Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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The average cost of homeowners insurance in Colorado is $2,829 for $300,000 in dwelling coverage with a $1,000 deductible. That price increases to $3,570 with $400,000 in dwelling coverage and $4,200 with $500,000 in dwelling coverage.
Regular wildfires have driven up the price of home insurance in Colorado, making it difficult for some homeowners to find insurance. In 2023, the governor of Colorado implemented the FAIR Plan to ensure eligible Colorado homeowners have access to up to $750,000 in property insurance, which offers financial protection against covered perils, including wildfires, even in high-risk areas.[1]
Over the past 20 years, Colorado has seen the second-largest increase in natural disasters, second only to Kansas.
Colorado ranks second, behind Texas, as the state with the most homes at risk for hail damage.
The average annual cost of home insurance for $300,000 in dwelling coverage in Colorado is $2,748.
Best home insurance companies in Colorado
You have plenty of quality home insurance companies to choose from in Colorado. The best company for you will depend on your individual needs and budget. Start your search with the insurers listed below.
Insurance Company
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Monthly Premium
Best For
Grange
N/A
$152
Cheapest rates
Auto-Owners
7.4
$167
Guaranteed replacement cost coverage
Allstate
8.2
$119
Optional coverage
State Farm
8.2
$212
Roofing discount
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 55,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
Best insurer for cheapest rates: Grange
cheapest ratesGrange
Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$105/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$169/mo
Grange has been in business for more than 125 years. Today, it offers customers a range of products, including home, renters, auto, condo, and farm and ranch insurance. Grange has some of the lowest rates in Colorado, so residents looking for affordable home insurance should check it out.
Pros
Affordable home insurance rates
Wide variety of home insurance coverages
Cons
Can’t get a quote online
No customer satisfaction ranking from J.D. Power
Best insurer for guaranteed replacement cost coverage: Auto-Owners
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.4/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
634
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$167/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$245/mo
Auto-Owners offers customers an array of insurance products, including homeowners coverage, auto, life, business, and more. It also offers guaranteed replacement cost coverage, which covers the total cost of replacing your house even if your coverage limit is too low. This is important in Colorado, where wildfires are common and very destructive.
Pros
Wide variety of discounts
Above-average J.D. Power customer satisfaction rating
Cons
No online quote option
Below-average J.D. Power property claims satisfaction rating
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.2/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
631
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$119/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$133/mo
Allstate Insurance has been in business since 1931. The company offers standard home insurance options, including dwelling coverage, liability protection, and personal property coverage. It also has a wide variety of optional insurance products for sports equipment, personal computer data, and musical instruments. With Allstate, you can purchase yard and garden coverage, which increases the limits for the cost of items like trees and landscaping. This could come in handy in Colorado, which has a lot of hailstorms and wildfires.
Pros
Wide variety of discounts
Online quote option
Cons
Below-average J.D. Power property claims satisfaction rating
Below-average J.D. Power customer satisfaction rating
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.2/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
643
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$212/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$304/mo
State Farm is a well-known insurance company offering home, auto, life, and business insurance. Homeowners can take advantage of State Farm’s roofing discount, which will replace your roof regardless of whether the damage is from fire, hail, or any other covered loss. Colorado residents might consider this option, as hail and fire are two of the state’s biggest risks. State Farm also offers discounts for eligible homeowners who use resistant roofing products, such as hail-resistant shingles.
Pros
Above-average J.D. Power customer satisfaction rating
Online quote option available in Colorado
Cons
Fewer discounts than some competitors
No guaranteed replacement cost coverage
Cheapest home insurance in Colorado
Allstate provides the cheapest homeowners insurance coverage in Colorado. The average cost for $300,000 in dwelling coverage with a $1,000 deductible is $2,829 per month, or $236 per month.
If you’re looking for affordable home insurance in Colorado, make sure you compare multiple insurance companies to find the best rate. The table below highlights the average monthly rates for some of the cheapest insurers in Colorado.
The below rates are estimated rates current as of: Tuesday, August 19 at 12:00 PM PDT.
The average cost of home insurance for $400,000 in dwelling coverage in Colorado is $3,468, according to Insurify data. Several factors affect homeowner insurance premiums, such as:[2]
Location
Your ZIP code is important information for Colorado insurers. They want to know how close you live to a fire department or any fire hydrants and what the crime rate is like in your neighborhood. Living in an area where earthquakes, floods, or wildfires are common can also increase your premiums.
Replacement cost
How much would it cost to rebuild your home and replace all your stuff? This is how insurers determine the replacement cost. The more it costs to replace your home and belongings, the more it’ll cost to insure them.
Age of home
Home insurance premiums often increase as homes age because of an increase in risk. For example, an old roof increases the risk of a leak. Older homes that are in poor condition typically have higher premiums.
Type of coverage
The type and amount of home insurance you choose will also affect the price. Opting for higher insurance limits will usually lead to a higher premium.
Credit history
Having a high credit score can also help reduce your monthly insurance payments.
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage, also called dwelling insurance, covers the physical structure of your home. It can also include any structures that are permanently attached to your house, such as your garage or deck.
Dwelling insurance generally covers damage to your home resulting from a covered peril. It doesn’t cover damage to your personal belongings inside your home. The amount of dwelling coverage you need is often based on how much it’ll cost to replace your home. The higher the cost to replace your home, the more dwelling insurance you’ll need, and the higher your insurance premium will be.
The table below shows average monthly home insurance premiums in Colorado by dwelling coverage amount, with a $1,000 deductible.
The below rates are estimated rates current as of: Tuesday, August 19 at 12:00 PM PDT.
A homeowners insurance deductible is the amount of money you have to pay out of pocket before your insurance company will cover a claim. When you purchase insurance, you typically get to choose the deductible amount. How low or high a deductible you choose can affect your total home insurance premium.
Generally, a low deductible will result in higher premiums, and a more substantial deductible will result in lower premiums. So, if your goal is to get the cheapest monthly premium, consider a higher deductible.
In the table below, see how annual home insurance premiums for $300,000 in coverage can change based on the deductible amount you choose.
Deductible Amount
Average Annual Premium
$500
$3,112
$1,000
$2,829
How to get cheap homeowners insurance in Colorado
If you’re looking to secure cheap homeowners insurance in Colorado, you can do several things to keep your monthly premiums down, including:
Increase your deductible. Raising your deductible to $1,000 can allow you to save as much as 25%, according to the Insurance Information Institute.[3] But make sure you can afford to pay your deductible if you need to file a claim.
Bundle your policies. Purchasing your home and auto insurance policies from the same company can reduce your premium.
Install home security devices. Many insurers offer discounts of at least 5% if you have smoke alarms, security alarms, or deadbolt locks in your home. Some companies offer additional savings if you have sprinklers installed or security alarms that alert the police.
Boost your credit score. It’s common for home insurers to use your credit history when determining your premiums. A higher credit score may help you secure a lower premium. To boost your credit, focus on paying your bills on time and only apply for credit when you really need it.
Compare insurance quotes. Different insurers offer different rates and discounts. To find the cheapest home insurance, compare multiple insurers. Once you’ve narrowed it down to your top three, ask for quotes.
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How much homeowners insurance do you need in Colorado?
When you take out a mortgage on your home, your mortgage company will require you to purchase a homeowners insurance policy. It’s important you understand what your home insurance policy covers when you buy it so you know if you’re properly covered.
Standard home insurance covers damage to your home and its contents. This usually includes coverage of the structure of the home, your personal possessions, belongings, liability protection, and additional living expenses for living somewhere else temporarily due to damages.
Most standard policies also provide disaster coverage, but there are exceptions. Standard policies typically don’t cover damage from flooding, earthquakes, and poor maintenance. You can often purchase additional coverage for flooding and earthquakes. Different types of homeowners insurance policies provide different coverage. It’s important to review and understand your policy so you know you have the protection you need.
What are some of the biggest risks when owning a home in Colorado?
For the past two decades, Colorado has seen the second-largest increase in natural disasters, second only to Kansas.[4] The biggest risks to homeowners in Colorado are wildfires and hailstorms. Due to these risks, some homeowners and businesses have found it more difficult to get insurance coverage.
In response to this issue, the governor of Colorado signed the FAIR Plan law in 2023. This law helps homeowners and businesses get property insurance coverage when they can’t find it through traditional means.
Wildfire
Colorado ranks second, behind California, for the state with the most homes at risk for wildfire. In 2021, a wildfire in Boulder County resulted in $2 billion in insured losses.[5] While homeowners insurance typically covers losses due to wildfires, some insurance companies require the homeowner to take steps to reduce the risk. Some insurance companies will also require an on-site inspection so they can recommend risk-mitigation strategies for homeowners to implement.
Hail
In 2023, Colorado ranked second in the U.S. for hail insurance claims. Texas took the No. 1 spot. A standard home insurance policy will typically cover hail damage to the structure of a home.
Colorado homeowners insurance FAQs
If you’re looking for home insurance coverage in the Centennial State, this additional information may help as you research your coverage options.
How much is home insurance in Colorado?
Home insurance in Colorado costs an average of $2,829 per year for $300,000 in dwelling coverage with a $1,000 deductible. That cost increases slightly to $3,112 per year with the same amount of dwelling coverage and a $500 deductible.
Who has the cheapest homeowners insurance in Colorado?
Allstate has the cheapest homeowners insurance in Colorado, with average premiums of $119 per month.
Does Colorado require homeowners insurance?
No. Homeowners insurance isn’t required by law, but if you have a mortgage on your home, your lender will require you to carry home insurance. Even if you’ve paid off your home, it’s still important to carry insurance because if something happens and your home needs costly repairs, you’ll be on the hook to pay for it out of pocket.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
Dwelling coverage: $300,000
Deductible: $1,000
Personal property limit: $25,000
Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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