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Best homeowners insurance in Colorado for 2024

Based on our extensive research, the best home insurance in Colorado is underwritten by USAA, State Farm, American Family, Allstate and California Casualty.

Updated Feb 08, 2024
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Compare the best homeowners insurance companies in Colorado

Using data sourced from Quadrant Information Services, our insurance editorial team compared average premiums from dozens of carriers writing home insurance policies in Colorado. We also looked at coverage options and discount opportunities, as well as the ease of use of each carrier's website and mobile app. Finally, we considered third-party financial strength ratings from AM Best and customer satisfaction scores from J.D. Power. As a point of reference, the average cost of a home insurance policy with $250,000 in dwelling coverage in Colorado is $3,212.

Insurance company J.D. Power Average monthly premium Average annual premium
881
/1,000
$164
$1,970
Get a quote
809
/1,000
$206
$2,472
Get a quote
829
/1,000
$202
$2,420
Read review
813
/1,000
$300
$3,599
Get a quote
Not rated
N/A
N/A
Get a quote
*Premiums are for $250K in dwelling coverage **USAA not officially ranked by J.D. Power due to eligibility restrictions
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Read our full methodology

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

1.2M

quotes analyzed

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
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100% of homes
need insurance before getting a mortgage
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The top 5 home insurance companies in Colorado

Best for military-focused coverage

4.7

Rating: 4.7 stars out of 5

Avg. premium for $250K dwelling

$164/mo

Avg. premium for $250K dwelling

$1,970/yr

Customer satisfaction

881/1,000

Best for numerous discount and reward opportunities

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$206/mo

Avg. premium for $250K dwelling

$2,472/yr

Customer satisfaction

809/1,000

Best for local offices

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$202/mo

Avg. premium for $250K dwelling

$2,420/yr

Customer satisfaction

829/1,000

Best for add-on coverage options

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$300/mo

Avg. premium for $250K dwelling

$3,599/yr

Customer satisfaction

813/1,000

Best for public safety-focused coverage

Avg. premium for $250K dwelling

Not available

Avg. premium for $250K dwelling

Not available

Customer satisfaction

Not rated

Additional Colorado home insurance companies to consider

State Auto

State Auto

Who this may be best for

Homeowners who want predetermined coverage packages

If you opt to go with State Auto home insurance, you can choose from three package tiers: Standard, Protection Plus and Premier. The most basic tier is the Standard package, but homeowners can add coverage options based on needs. State Auto also has home-sharing coverage, which may appeal to homeowners who use their homes as short-term rentals, and home systems protection for AC units, computers and home security devices.

Encompass

Encompass

Who this may be best for

Homeowners who want to customize their home insurance

Encompass offers a pre-packaged home, car and possessions policy called EncompassOne, as well as standalone home policies in three tiers: Elite, Deluxe or Special. Each tier has unique policy features, coverage limits and discount opportunities. Customizable options include water backup protection, mortgage rate protection (if your mortgage is affected due to a covered total loss) and computer and data recovery coverage. Encompass also allows you to customize your home policy with add-ons like enhanced replacement cost coverage, which will pay to rebuild your home after a covered loss.

How Bankrate chose the best home insurance companies in Colorado

To narrow down our list of top home carriers in Colorado, we assigned each company a Bankrate Score. This score takes into account average rates, coverage options, discount availability, customer service, financial strength and more to create a holistic comparison metric. The better a company performed in each of these categories, the higher its overall Bankrate Score for a maximum score of 5 out of 5. As you read through our picks for the best home insurance companies in Colorado, we hope these Bankrate Scores will allow you to easily compare companies based on the factors that matter most to you.

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Finding cheap home insurance in Colorado

Finding the best cheap home insurance in Colorado is getting harder as the insurance industry responds to increasingly severe weather patterns by increasing their rates. You can still find affordable coverage, however, by shopping around and taking advantage of all possible discounts. Bankrate has done the legwork for you by identifying some of the top companies offering cheaper-than-average rates in colorful Colorado. Back to top Caret Up

Cheapest home insurance companies in Colorado

When looking for cheap home insurance companies in Colorado, it can pay off to start with insurers that have a reputation for writing affordable policies in general. Bankrate used data from Quadrant Information Services to determine average rates for the companies that serve the Centennial State. Our top choices may be able to give you the best possible rates here.

