Best Homeowners Insurance Companies in Colorado
Choosing the right homeowners insurance is crucial for protecting your property and finances. NerdWallet’s analysis helps you find the best home insurance in Colorado, considering factors like coverage, customer satisfaction, and cost. Our team of specialists analyzed data from over 30 insurance companies to provide you with the most reliable information.
Key Findings:
- Average Cost: The average cost of homeowners insurance in Colorado is $4,175 per year, or about $348 per month.
- Factors Affecting Cost: Your rates depend on your ZIP code, credit score, and the specific coverage you need.
- Top-Rated Companies: Several companies consistently receive high ratings for their financial strength, customer service, and coverage options.
Top-Rated Home Insurance Providers
The following insurers earned 4.5 stars or more in our analysis. Keep in mind that rates are based on a sample homeowner with good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.
_ *USAA homeowners policies are available only to active military, veterans, and their families.
Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.
What’s New with Colorado Homeowners Insurance?
To help homeowners who can’t find insurance in the private market, the state government created an insurer of last resort, known as the FAIR Plan. It’s designed for high-risk properties that have been denied coverage by at least three other insurers. Access to the plan is expected to be available at some point in 2025.
Company Highlights
Here’s a closer look at some of the top-rated companies:
Amica:
- NerdWallet Rating: 5.0
- Overview: Well-established insurer known for great customer service.
- Pros: High customer satisfaction ratings and low consumer complaints. Amica stands out for its customer service and broad range of coverage options.
- Cons: You can start a quote online but have to finish the buying process by phone.
Auto-Owners:
- NerdWallet Rating: 5.0
- Overview: Auto-Owners offers plenty of ways to customize your policy and save money.
- Pros: Large number of discounts. Has optional specialty coverage not offered by many other insurers. Very few consumer complaints.
- Cons: No online quotes or claims submission. Auto-Owners has been in business for more than a century.
Chubb:
- NerdWallet Rating: 5.0
- Overview: Perks and high coverage limits for affluent homeowners.
- Pros: Significantly fewer consumer complaints than expected for a company of its size. Standard coverage includes features that many companies offer only as extras. Large number of potential discounts.
- Cons: Most consumers aren’t able to get a quote online and will instead need to contact a local agent.
Country Financial:
- NerdWallet Rating: 5.0
- Overview: Best for those who prefer to have a personal conversation with an agent when choosing coverage.
- Pros: Far fewer complaints than expected for a company of its size. Many discounts and coverage options available. Country Financial has multiple levels of homeowners coverage to help you choose the package that’s best for you.
- Cons: Can get an online quote but must finish the purchase over the phone.
Allstate:
- NerdWallet Rating: 4.5
- Overview: Widely available across the U.S. with lots of ways to customize your policy.
- Pros: Lots of discounts to help you save. Home-sharing coverage available. Many ways to customize your coverage.
- Cons: Ranked below average in J.D. Power’s 2024 U.S. Home Insurance Study.
American Family:
- NerdWallet Rating: 4.5
- Overview: Customizable coverage and discounts for smart-home devices.
- Pros: Variety of coverage options. Discounts available for qualifying smart-home devices. Far fewer consumer complaints than expected for a company of its size.
- Cons: May restrict liability coverage for certain dog breeds.
Cincinnati Insurance:
- NerdWallet Rating: 4.5
- Overview: Sells homeowners policies through local independent agents across the U.S.
- Pros: Various coverage options. Far fewer complaints than expected for a company of its size. Has special coverage packages for higher-value homes.
- Cons: No online quotes.
Farmers:
- NerdWallet Rating: 4.5
- Overview: Those seeking policy add-ons like diminishing deductibles and claims forgiveness may want to consider Farmers.
- Pros: Several coverage options can help save money. Less common coverage options are available. Discounts for nonsmokers and members of certain professions.
- Cons: Tends to be more expensive than many competitors. Ranked below average for customer satisfaction in J.D. Power’s 2024 U.S. Home Insurance Study.
Nationwide:
- NerdWallet Rating: 4.5
- Overview: For shoppers seeking a broad range of coverage options, Nationwide may fit the bill.
- Pros: Offers free smart devices to prevent electrical fires in many states. Many discounts available. Website offers lots of useful features and information.
- Cons: Doesn’t insure mobile or manufactured homes.
State Farm:
- NerdWallet Rating: 4.5
- Overview: Well-established insurer with a lengthy list of coverage options.
- Pros: User-friendly website. Agents offer personalized service. Policies generally include extra coverage for your home’s structure.
- Cons: Advertises fewer discounts than some other insurers.
Travelers:
- NerdWallet Rating: 4.5
- Overview: Offers lots of coverage options, decent discounts and a strong online experience.
- Pros: User-friendly features on the website and app. Discounts for eco-friendly homeowners. Draws fewer consumer complaints than expected for a company of its size.
- Cons: Doesn’t insure mobile or manufactured homes.
USAA:
- NerdWallet Rating: 5.0
- Overview: Offers perks and affordable rates for the military community.
- Pros: Policies include standard coverage that often costs extra elsewhere. Far fewer customer complaints to state regulators than expected for a company of its size. Rates are below the national average, according to NerdWallet’s analysis.
- Cons: Available only to active military members, veterans and their families.
How Much Does Homeowners Insurance Cost in Colorado?
The average cost of homeowners insurance in Colorado is $4,175 per year. However, this figure can vary depending on your location. For instance, Denver homeowners pay an average of $4,735 a year for coverage. Also, those with poor credit pay an average of $6,570 per year for homeowners insurance.
Common Risks for Colorado Homeowners
It’s important to consider specific risks when choosing home insurance in Colorado, including:
- Wildfires: Most policies cover fire damage, but those in high-risk areas may face difficulties finding coverage.
- Hail: Most policies cover hail damage, but you’ll typically need to pay your deductible.
- Flooding: Standard homeowners insurance generally won’t cover flood damage. If you live in a high-risk flood zone, you’ll likely need to purchase separate flood insurance.
Colorado Division of Insurance
You can file a complaint against your insurance company or learn more about how home insurance works from Colorado’s Division of Insurance. They also can help you compare insurance premiums.
Frequently Asked Questions
How much is home insurance in Colorado?
Colorado home insurance costs an average of $348 per month, or $4,175 per year, for homeowners.
Is home insurance required in Colorado?
Home insurance isn’t required by law in Colorado. But if you have a mortgage, your lender will likely require that you carry it.
Does homeowners insurance cover mold in Colorado?
Your home insurance policy may cover mold if the damage is from an event that was covered by your insurer. However, if the mold is due to water damage from your negligence, you’re likely responsible for its removal.
