’ll need to purchase flood insurance separately instead. Two options you have for purchasing a flood insurance policy are the National Flood Insurance Program (NFIP) or a private insurance carrier. If you live in a designated flood zone area and have a mortgage, buying flood insurance could be a requirement from your lender.