Best cheap homeowners insurance in Denver
Thanks to all its natural threats, Denver is not necessarily home to cheap insurance rates, with the average homeowners insurance policy costing $1,943 per year for $250,000 dwelling coverage. It is more than the average cost of home insurance in Colorado, which costs $1,659 per year, and much higher than the national average of $1,312 each year.
More than 727,000 residents in Denver County spread across 338,341 housing units and 301,501 households. Compared to other areas like Jersey City and Hartford, Denver has a very high rate of owner-occupied properties, totaling about 50% for an even split between homeowners and renters. With Denver subject to fire, storms and snow, you cannot afford to go without home insurance when you own a home in Denver. Based on the latest 2021 figures and rankings, these are the best cheap home insurance companies in Denver.
Best cheap home insurance companies Denver
Based on the average rates for 2021 home insurance, the five companies with the cheapest home insurance rates are Auto-Owners, USAA, American Family, Travelers and Allstate.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power score|
*USAA is not eligible for official ranking with J.D. Power due to eligibility restrictions
Auto-Owners has some of the highest customer satisfaction scores in J.D. Power’s 2020 US Home Insurance Study. Homeowners can add on critical protections, such as guaranteed home replacement cost, water backup and sewer coverage, ordinance or law coverage and equipment breakdown protection. Its signature Homeowners Plus program is designed as an all-in-one solution for homeowners looking for multi-faceted protection. To save money on your premiums, Auto-Owners offers several savings programs, such as multi-policy, payment, paid-in-full, claims-free and mortgage-free discounts. If you have a green home or your house has protective devices or a water shut-off system, you may be able to earn extra discounts.
USAA has some of the cheapest car insurance rates and the best customer service, but you need to be either active military or a veteran (or an immediate family member) to take advantage of its home insurance. In addition to the standard home insurance coverage, there is also coverage available for home-sharing, earthquakes and loss of use coverage. Available discount options include claims-free, higher deductible, protective device credit and bundle discounts. With USAA’s fantastic customer service, there are multiple options for support, including online, phone, chat and in-person agent support.
American Family is about on par with average rankings for customer satisfaction, but where it shines is its coverage. There is a whole suite of protections to give you all the coverage you need that includes coverage for home maintenance and wear and tear. American Family also works directly with the National Flood Insurance Program to provide flood insurance without the requirement of a separate policy. In addition to loyalty, generational and several payment discounts, American Family also offers discounts based on the age of your home, home renovations and smart home systems, such as Nest.
Travelers also offers excellent coverage for Denver home insurance. Homeowners can choose from coverage for special personal property, contents and additional replacement cost protection, jewelry and valuable items, and a personal articles floater. Travelers also offers water backup, identity fraud and green home coverage for applicable properties. To help you save money on your monthly premiums, there are available discounts that include home buyer, loss-free and green home discounts.
Allstate offers a selection of unique coverages that are typically seen among home insurance companies, including coverage for your business property, sports equipment and musical instruments. There are also options for a personal umbrella policy, scheduled personal property, manufactured/mobile home insurance and HostAdvantage program if you need home-sharing or AirBnB insurance. If you happen to update your home with green renovations, you may be able to earn extra discounts, in addition to specialized coverage.
Denver home insurance considerations
Denver homeowners are at risk from several natural threats that can wreak havoc on your home.
- Wildfire: 2019 wildfires made home insurance very difficult for many homeowners to purchase due to the increased risk in the area. Many policies do cover fire damage, but you should always check with your home insurance company to ensure that you have sufficient coverage.
- Sump pump and water backup coverage: Denver is home to lightning storms and extreme winter weather, which can bring water damage. Sump pump and water backup coverage ensures that if you have frozen or broken pipes, the damage will most likely be covered by your policy.
- Flood insurance: Flood insurance is not included with the average insurance policy. Some insurance companies will offer this protection directly, while others may require you to purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP).
Home insurance discounts in Denver
There are several types of home insurance discounts that Denver homeowners can use to lower the cost of their home insurance policies.
- Home: Your house could bring extra home insurance discounts, with companies offering savings for new home construction, upgraded utilities, safe construction materials or a new roof upgrade.
- Quote: Your home insurance policy may also earn you savings when you bundle your home and car insurance, renew your policy early or pay your policy in full.
- Customer: Many providers offer savings for individuals, such as discounts for loyalty, claims-free, good credit, seniors or active military and veterans.
Every insurance company offers its own selection of home insurance discounts based on where you live. Before you purchase a home insurance policy, be sure to inquire about what discounts are available for your policy.
Frequently asked questions
What is the best home insurance company?
Based on our in-depth analysis, the best home insurance companies in 2021 include USAA, Travelers, Allstate, Lemonade, AAA, Amica and MetLife. However, the best insurance company for you may vary based on individual rate factors like where you live, the kind of home you have and the type of coverage you choose.
How much does home insurance in Denver cost?
The average cost of homeowners insurance in Denver is $1,312 per year for a policy with $250,000 of dwelling coverage. It is significantly cheaper than the average cost of Colorado home insurance, which averages $1,659 per year.
How much home insurance do I need in Denver?
Home insurance is not required in Denver, but if you have a mortgage, your lender will likely require that you carry a minimum amount of coverage. Regardless, the area’s extreme temperatures can inflict very expensive losses on your home that you would have to pay out of pocket without home insurance coverage.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homes 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 may be different.
Rates are determined based on 2021 Quadrant Information Services data.