If you own a home in Colorado, your annual premium for homeowners insurance will be higher than the average premium paid throughout the country. The national average for the cost of homeowners insurance is $1,784, whereas the average cost of homeowners insurance in Colorado is $2,340. This is a difference of more than 30 percent.
To discover which homeowner's insurance company in Colorado offers the most affordable and comprehensive coverage, we compared the premiums charged by 15 different providers for a policy covering a home constructed in 1997 with a dwelling coverage amount of $300,000 and a deductible of $1,000. However, they are estimates, and the actual prices you get may be different.
Auto-Owners
The average yearly cost of $1,193 charged by Auto-Owners Insurance is roughly half the state average, making it the most affordable home insurer in Colorado. Additionally, it was given a rating of 4 stars.
The organization provides various supplementary coverage options, including protection against identity theft up to $15,000, guaranteed home replacement cost coverage, ordinance or law coverage, and equipment failure coverage. Homeowners can save insurance by qualifying for one of several discounts; using the web portal provided by the firm; customers may make policy purchases and submit claims by communicating with a local agent.
Chubb
The yearly average premium for Chubb is $1,846, over $500 less than the average for the state, and the firm was given a 5-star rating. Chubb specializes in high-value houses, has excellent levels of client satisfaction, and offers a wide selection of coverage kinds, discounts, and other optional extras.
If you file a claim, you will be reimbursed for additional living expenses, your home will be rebuilt according to current building codes, and the value of your belongings will be equivalent to their replacement cost. These are just some of the great benefits that come standard with its home insurance policies. Additionally, the organization provides a vast selection of liability limits, ranging from one million to one hundred million dollars. When purchasing a policy, you are required to deal directly with the agent. You may submit claims either online or over the phone.
Shelter
The fact that the annual fee at Shelter is an average of $2,051 — which is over $300 cheaper than the average for the state of Colorado — in addition to its 4-star rating makes it an attractive choice. In addition, it has a solid financial foundation and, in comparison to other insurers of comparable size, a lower number of complaints lodged with state authorities than was anticipated.
Trees, shrubs, plants, and lawns are protected, and fraudulent credit card payments or forgeries are compensated for up to $1,000. In the event of a covered loss, the company will also pay to have the scene cleaned up, reimburse you for fire department fees of up to $500, and give you coverage of up to $500.
Bundling your auto and home insurance policies can save you money, especially if you have good driving records and haven't filed a claim in the past six years. Having safety features installed in your home, like smoke detectors and deadbolts, can also help, as can buying insurance while your house is still being built.
What You Need To Know About Homeowner's Insurance in Colorado
Wildfires
Regarding the number of properties in danger of being destroyed by wildfires, Colorado is ranked third in the country. Most home insurance plans protect against damage caused by fire and smoke, although policyholders in high-risk locations may have trouble acquiring coverage from some insurers. Find out more about everything you need to know about insurance and wildfires here.
Recently, legislators in the home of Colorado proposed a bill that, if enacted into law, would require homeowners' insurers to provide increased property coverage and extended timelines for rebuilding after a fire of at least three years. If the bill is successful, the requirement will go into effect on July 1, 2019.
Hail
Hail Alley runs across Colorado; the state often sees intense hailstorms between April and September. Most homeowners' insurance plans will cover damage caused by hail, including damage to your roof, if the policyholder has met their deductible requirements.
Flooding
There is a possibility of flooding in Colorado, yet most homeowner's insurance policies do not cover damage caused by water. Your mortgage lender will almost certainly require you to obtain flood insurance if you reside in an area at high risk for flooding, such as near the shore of a lake or river. However, you might be in danger regardless of where you reside, so it is still something to think about. You may determine the probability of flooding in your region using the flood maps provided by the Federal Emergency Management Agency.
