If you’re a Colorado homeowner, you want the right insurance policies to protect your property and your investment in it.
Many Colorado residents have to cope with wildfires, and the state isn’t immune to flooding or earthquakes. Here’s the right insurance for these problems:
- Wildfires: Homeowners insurance policies in Colorado cover fire damage, including wildfires.
- Floods: Despite a reputation as a dry state, Colorado does have floods. To have insurance for flooding you’ll need a flood insurance policy.
- Earthquakes: The process of fracking has increased earthquake activity in Colorado. Fracking involves injecting fluid into deep rocks in order to extract gas and petroleum, but the process is also known for causing man-made earthquakes. Homeowners insurance generally doesn’t cover earthquake damage, which is why you’ll want to look into earthquake insurance if you’re concerned.
What does Colorado homeowners insurance cover?
A home insurance policy in Colorado will typically have these six main coverage types:
- Dwelling (Coverage A) for a house damaged by a problem covered by the policy, such as fire or wind.
- Other structures (Coverage B) for structures not attached to a house, such as garages, storage sheds and fences.
- Personal property (Coverage C) for belongings that are damaged, stolen or destroyed.
- Loss of use (Coverage D) for additional living expenses such as hotel and restaurant bills if you can’t live at home because of damage to the house.
- Personal liability (Coverage E) for liability lawsuits against you for injuries and property damage.
- Medical payments to others (Coverage F) for the medical bills of people hurt on your property.
How much is Colorado home insurance?
The average annual Colorado homeowners insurance premium is $1,420 for a typical policy, called an HO-3 policy, according to data from the Colorado department of insurance. EverQuote analyzed premiums collected from 69 companies by the Colorado insurance department. We averaged the premiums in 10 cities to find the cheapest homeowners insurance in Colorado.
Cheapest home insurance companies in Colorado
| Company | Average annual premium in Colorado |
|---|---|
| American Reliable Insurance Co. | $580 |
| Privilege Underwriters Reciprocal Exchange (PURE) | $605 |
| Grange Insurance Association | $617 |
| AIG Property Casualty Co. | $721 |
| Economy Premier Assurance Co. | $726 |
| Source: Colorado Division of Insurance, based on average premiums in Alamosa, Boulder, Cortez, Denver, Estes Park, Fort Collins, Grand Junction, Pueblo, Steamboat Springs and Sterling. | |
How do I get flood insurance in Colorado?
In Colorado, you can buy flood insurance through the National Flood Insurance Program (NFIP) if your community participates in the NFIP.
The flood coverage available from the NFIP may not be enough to cover your house and belongings. That’s why there are also private “excess” flood insurance policies available through companies such as Bankers Insurance Co. and Wright Flood.
20 largest Colorado homeowners insurance companies
| Rank in Colorado | Company | Market share % in the state |
|---|---|---|
| 1 | State Farm | 20.05 |
| 2 | USAA | 11.25 |
| 3 | Liberty Mutual | 10.45 |
| 4 | American Family Insurance | 9.66 |
| 5 | Allstate Corp. | 9.47 |
| 6 | Farmers Insurance | 9.42 |
| 7 | Travelers | 5.72 |
| 8 | Chubb | 3.08 |
| 9 | Nationwide | 2.29 |
| 10 | Progressive | 1.76 |
| 11 | The Hartford | 1.49 |
| 12 | Auto-Owners Insurance | 1.26 |
| 13 | CSAA Insurance Exchange | 1.11 |
| 14 | Amica | 1.09 |
| 15 | AIG | 1.05 |
| 16 | QBE | 0.99 |
| 17 | COUNTRY Financial | 0.98 |
| 18 | Munich Re | 0.89 |
| 19 | MetLife | 0.83 |
| 20 | Shelter Insurance | 0.81 |
| Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018. | ||