Cheap Homeowners Insurance in Colorado Springs, CO
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Key Takeaways
- Colorado Springs home insurance costs $2,821 yearly on average.
- Insurers offer premiums starting at around $1,579 annually.
- Always ensure to buy flood insurance extra while you buy an insurance policy.
Home Insurance Companies in Colorado Springs
Home insurance in Colorado Springs costs around $2,821 annually. It is higher than the state average rate of $2,424 and the national average rate.
Home Insurance Coverage Options in Colorado Springs
Most home insurance policies offer standard coverages when you buy a policy. Consider adding these coverages to your policy to enhance your home’s protection.
- Water backup coverage: A standard home insurance policy does not cover sewer or sump pump backups. This coverage will cover the repair cost of the sewage line and any water damage caused by the backup.
- Flood insurance: A standard home insurance in Colorado Springs does not include flood coverage. You can buy one through a private insurer or the National Flood Insurance Program (NFIP).
- Mine subsidence coverage: Mine subsidence implies the ground movement caused by the collapse or shifting of underground mines. Subsidence is a risk in some city areas, but a standard home insurance policy does not cover it.
The Cheapest Home Insurance Companies in Colorado Springs
As a homeowner, you’ll always want to buy an insurance policy with the lowest rate. With an average annual rate of $1,579, Chubb offers the most affordable Colorado Springs home insurance. These are the insurers offering the cheapest insurance in the city.
| Insurer | Average annual rate |
|---|---|
| Chubb | $1,579 |
| Allstate | $2,438 |
| MetLife | $2,611 |
| Travelers | $2,612 |
| Nationwide | $2,629 |
Colorado Springs Homeowners’ Insurance Prices by Coverage Level
Your coverage level impacts how much you pay for your insurance premiums. Carrying $100,000 in dwelling coverage costs an average of $1,585, while carrying extra coverage up to $400K costs $3,681 annually in Colorado Springs.
| Dwelling coverage level | Average annual rate |
|---|---|
| $100,000 | $1,585 |
| $200,000 | $2,077 |
| $250,000 | $2,703 |
| $400,000 | $3,681 |
Colorado Springs Home Insurance Rates by Zip Code
Home insurance In Colorado Springs is not the same in all city areas. There are various factors that your insurers consider when evaluating the cost of your policy. It can be the theft rate in your area, the number of claims filed in your neighborhood, etc. So, the area of your residence can increase or decrease the cost of homeowners’ insurance in Colorado Springs, CO.
Affordable home insurance areas in Colorado Springs
The area with ZIP code 80019 has the most economical home insurance rates in Colorado Springs. Homeowners insurance in this area typically costs $2,717 a year, which is $104 less than the city average rate. These are the areas in the city with the most affordable home insurance rates.
| ZIP Code | Average annual rate |
|---|---|
| 80019 | $2,717 |
| 80012 | $2,717 |
| 80013 | $2,721 |
Expensive home insurance areas in Colorado Springs
Be aware all the areas in the city don’t have the same home insurance rate. Some areas have rates higher than the city average rates. These areas may be more susceptible to risks like theft, severe weather, or fires, which provide a higher risk to insurers. 80904 is one of the most expensive ZIP Codes in Colorado Springs homeowners’ insurance, with a yearly average rate of $3,181.
| ZIP Code | Average annual rate |
|---|---|
| 80904 | $3,181 |
| 80909 | $3,176 |
| 80907 | $3,174 |
Cheapest Home Insurance Companies in Colorado Springs for Newly Constructed Homes
Newly built homes are less expensive to insure. It is because newer construction materials are quicker to repair and more damage resistant. So, homeowners are less likely to file a claim. With an average annual rate of $1,266, Nationwide offers the lowest home insurance in Colorado Springs, CO, for a newly constructed home.
| Insurer | Average annual rate |
|---|---|
| Nationwide | $1,266 |
| Chubb | $1,395 |
| Travelers | $1,639 |
| American Family | $1,645 |
| MetLife | $1,692 |
Cheapest Home Insurance Companies in Colorado Springs If You Have a Lot of Personal Property
Personal property coverage is a part of your home insurance policy. It protects your personal belongings in case of loss or damage. You may require higher personal property coverage limits if you own costly items. With an average annual rate of $2,053, Chubb offers the cheapest homeowners’ insurance in Colorado Springs for a home with higher personal property coverage.
| Insurer | Average annual rate |
|---|---|
| Chubb | $2,053 |
| Allstate | $2,450 |
| Travelers | $2,677 |
| Nationwide | $2,751 |
| State Farm | $2,831 |
Cheapest Home Insurance Companies in Colorado Springs for High Deductibles
Before an insurer pays for a claim, you should pay an out-of-pocket deductible. So, if you have higher deductibles, you need to pay lesser annual premiums and vice versa. With an average annual rate of $1,324, Chubb offers the cheapest homeowners’ insurance in Colorado Springs for a policy with high deductibles.