Carrier Monthly premium for $250k coverage Annual premium for $250k coverage Savings vs state avg. for $250k coverage
$114
$1,364
- $1,848
$139
$1,673
- $1,539
$164
$1,970
- $1,242
$202
$2,420
- $792
$206
$2,472
- $740
*based on $250K dwelling coverage

How Bankrate chose the cheapest home insurance companies in Colorado

Bankrate's 2024 data on rates comes from Quadrant Information Services, which provides pricing analytics for insurers. Our chosen companies had the lowest rates among all the major Colorado homeowners insurance companies by market share, so that you can make the best decisions for your own coverage.

How to get cheap Colorado home insurance

Although home insurance is not required by law in Colorado, most insurance experts recommend having a policy in place to protect you financially from covered perils. Fortunately, a few strategies may help you find the coverage you need at a price you can afford.

  1. Shop around: Requesting quotes from a few different carriers that meet your requirements may help you find the coverage you need at the lowest price.
  2. Work on your credit score: Home insurance companies in Colorado can consider your credit history when determining your premium. Improving your credit score may help you save.
  3. Maintain your roof: Many insurers reward new or updated roofs with lower rates. Some carriers even have specific roof-related discounts.
  4. Avoid unnecessary claims: Filing a home insurance claim will likely increase your rates when your policy renews. Avoiding claims for small repairs that you can afford to fix out of pocket may keep your rates lower over time.

Best home insurance discounts in Colorado

Another way to potentially save money on your policy is to take advantage of any discounts you are eligible for. Most insurance carriers offer at least a few discounts. Here are a few that are commonly seen with many carriers:

Bundling your home insurance with another insurance policy from the same carrier may earn you savings on one or both policies.
Many carriers offer discounts for automatic or paperless billing and paying your premium in full.
Some carriers extend a discount to policyholders who go a set period of time without filing a claim.
Systems or devices that make your home safer, such as smoke detectors, sprinkler systems or burglar alarms, may earn you a discount.

How to save on home insurance policy renewals in Colorado

Finding the most affordable rates possible in Colorado is one thing, maintaining those low rates over the years is another thing entirely. Fortunately, there are strategies you can take to help you keep your rates low, and may even result in savings over your initial rate.

  • Improve your credit rating: Insurers often reward those with a high credit rating by giving them the lowest possible rates. This is because your high rating shows clearly that you are able to pay your bills on time and fully. A poor credit rating may indicate that you struggle to pay your bills, and this is likely to lead insurers to assign you a higher rate to account for their increased risk.
  • Maintain your roof: An aging or damaged roof can be the cause of a high-cost insurance claim. If your roof is on the older side, consider replacing it — this may result in premium savings. Once you have a new roof in place, maintain it properly to avoid costly claims.
  • Avoid unnecessary claims: Generally, insurers raise rates after one or more claims, even if the claims are unavoidable. If you have home damage that is near the level of your deductible, you may want to absorb the cost yourself and make the repair on your own dime, to avoid the possibility that your premium will increase.
  • Increase your deductible: An easy way to save money is to increase your deductible. This is likely to result in a lower premium. Just be careful that you don't increase it to a level that you would find difficult to pay in the event that you had to file a claim.
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Understanding home insurance costs in Colorado

Increasingly severe weather has caused Colorado home insurance costs to skyrocket in recent years. As climate change continues to impact global weather patterns, these rates are unlikely to decrease in the near future. Shopping around and choosing your insurer carefully should allow you to find affordable coverage, however. Back to top Caret Up

How much is home insurance in Colorado?

The average cost of Colorado homeowners insurance is $3,212 per year for a dwelling coverage limit of $250,000. That is significantly higher than the national average cost of home insurance, which is $1,759 per year. Colorado’s average cost of home insurance is higher than the neighboring states of Utah and Wyoming, where homeowners pay an average of $955 and $1,044 per year, respectively, for the same dwelling coverage. It’s likely that Colorado’s volatile weather conditions, including snow and hail storms, are partially responsible for the state’s higher premiums.

Colorado homeowners insurance rates by city

Even within the same state, home insurance rates can vary depending on where you live. This is true for Colorado, since it is a large state that encompasses a range of weather patterns.

