Best cheap homeowners insurance in Colorado Springs
Over 60% of Colorado Springs residents own their homes, which have a median property value of $288,400. The average cost of Colorado Springs home insurance is $1,840 per year for $250,000 of dwelling coverage. It may be higher than the national average due to the risk of wildfire, snow and freezing temperatures. To find cheap home insurance rates in Colorado Springs, start by taking a closer look at the most affordable carriers.
Best home insurance companies in Colorado Springs
To find the best home insurance providers in Colorado Springs, Bankrate prioritized pricing, J.D. Power ranking for customer satisfaction and coverage options. Add these five carriers to your list of insurance companies worth getting a home insurance quote from.
|Home Insurance Company||Average Annual Premium for $250K Liability||J.D. Power Score|
|State Auto Insurance||$670||NR|
State Auto Insurance
State Auto Insurance structures homeowners coverage into three packages to make buying home insurance simple. The standard plan is a basic HO-3 policy. Protection Plus adds lock replacement, golf cart rental insurance and $1,000 in freezer content coverage. The top-tier of home insurance is Premiere, which adds higher limits for valuables such as jewelry and art.
Grange provides a list of home insurance options that help you expand coverage based on your unique needs. Some of the add-ons available are service line insurance for underground utility systems such as water, electric, cable, internet and more, equipment breakdown insurance and jewelry and collectible coverage.
A policy from Auto-Owners Insurance can provide first-time homebuyers with peace of mind knowing they can add coverage for unforeseen issues such as getting your home up to code if it doesn’t meet local ordinance requirements. The Homeowners Plus package adds insurance for food spoilage and household appliance leaks to an HO-3.
USAA’s is a great choice for Colorado Springs home insurance but is only available for members who served in the military or who are related to someone who did. Coverage includes guaranteed replacement cost, which reimburses you for an equivalent new item. USAA is one of the few insurance companies to offer flood insurance, which is not included in a basic home insurance policy.
American Family’s most unique coverage feature may be Matching Siding Protection that reimburses you for up to $20,000 to replace undamaged siding to match the new section. The provider also offers equipment breakdown that repairs or replaces appliances, smart home devices and home systems.
Home insurance considerations in Colorado Springs
The state of Colorado does not mandate homeowners to have home insurance but your lender will most likely require home insurance as long as you have a loan on the property. Nevertheless, home insurance is worth the small investment. After all, paying for repairs out of pocket if your home’s water pipes burst after a freeze will cost you far more than the annual premium. The following coverages could compliment a standard HO-3 policy:
- Flood insurance: Flash floods are Colorado Springs’ most common hazard. Flood insurance should cover you in case of flooding, mudslides and damage due to water overflow.
- Guaranteed replacement cost: Most home insurance policies come with actual cash value, which only reimburses you for the cost of the property minus depreciation, based on age and condition. If you have to rebuild or replace an item, replacement cost reimburses you for a new version of the lost or damaged property.
- Personal property endorsement: If you own rare or high-value items such as guns, collectible watches, jewelry or musical equipment, their value may exceed your home insurance’s property limits. A personal property endorsement covers the items for their full value and only costs a nominal fee.
Home insurance discounts in Colorado Springs
To get the biggest savings on a Colorado Springs, CO home insurance policy, ask your carrier for discounts, such as:
- Payment: You may be able to earn discounts for scheduling automatic payments or paying your annual premium in full.
- Disappearing deductible: You may be able to receive a reduction on your deductible amount for each year without a claim.
- Bundling: Buying home and auto insurance with the same carrier may get you a discount on both.
- Home upgrades: Update an old boiler or furnace or replace older appliances with energy-efficient versions to receive a discount.
Frequently asked questions
What is the best home insurance company?
The cheapest and best home insurance company in Colorado Springs can vary depending on factors such as neighborhood, home value, history of claims and more. Get quotes from top providers such as Auto Owners, American Family, USAA, Grange and State Auto Insurance.
How much does home insurance in Colorado Springs cost?
The average cost of home insurance in Colorado Springs is $1,840 per year for a homeowners insurance policy with $250,000 in dwelling coverage.
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.