| Insurer | Average annual rate |
|---|---|
| Chubb | $1,324 |
| Allstate | $2,145 |
| Nationwide | $2,250 |
| Travelers | $2,261 |
| MetLife | $2,272 |
Home Insurance Companies in Colorado Springs for Dog Owners
Insurers may charge dog owners more if they consider your dog an “aggressive dog breed.” Because some dog breeds are more likely to cause injury-related liability claims, many insurers may charge you higher premiums if you own an “aggressive” one. With a yearly average rate of $2,512, USAA offers the most affordable homeowners’ insurance in Colorado Springs, CO, for a home with a “dangerous” dog breed.
| Insurer | Average annual rate |
|---|---|
| USAA | $2,512 |
| Allstate | $2,521 |
| American Family | $2,590 |
| State Farm | $2,810 |
| Farmers | $4,826 |
Home Insurance Companies in Colorado Springs for Pool Owners
Since swimming pools increase the risk of injury on your property, insurers may charge a higher premium if you have one. However, not all insurers consider pools when calculating your premium. With a yearly average rate of $2,512, USAA offers the cheapest homeowners’ insurance in Colorado Springs, CO, for a home with a swimming pool.
| Insurer | Average annual rate |
|---|---|
| USAA | $2,512 |
| Allstate | $2,521 |
| American Family | $2,587 |
| State Farm | $2,810 |
| Farmers | $4,826 |
Home and Auto Insurance Bundling in Colorado Springs
If you want to save money, the best way is to bundle your home and auto insurance policies. These insurers offer affordable car insurance rates after bundling the policies.
| Insurer | Average annual rate |
|---|---|
| USAA | $1,119 |
| State Farm | $1,383 |
| American Family | $1,416 |
| Farmers | $1,751 |
Cheapest Home Insurance Companies in Colorado Springs If You Have Poor Credit
Most insurers consider your credit score while calculating your insurance premiums. So, you must pay higher insurance premiums if you’ve poor credit. With a yearly average rate of $3,051, Auto-Owners offers the lowest rate for home insurance in Colorado Springs if you have a bad credit score.
| Insurer | Average annual rate |
|---|---|
| Auto-Owners | $3,051 |
| Chubb | $3,238 |
| Travelers | $3,903 |
| Allstate | $4,126 |
| Nationwide | $4,209 |
Home Insurance Discounts in Colorado Springs
Another way to save money on your home insurance policy is to take advantage of discounts your insurer offers. Most insurers offer a few discounts. Here are some typical discounts you get while buying house insurance in Colorado Springs.
- Multi-policy: Combining your home insurance with another policy from the same insurer may result in savings on one or both policies.
- Home security systems: You may get a discount if you install security systems. Sprinkler systems, smoke detectors, and burglar alarms are some home security systems that may qualify for a discount.
- Payment discounts: Many insurers offer discounts for automatic or paperless billing and full payment of your premium.
- Claims-free: Some insurers may offer a discount to policyholders who don’t file a claim for a long period.
Getting Online Homeowners’ Insurance Quotes in Colorado Springs
How can you buy the best homeowners’ insurance in Colorado Springs? You must be careful about the following.
- The replacement cost of your home: To get enough dwelling coverage, you must first determine the cost of reconstructing your home. You can obtain an initial quote from reliable builders or construction professionals.
- The value of your personal property: Determine how much personal property coverage you require by calculating the value of your personal belongings.
- Information about your house: Insurers will also inquire about the details of your home, like its size, construction date, security systems installed, etc.
- Personal information: Always have your personal information, like your address, birth date, and SSN. Insurers may also ask about your insurance history and the number of residents in your home.
How to Buy Homeowners Insurance in Colorado Springs
How can you buy home insurance in Colorado Springs, CO? Follow these steps.
- Reach out to a licensed Way agent: Way insurance agents can help you determine your required coverage and which insurer provides it at the lowest rate.
- Ask about coverages: You must contact our agent if you want to buy extra coverage like “other structures” coverage or an umbrella policy for extra liability protection.
- Calculate the deductible you can afford: Choosing a high deductible is the best way to decrease your insurance premiums. So, if your home isn’t prone to natural disasters or property crime, you might consider raising the deductible.
- Compare quotes from a Way agent: Because insurers use many factors to decide your home insurance premium, comparing many quotes is vital to see who offers the insurance at the lowest rate.
- Sign the policy and pay your first premium: Once you’ve chosen an insurance policy, our agent will handle the documentation. If your previous policy isn’t expired, they will help you to cancel it. Then sign the document and pay the first premium.
Bottom Line
Homeowners insurance in Colorado Springs is higher than the state and national average rates. You can use your insurer’s discounts to reduce the insurance rates further. One effective way is bundling your car and home insurance policies. Also, always ensure to buy flood insurance to protect your home further.
FAQs
What is the average home insurance cost in Colorado Springs?
Home insurance in Colorado Springs costs $2,821 annually.
Which company has the cheapest home insurance rates in Colorado Springs?
With a yearly average rate of $1,579, our research found that Chubb has the lowest rates for homeowners’ insurance in Colorado Springs.
Why is home insurance so expensive in Colorado?
The insurance rates have gone high due to inflation and frequent natural disasters in high-risk areas of the state.
Is home insurance required in Colorado?
No. Although the law doesn’t mandate having home insurance in Colorado, your lender may require you to buy one if you finance your house.
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