How much is home insurance in Colorado Springs?

Home insurance in Colorado Springs costs an average of $4,684 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows.But your rates will depend on many factors, including your ZIP code, age of your home, square footage of your home, and the coverage levels you choose.

Which company has the cheapest homeowners insurance in Colorado Springs?

Armed Forces Insurance Exchange has the cheapest homeowners insurance in Colorado Springs, with annual premiums of $2,124.Other affordable insurers in the city include Grange and Auto-Owners, with annual premiums of $2,175 and $2,242, respectively.

Does Colorado require homeowners insurance?

No. Colorado doesn’t require homeowners insurance, but your lender will require you to carry coverage if you have a mortgage on your home. Even if you’ve paid off your home, having home insurance is vital. It can help you with costly repairs or replacement if something damages or destroys your home.

Why is Colorado homeowners insurance so expensive?

Colorado is at risk for severe weather events, including hail, windstorms, and wildfires. People who live in at-risk areas are at a greater risk of filing a claim, so insurers raise rates to offset their risk of insuring homeowners in these areas.

Best Homeowners Insurance in Colorado Springs (2024)

Best companies
Cheapest insurance
Home insurance cost
Get cheap insurance
Coverage amount
FAQs

Best companies
Cheapest insurance
Home insurance cost
Get cheap insurance
Coverage amount
FAQs

The average cost of home insurance in Colorado Springs is $4,684 for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows.

Colorado Springs has far higher home insurance premiums than the national average of $2,377, partially due to the state’s propensity for wildfires, hailstorms, and other weather-related perils. But you have plenty of ways to save money on your coverage by shopping strategically.

Here’s what you should know about comparing home insurance quotes and finding coverage in Colorado Springs.

Quick Facts

Armed Forces Insurance Exchange, Grange, and Allstate have the cheapest home insurance in Colorado Springs.
The average annual cost of home insurance in Colorado Springs is $2,307 higher than the national average.
Standard home insurance policies typically cover damage from fires, wind, and hail.

Best home insurance companies in Colorado Springs

Homeowners in Colorado Springs have many quality insurers to choose from when shopping for home insurance. The best home insurance company for you depends on a variety of factors, including your individual situation and needs.

Insurify identified a few of the top policy options that stand out in terms of their rates, customer service, discounts, and other factors.

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 Annual Premium ▲▼	Best For ▲▼
Armed Forces Insurance Exchange	N/A	$2,124	Cheapest rates
Grange	N/A	$2,175	Personalized local service
Allstate	4.1	$2,334	Coverage options
State Farm	4.1	$2,558	Customer satisfaction

How Insurify rates insurance companies
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.

Cheapest rates: Armed Forces Insurance Exchange

Armed Forces Insurance Exchange offers the overall best price for Colorado Springs homeowners. The company has been around since 1887 with the mission of providing insurance coverage to military service members and veterans.

Armed Forces Insurance offers all standard home insurance coverages, as well as plenty of additional coverage options, including earthquake or flood coverage, animal liability coverage, identity theft protection, water backup and sump overflow, and more.

Pros

Many available add-ons to customize your policy
Gives back to military and local communities

Cons

Only available to military and veteran families
Can’t complete the entire quote process online

Best insurer for personalized local service: Grange

personalized local serviceGrange

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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
$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.	$181/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.	$301/mo

Overview

Founded in 1894, Grange Insurance Association is a regional insurer serving customers in California, Colorado, Idaho, Oregon, Washington, and Wyoming. It works with independent agents who live in the communities it serves to ensure everyone gets the best service.

Grange offers comprehensive policy packages that include a wide variety of coverages, from standard home coverage to water backup protection, guest medical expenses coverage, lock replacement, and much more. Grange also offers more than half a dozen discounts to help you save on your home insurance premiums.

Pros and cons

Pros

Local company with independent agents in the community
Comprehensive policy packages available

Cons

Quotes not available online
Flood or earthquake insurance not available

Best insurer for coverage options: Allstate

coverage optionsAllstate

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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.	8.9/10
JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	833
$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.	$201/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.	$258/mo

Overview

Allstate is among the top national home insurers and has a variety of coverage options. In addition to standard homeowners insurance coverage, it offers home-sharing coverage, green improvement reimbursement, yard and garden coverage, and much more.

Allstate also has an impressive lineup of discounts available, including a loyalty discount, new homebuyer discount, windstorm mitigation discount, and more.