  • Wetmore: $2,724 per year — 15 percent below state average
  • Woodland Park: $2,741 per year — 15 percent below state average
  • Divide: $2,745 per year — 15 percent below state average
  • Victor: $2,762 per year — 14 percent below state average
  • Florissant: $2,812 per year — 12 percent below state average
  • Keenesburg: $3,515 per year — 9 percent above state average
  • Peyton: $3,494 per year — 9 percent above state average
  • Franktown: $3,493 per year — 9 percent above state average
  • Strasburg: $3,458 per year — 8 percent above state average
  • Calhan: $3,455 per year — 8 percent above state average

*Rates are for $250,000 in dwelling coverage.

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Insuring your Colorado home

With changing climate conditions, homeowners in Colorado may want to reevaluate their coverage types and limits. Speaking with a licensed insurance agent may help you understand how risk factors are evolving in your region. Back to top Caret Up

What does home insurance cover in Colorado?

The most common type of Colorado homeowners insurance is called an HO-3 policy. This type of insurance protects your property and belongings, though it covers each in a slightly different manner. Your home and other structures are covered for "open perils," which means any disaster that is not excluded by your policy. Your belongings are covered on a "named peril" basis, meaning that they are covered from damage from a specific list of perils. Knowing what is and isn't covered is important so that you can add additional coverage options if needed. Here are some of the potential perils your policy protects you from:

  • Hail damage: Colorado is prone to severe hailstorms, especially in the spring and summer months. Hail can cause extensive damage to roofs, siding, windows and vehicles, resulting in a high number of claims.
  • Wildfire damage: Several areas of Colorado are at risk of wildfires due to the state's arid climate and abundant forests. Wildfires can result in devastating damage to homes, leading to claims for property loss and damage.
  • Wind damage: Strong winds, often associated with severe storms, can cause damage to roofs, fences and other structures. Wind-related claims are relatively common in Colorado.
  • Water damage: Water damage claims can result from various causes, such as burst pipes due to freezing temperatures, plumbing leaks, or flooding, particularly in flood-prone areas.

Additional home insurance coverage types in Colorado

Home insurance policies typically include a long list of covered perils, but some causes of damage may not be covered. To better protect your financial investment in your Colorado home, it may be worth considering adding coverage that extends past your standard policy. Some of your options may include:

  • Flood insurance: Flood coverage is not included in a standard home insurance policy. You may be able to purchase coverage through a private insurer or the National Flood Insurance Program (NFIP).
  • Mine subsidence coverage: Mine subsidence is ground movement caused by the collapse or shift of underground mines. Some areas of Colorado are vulnerable to subsidence, but this is not covered under a standard home insurance policy. There may be public maps available to indicate if your home is in a subsidence area.
  • Water backup coverage: Sewer and sump pump backups are not covered by a standard home policy. This endorsement may cover the cost of repairing the sewer line and addressing any water damage from the backup.

Related content:

Common Colorado home insurance problems

Although it's undoubtedly best when you have no problems with your home insurance, occasionally a policyholder may experience challenges, some of which can be widespread. Here are a few situations you may face, even if you have a policy from one of the best Colorado homeowners insurance companies.

  • Supply chain issues: Managing the complex supply chains that brought building materials to homeowners was a challenge even before COVID-19. The pandemic made these supply chains even more fragile, making it harder and more costly for homeowners to repair or rebuild their homes after a loss. The increased costs of claims also meant that insurers had to raise their rates to account for them when paying out on claims.
  • Climate change challenges: Many parts of the country are seeing more violent weather patterns that seem to be increasing as climate change warming patterns impact the planet as a whole. Those in low-lying or flood-prone areas, for example, may have an increased risk of flooding, which could mean the need to purchase additional flood insurance to mitigate the risk. Wildfires are an increasingly common issue as well for many parts of the state.

New

News that affects Colorado homeowners

Climate change is impacting Colorado weather patterns, as it is in many parts of the country. These changes can impact homeowners in the state and their home insurance rates. The Climate Center at Colorado State University, in cooperation with the Colorado Water Conservation Board and Denver Water, released a report titled 2023 Climate Change in Colorado. Here are some key takeaways:

  • Since 2008, conditions have been increasingly drier in the state, leading to drought conditions and increased wildfire risk.
  • The state is on track to see rising temperatures, projecting as much as a 6-degree increase on average by the year 2050.
  • The City of Grand Junction has forecasted the water supply dropping by as much as half by the year 2039.

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Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance