What Is the Average Home Owners Insurance Cost in Colorado?

The average home owners insurance cost in Colorado runs homeowners $2568 per year, a figure that is much higher than the national average. This means that the average cost of home insurance in Colorado monthly is simply $214 per month for your premium.

The best home insurance in Colorado is going to help you protect against the perils your home faces, without breaking the bank. Understanding the average cost of your homeowners coverage can help you see where you fall and if it’s time to make a switch.

While homeowners should at least review their policies every year, many fail to do so. In the process, they end up spending hundreds to thousands of dollars extra for protection they can receive for much less.

 

Why the Average Home Insurance Premiums Are Rising in Colorado

There are plenty of reasons that go into this increase, and thankfully, ways homeowners can protect against them. Understanding the average home insurance cost in Colorado can help you in many ways, including staying protected for the many reasons rates are rising in the first place.

Homeowners in Colorado have to face plenty of perils, with natural disasters arguably being the more prevalent. Unfortunately, weather patterns continue to change for the worse, meaning your premiums are rising to account for this increase in risk.

When it comes to The Centennial State, the growing threat of wildfires, floods, and hailstorms are three specific weather-related threats that insurance carriers are looking at when creating your premiums. Of all the perils that homes may face, fires are consistently the most destructive.

This means if you live in an area that is prone to wildfires, such as Colorado, you’re going to pay more for protection as a result. Home insurance carriers are all gauging risk and adding to that risk as a client means higher average costs for homeowners.

But it’s not only weather perils that are raising the average cost of home insurance in Colorado. Other factors such as inflation are also a part of the equation. On top of it all, each brand is going to assess your risks differently.

This means everything from economic factors to where your home is located will go into each company’s calculations and how they rate them will vary. It’s one of the main reasons that homeowners can receive different prices even when looking at the same exact coverage.

To avoid overpaying, homeowners should compare and shop around for their policies. This way, you can find the lowest rate for the coverage your home needs.

 

How To Lower Your Average Cost of Home Insurance in Colorado

There are plenty of ways for homeowners to reduce their average cost of home insurance in Colorado, but not all of them are equal. Let’s explore the options homeowners have to help them save:

Discounts

Having the right discounts is a great way to keep your monthly premiums low. A common example includes bundling home insurance with an auto insurance policy. There are several discounts available, and while homeowners aren’t eligible for everything, it’s always important to check for what’s available to fit your needs.

Purchasing Less Coverage

The risk you pose as a client goes into calculating your home insurance premiums, but so too does the amount of coverage you’ll need. Simply purchasing less coverage could help you reduce your costs, but by doing so, you’re putting your home, personal property, and finances at risk.

Signing Up With the Cheapest Company (No Matter What)

Don’t get us wrong, it’s important to find the carrier providing your coverage for the best price, but you’re also going to want to be sure that the carrier you choose is there for you when you need them.

This goes beyond simply picking a major, national brand. Homeowners in Colorado will need to enroll with a company they can trust. There are independent organizations that assess and rate insurance providers on their ability to pay your claim and their financial strength.

Be sure that you’re backed by a company that can cover their end of the deal, even when facing widespread losses. Otherwise, you may find yourself lacking when it comes time to submit a claim.

Comparing Your Coverage Among Top-Rated Carriers

Without a doubt, the best way for homeowners to save money on home insurance premiums is by shopping around for coverage. Specifically, through top-rated carriers that are financially sound and capable of being there when you need them the most.

It’s not a gimmick or a ploy, it’s the best way to help homeowners because rather than putting the carrier in focus, it provides a homeowner-centric approach to coverage. This is exactly why we’ve partnered with more than 25 top-rated carriers providing quality home insurance policies in CO.

Our agents are able to not only compare your coverage but also search through more discounts and apply them to your coverage to help you save money without having to cut coverage.

The average homeowners insurance cost in Colorado is rising. Assess your needs and get a homeowners insurance quote online today. You can also give us a call and our experts will be ready to help you find the right coverage for your needs.