Pros and cons

Pros

Multiple available discounts
Highly rated mobile app

Cons

Below-average J.D. Power customer satisfaction rating
Guaranteed or extended replacement cost coverage not available

Best insurer for customer satisfaction: State Farm

customer satisfactionState Farm

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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.	9.3/10
JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	842
$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.	$239/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.	$336/mo

Overview

State Farm is the largest writer of homeowners insurance premiums nationwide, and it’s also a great option for Colorado Springs homeowners. State Farm is known for having some of the top customer satisfaction ratings of any insurer, including both claims and overall satisfaction.

And thanks to the company’s large network of local independent agents, you’ll get personalized service while still getting the robust technology that comes with a large insurer.

Pros and cons

Pros

Above-average J.D. Power customer satisfaction rating
Large network of local independent agents

Cons

Fewer available discounts than many insurers
Fewer available add-ons than many insurers

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Cheapest home insurance in Colorado Springs

Armed Forces Insurance Exchange offers the cheapest home insurance in Colorado Springs, but your rates will vary depending on your unique situation. Explore some of the cheapest insurers in Colorado Springs in the table below.

Insurance Company ▲▼	Average Annual Premium ▲▼
Armed Forces Insurance Exchange	$2,124
Grange	$2,175
Auto-Owners	$2,242
Allstate	$2,334
State Farm	$2,558
Foremost	$2,926
American Family	$3,097
USAA	$3,206
Farmers	$3,238
Nationwide	$3,662

Cost of homeowners insurance in Colorado Springs

Average homeowners insurance costs in Colorado Springs are $4,684 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage and $4,765 per year for a policy with a $500 deductible and $300,000 in dwelling coverage.

The average cost of homeowners insurance in Colorado Springs is much higher than the national average but similar to the state average. Colorado is among the top 10 most expensive states for home insurance.

A key reason for the state’s expensive premiums is its high rate of natural disasters. Colorado experiences hundreds of wildfires per year, and they’ve been particularly bad in recent years. The state is also known for its severe hailstorms. As a result, the state has a higher number of claims — and more expensive claims — than many other states.

Additionally, like much of the country, inflation and increased building costs have also affected Colorado’s home insurance market.

Cost of homeowners insurance by dwelling coverage amount

A key factor that affects homeowners insurance costs is the dwelling coverage amount — the amount it would cost to replace your entire home. The higher the dwelling coverage amount, the more expensive the insurance policy.

The table below breaks down the average annual premium for various coverage limits in the state of Colorado for policies with a $1,000 deductible.

Coverage Limit ▲▼	Average Annual Premium ▲▼
$100,000	$1,955
$200,000	$2,985
$300,000	$4,072
$400,000	$5,137
$500,000	$6,079

Cost of homeowners insurance by deductible

Another factor that affects your homeowners insurance costs is your home insurance deductible. The deductible is the amount you’ll pay out of pocket when you file a claim. The higher your deductible, the lower your insurance premiums, and vice versa.

Increasing your deductible is one of the best ways to save money on your premiums. As you can see in the table below, increasing your deductible from $500 to $1,000 can help you save because you take on more of the cost for each claim. Rates shown are for a policy with $300,000 in dwelling coverage.

Deductible Amount ▲▼	Average Annual Premium ▲▼
$500	$4,765
$1,000	$4,684

How to get cheap homeowners insurance in Colorado Springs

Colorado Springs has some of the highest homeowners insurance costs in the country. The good news is you can take several steps to get a cheaper policy without sacrificing quality coverage:^[1]

Shop around. The best way to get the lowest insurance premiums is to shop around for coverage. Insurance premiums can vary widely, even in the same area and for the same person. Getting quotes from multiple insurers can help you find the lowest premiums for your situation.
Choose a higher deductible. Increasing your deductible is an easy way to lower your home insurance premiums. Higher deductibles result in lower premiums, while lower deductibles result in higher rates. Just make sure your deductible is an amount you can afford to pay out of pocket if you need to file a home insurance claim.
Bundle your policies. You can save money on your home insurance by getting it from the same insurer as your auto insurance. Depending on your insurance company, you could save up to 25% on your premium for bundling your insurance products.
Install home safety devices. Many insurance companies offer discounts for homes that have certain safety measures in place. First, you can save on your premiums by adding certain security measures, from burglar alarms to smoke detectors. You can also save by taking steps to make your house more disaster-resistant.

Colorado homeowners insurance rates by city

Home insurance premiums vary by city, and even by individual ZIP codes and neighborhoods within a city.^[2] A key reason for these differences is the chances of a claim being filed in a given area. For example, if the area of Colorado you live in has a higher chance of wildfire or a greater incidence of property crimes, you could end up paying more for your insurance.

