Best cheap homeowners insurance in Boulder
Boulder’s population is relatively young, with an average age of 28.7, but home ownership averaged 48% according to 2018 data from Data USA. Homeowners in Boulder live in a state where home insurance is a critical and highly-recommended component of financial protection. Wildfires, flash floods and blizzards are the most threatening perils in the area. Homeowners insurance is intended to financially protect against the unforeseen and uncontrollable.
The average cost of home insurance in Boulder, Colorado is $1,473 per year for $250,000 in dwelling coverage. However, it may be possible to find even cheaper home insurance than this average with some effort and awareness of your options. Bankrate has done most of the legwork by providing an analysis of average Boulder home insurance rates by carrier for your review, as well as a high-level understanding of how these providers compare on key insurance considerations.
Best cheap home insurance companies in Boulder
The five following providers are the best home insurance companies in Boulder, Colorado based on lowest annual premiums and customer ratings from J.D. Power’s annual home insurance study. Rates reflect a standard homeowners insurance policy with an average annual premium based on $250,000 in dwelling coverage. As you can see, rates vary from one insurer to another, and can also change depending on your own personal circumstances, such as ZIP code, claims history, home value and marital status, among other factors.
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power score|
In addition to providing auto insurance options, Auto-Owners also provides quality home insurance to residents in Boulder. The company has the cheapest rates in Boulder, and the second-highest customer satisfaction rating from J.D. Power, earning a top place in our review for Boulder homeowners in search of quality, affordable coverage.
A standard policy from Auto-Owners provides coverage against wildfires, as well as snow and freezing damage from a blizzard or severe storm. However, Boulder residents will need to purchase flood insurance as an add-on. Homeowners who would like a more comprehensive package might consider the Homeowners Plus package from this insurer. It adds coverage for household appliance leaks and food spoilage if a storm knocks the power out for a prolonged period of time.
Learn more: Auto-Owners Insurance Review
Travelers insurance is the next-cheapest home insurance company in Boulder among providers we reviewed. It is possible to find even lower rates by bundling your auto and home insurance together with Travelers. New homebuyers might also receive a discount if they purchased their home in the last 12 months.
Homeowners in the city who practice a more sustainable lifestyle may appreciate the Travelers green building add-on. Should a covered peril cause damage to structures or items, the coverage allows for the replacement or rebuilding with eco-friendly versions.
Learn more: Travelers Insurance Review
Boulder is a military-friendly city with many programs and discounts available for Armed Forces personnel. The same personnel and immediate relatives may qualify for membership to USAA for access to some of the highest-rated home insurance in the industry.
Coverage includes uniform replacement and replacement cost value that pays for new versions of the lost or damaged items, without any deductions for depreciation. While USAA has many positive features qualifying Boulder residents can benefit from, membership is limited based on your military family history.
Learn more: USAA Insurance Review
Besides competitively low rates, Allstate offers a valuable network of local, dedicated agents; Boulder residents will find six in the area. You do not have to go through a local agent to manage your home insurance with Allstate, however — the website and mobile app fully enable users to obtain quotes, file and track claims and manage their account.
To save further on home insurance in Boulder, Allstate offers new and existing policyholders a number of discounts, such as claims-free, responsible payment, welcome, multi policy and protective devices.
Learn more: Allstate Insurance Review
American Family is not the cheapest of all the insurers in Boulder, based on our review of quoted annual premiums, but it still makes the top five in the area for affordable coverage. Boulder residents with siding exteriors can opt to add Matching Siding Protection for reimbursement of up to $20,000 to replace damaged siding — and match surrounding undamaged areas for a uniform look.
Other coverages Boulder homeowners may want to think about include equipment breakdown, which is similar to an extended warranty. It repairs or replaces systems such as HVAC, kitchen appliances, smart home devices and other home features.
Learn more: American Family Insurance Review
Home insurance coverage options in Boulder
Colorado does not require homeowners to have home insurance. However, your lender may require you to have coverage, or will purchase one on your behalf and bill you for it, as it protects the lender’s financial investment. Even if you own your home free and clear, home insurance is typically worth the cost to many homeowners. Monthly premiums usually cost far less than the expense of having to rebuild a house, pay for extensive repairs or settle an injury lawsuit, for example. The following coverages could compliment a basic HO-3 for Boulder homeowners:
- Flood insurance: Flash floods are common in Boulder. Flood insurance is not included in a homeowners policy — you will need to purchase it separately.
- Green building: Boulder has abundant sunny days each year, which is why the city’s solar power initiative encourages homeowners to go solar. A green building add-on allows you to repair or replace your home and contents with eco-friendly versions.
- Service lines: Extreme winter temperatures in Boulder can freeze the soil, and the pipes/lines beneath, wreaking havoc on underground electrical and plumbing lines. Repairing them is your responsibility unless you have a service agreement with the utility company, or have service line coverage as a home insurance extra.
Home insurance discounts in Boulder
Home insurance in Boulder averages $1,473 per year, but it is possible to obtain lower coverage if you take advantage of your options. Several carriers offer home insurance for less for your circumstances, so comparing quotes will help you make that initial determination. You can also take advantage of carrier discounts such as:
- Welcome/switching: Homeowners who switch to a different carrier could earn a discount for making the change. The discount may not be large enough to incentivize you to switch, but could be an added bonus if you were going to switch anyway.
- Bundling: Having several types of coverage including car, auto and life insurance with one carrier could earn you a discount for bundling your insurance.
- Claims-free: The longer you go without any filed claims, the lower your premiums. Many companies will discount your premiums for having a claims-free history.
- Security devices: Most security devices can be installed on your own these days, making these systems more accessible than ever. The best part is, you may earn a small discount on home insurance for installing one.
To see the largest reduction in premiums, bundling and protective device discounts may result in the greatest savings. You can also typically mix and match discount options that you qualify for to find the best savings when you obtain quotes from multiple providers.
Frequently asked questions
What is the best home insurance company in Boulder?
Based on coverages, pricing and customer reviews, the best home insurance companies in Boulder are USAA, Auto-Owners, Allstate, American Family and Travelers.
How much home insurance do you need in Boulder?
Home insurance is not required by law in Boulder. However, your mortgage lender will likely ask or require you to have an active policy. Insurance companies offer the basic package to get a homeowner started, but more extensive coverage can provide better peace of mind and a more secure financial future for many homeowners.
Bankrate utilizes Quadrant Information Services to analyze 2021 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.