Colorado has a wealth of beauty, but it experiences some harsh weather conditions as well which leads to many natural disasters claims. This had led to Colorado’s average homeowners insurance cost to rise above the national average. However, at Reviews.com we evaluated some of the state’s top insurance providers to find the best ones for consumers.
To find Colorado’s top carriers, we compared rates, policies, and offerings of several homeowners insurance companies. Allstate rose above the crowd by providing a plethora of discounts and allowing homeowners to bundle policies and keep everything under one roof. The company also offers unique optional policy add-ons like Claim RateGuard and Claims-Free Rewards.
The 5 Best Homeowners Insurance Companies in Colorado
|Allstate||American Family Insurance||State Farm||Grange Insurance||USAA|
|Our review||Our review||Our review||Our review|
|AM Best Financial Strength Rating||A+||A||A++||A-||A++|
|J.D. Power 2019 Overall Customer Satisfaction Score||3/5||3/5||4/5||N/A||5/5|
|Online Quote Tool||✓||✓||✓||X||✓|
Average Cost of Homeowners Insurance in Colorado
The average cost in 2017 of Colorado homeowners insurance is $1,539 according to the National Association of Insurance Commissioners’ Dwelling Fire, Homeowners Owner Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report. This is higher than the national average of $1,211. Your price varies depending on your location, house size, and credit scores, among other factors.
Home Insurance Add-Ons That Will Further Protect You
Colorado is known for its beautiful seasons, but it’s also prone to severe weather such as hail storms and wildfires. It’s essential to make sure your coverage is adequate. Many policies cover hailstorm damage, but you should check with your insurer and add any comprehensive coverage that may be needed. Like hail, fire damage is usually covered with standard policies.
Helpful Resources for Colorado Homeowners
United Policyholders also has a collection of resources for Colorado homeowners which include advice on storm recovery, insurance claims rights, and much more. Colorado homeowners should also familiarize themselves with the Homeowners Insurance Reform Act. This act was signed in 2013, aiming to help communication and understanding between insurance companies and their customers.
When researching the best homeowners insurance in Colorado, we started by gathering homeowners insurance companies with the largest market share in the state. We then compared its financial strength from organizations such as AM Best, S&P, and Moody’s. We also looked at other important factors for consumers, like the average annual premium and overall customer ratings from J.D. Power. To make our final determinations, we researched each company’s offerings and discounts to find the most affordable and reliable options for homeowners.
We worked with Quadrant Information Services to provide data on home insurance rates by company, state, and age of home. Quadrant makes this information available using rate data that insurers are required to file with the state Department of Insurance. Rates are based on a sample profile created by Reviews.com for comparative purposes.
Best Colorado Homeowners Insurance Companies
- Many discount offerings
- Helpful mobile app
- Unique policy enhancements
- Average customer experience ratings
Allstate isn’t among the cheapest companies on our list for Colorado homeowners, but you can find some savings by taking advantage of the multitude of possible discounts they offer. The company lets you save with automatic payments, protective devices, loyalty discounts, and more.
Also, its optional policy add-ons like Claim RateGuard keep your policy from increasing because of a claim. Others, like Claims-Free Rewards, put money back in your pocket if you’ve had no claims during your policy period.
Customers enjoy the ease of the Allstate mobile app. The app helps customers manage claims, store inventory information, and access resources. Customer satisfaction with the company, however, is average, according to J.D. Power.
American Family Insurance
- Website resources and tools
- 24/7 claims support
- Limited add-on coverage
American Family Insurance offers its customers a collection of resources on its website, including an insurance calculator, checklists, technology guides, and lots of other helpful tools.
If Colorado homeowners need help with their claims at any point, American Family Insurance has 24/7 support available. Customers find it difficult, however, the limited options for add-on insurance that the company offers.
- Strong overall ratings
- Helpful mobile app
- Fewer discount options
- Premiums among the highest
State Farm is one of the biggest names in insurance, and with good reason. It has an above-average customer satisfaction rating from J.D. Power. It also has an excellent financial rating from AM Best, assuring customers that it’s capable of paying out claims.
Customers have lots of excellent things to say about the State Farm mobile app. Through the app, you can manage your policies and claims, as well as upload pictures.
Colorado homeowners may find the company’s lack of discounts off-putting, however. State Farm is already one of the higher-priced companies we examined, and its potential customer discounts aren’t as numerous as other companies offer.
- Affordable premiums
- Wide range of add-ons
- Customer service is mostly by phone
Grange Insurance has one of the lowest average annual premiums that we found. Colorado homeowners can pick a policy that works for them, both financially and coverage-wise. Grange offers a variety of add-on options to make sure customers are adequately covered.
However, those preferring to handle business online may find customer service with Grange Insurance difficult. You can make payments online, but claims and customer service are typically handled over the phone.
- Top customer ratings
- Useful mobile app
- Only serves the military community
USAA is only available to Colorado homeowners who are military members or veterans. For those who can use it, however, USAA is a smart choice.
It has a nearly perfect customer satisfaction rating from J.D. Power, so you know that it can take care of your customer service needs. Customers particularly like the company’s intuitive mobile app. The app helps you file claims and handle your policy quickly and easily.
The Cheapest Homeowners Insurance Companies in Colorado
|Largest Companies by Market Share in Colorado||Average Annual Premium|
|State Auto Prop & Cas Ins Co||$664|
|Owners Ins Co||$814|
|Grange Ins Assn||$905|
|Garrison Prop & Cas Ins||$1,647|
|American Family Insurance||$1,745|
|Shelter Mut Ins Co||$2,112|
|First Liberty Ins Corp||$3,952|
Cost of Homeowners Insurance by Age of Home
|Age of Home (years)||Sample Annual Premium|
|Average Across Ages||$2,729|
Top 3 Cheapest Homeowners Insurance Companies in Colorado
- State Auto Property & Casualty Insurance Co. – $664
- Owners Insurance Co. – $814
- Grange Insurance – $905
Top 3 Most Expensive Homeowners Insurance Companies in Colorado
- Farmers Insurance – $4,406
- First Liberty Insurance Corporation – $3,952
- Encompass – $2,383
The cheapest homeowners insurance companies in Colorado are State Auto Property & Casualty Co., Owners Insurance Co., and Grange Insurance. The most expensive companies are Farmers Insurance, First Liberty Insurance Corporation, and Encompass.
The values presented are the average annual premiums for each company and are based on general profiles. To find the coverage you need with the best value, contact the companies for personalized quotes.
Homeowners Insurance FAQ
Is homeowners insurance required in Colorado?
Homeowners insurance is not required in Colorado, though, you should still consider purchasing it. It’s the best way to protect your home and belongings. Your lender may require homeowners insurance if you have a mortgage.
What is the cheapest homeowners insurance in Colorado?
Your personal policy cost varies based on things like the size and location of your house, your credit score, and your assets. Based on the average annual premiums we examined, State Auto Property & Casualty Insurance Co. offers the cheapest homeowners insurance in Colorado.