Every city in Colorado has home insurance premiums that are higher than the national average, but some are higher than others. Colorado Springs is among the most expensive cities in the state for home insurance. Rates shown in the table below are for policies with a $1,000 deductible.

City ▲▼	Average Annual Premium ▲▼
Aurora	$4,418
Colorado Springs	$4,684
Commerce City	$4,099
Denver	$4,439
Fort Collins	$3,342
Greeley	$3,876
Littleton	$4,305
Longmont	$3,673
Loveland	$3,310
Parker	$4,578

How much homeowners insurance do you need in Colorado Springs?

If you have a mortgage on your home, your mortgage lender will require you to purchase a home insurance policy. And it’s a good idea even if you don’t have a mortgage. The amount of homeowners insurance you need in Colorado Springs depends on the value of your home.

As a general rule, you want enough homeowners insurance coverage to be able to replace or rebuild your home in the event of a total loss. Keep in mind that the cost to rebuild your home isn’t necessarily the same as the price you paid for it, so it’s important to work with an insurance agent to land on the right number.

Home insurance covers your home, but it also covers other expenses, including your personal belongings within the home, your personal liabilities related to your home, and your living expenses if your home is damaged in a claim.^[3] Make sure you have high enough limits for all these coverage types.

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What are some of the biggest risks when owning a home in Colorado Springs?

Several perils in Colorado Springs could cause you to file a homeowners insurance claim. In Colorado especially, the most common home insurance perils tend to be weather-related.

Here are a few you may encounter:

Wildfires
Fires are among the top home insurance perils in Colorado Springs, and they’re only becoming more prevalent. For example, the state had more than 800 wildfires in 2022 alone. The good news is standard home insurance policies cover wildfires. Unfortunately, some insurers have declined to renew policies for homeowners in especially high-risk areas.
Hailstorms
Hail is another of the most common home insurance perils in Colorado Springs. Each year, it causes significant damage to homes, crops, vehicles, and more. Hail season generally lasts from late April to mid-August. Standard homeowners insurance covers hail damage.
Windstorms
Windstorms present another common peril for Colorado Springs residents. The state tends to get large storms throughout the year, which include heavy winds that can damage homes. Like fire and hail, standard home insurance policies generally cover wind damage.

In addition to these weather-related home insurance perils, Colorado Springs may also experience non-weather-related issues — everything from water back-ups to theft. Whether your insurance covers certain perils depends on the specific peril and your insurance policy.

Colorado Springs homeowners insurance FAQs

If you’re shopping for home insurance in Colorado Springs, this additional information may help as you research your coverage options.

How much is home insurance in Colorado Springs?
Home insurance in Colorado Springs costs an average of $4,684 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows.
But your rates will depend on many factors, including your ZIP code, age of your home, square footage of your home, and the coverage levels you choose.
Which company has the cheapest homeowners insurance in Colorado Springs?
Armed Forces Insurance Exchange has the cheapest homeowners insurance in Colorado Springs, with annual premiums of $2,124.
Other affordable insurers in the city include Grange and Auto-Owners, with annual premiums of $2,175 and $2,242, respectively.
Does Colorado require homeowners insurance?
No. Colorado doesn’t require homeowners insurance, but your lender will require you to carry coverage if you have a mortgage on your home. Even if you’ve paid off your home, having home insurance is vital. It can help you with costly repairs or replacement if something damages or destroys your home.
Why is Colorado homeowners insurance so expensive?
Colorado is at risk for severe weather events, including hail, windstorms, and wildfires. People who live in at-risk areas are at a greater risk of filing a claim, so insurers raise rates to offset their risk of insuring homeowners in these areas.

More cities in Colorado

Home insurance in Denver

Popular cities

Sources

Insurance Information Institute. "How to save money on your homeowners insurance."
National Association of Insurance Commissioners. "A Consumer's Guide to Home Insurance."
Insurance Information Institute. "Homeowners Insurance Basics."

Erin Gobler

Erin Gobler is a personal finance writer and journalist based in Madison, Wisconsin. With more than five years of experience, Erin has covered topics such as investing, credit cards, mortgages, insurance, and more. Her work has been featured in major publications like Business Insider, Fox Business, and Time. Erin received her bachelor’s degree from the University of Wisconsin-Oshkosh in 2013, studying journalism and political science. She also received a certificate of financial planning from Boston University in 2022.

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Edited byAshley CoxSenior Managing Editor

Ashley CoxSenior Managing Editor

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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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