More than 60% Colorado Springs residents own their home, with a median property worth $288,400. For $250,000 of coverage, the average cost for Colorado Springs home insurance is $1840. Due to wildfires, snow and freezing temperatures, it may be higher than the average national cost. Start by looking at the most affordable providers to find low-cost home insurance rates.
Colorado Springs’ best home insurance companies
Bankrate prioritized pricing and J.D. to find the best home insurance providers for Colorado Springs. For customer satisfaction and coverage options, Power Ranking is used. These five insurance companies are worth adding to your list for a home policy quote.
| Home Insurance Company | Average Annual Premium for 250K Liability | J.D. J.D. |
|---|---|---|
| State Auto Insurance | $670 | NR |
| Grange | $1,085 | NR |
| Auto-Owners | $1,224 | 843/1,000 |
| USAA | $1,400 | 889/1,000 |
| American Family | $1,650 | 821/1,001 |
State Auto Insurance
State Auto Insurance provides homeowners coverage in three packages, making it easy to purchase home insurance. The basic plan is an HO-3 policy. Protection Plus includes lock replacement, insurance for renting a golf cart and coverage of $1,000 in freezer contents. Premiere is the highest-tier home insurance, with higher limits for jewelry and art.
Grange
Grange offers a range of home insurance options to help you increase coverage based upon your specific needs. You can add service line insurance to cover underground utilities such as electricity, water, and cable. Also, you can get equipment breakdown insurance, jewelry, and collectible coverage.
Auto-Owners
Auto-Owners Insurance provides first-time homeowners peace of mind by allowing them to add coverage for unexpected issues, such as getting your house up-to-code if it does not meet local ordinance requirements. The Homeowners Plus package includes insurance for food spoilage as well as household appliance leaks up to an HO-3.
USAA
USAA’s Colorado Springs home insurance is a great option, but it is not available to military personnel or their families. You will be reimbursed for the equivalent item if you are covered by guaranteed replacement cost. USAA is the only insurance company that offers flood insurance. This coverage is not available in a basic home policy.
American Family
American Family’s unique coverage is Matching Siding Protection. This covers up to $20,000 for the replacement of damaged siding to match the new section. This provider offers equipment breakdown, which repairs or replaces appliances and smart home devices.
Colorado Springs Home Insurance Considerations
Although Colorado does NOT require homeowners to have home insurance, your lender may require it as long as the loan is secured on the property. Home insurance is worth the small cost. It is worth the small investment to insure your home. If your water pipes burst due to a freeze, you will have to pay more than the annual premium. These coverages can be added to a standard HO-3 insurance:
- Flood insurance: Flash floods are Colorado Springs’ most common hazard. Flood insurance will cover you for flooding, mudslides, and water overflow damage.
- Home insurance policies usually include a guarantee of replacement cost. This means that you will only be reimbursed for the actual cash value of the property, less any depreciation based on the age and condition. You can get replacement cost reimbursements if you need to replace or rebuild an item.
- Personal property endorsement: Your home insurance may not cover rare or valuable items like guns, jewelry, watches, or other collectibles. Personal property endorsements are available for a small fee and cover the full value of the items.
Colorado Springs Home Insurance Discounts
Ask your Colorado Springs, CO insurance agent for discounts such as:
- Payment: You might be eligible to receive discounts when you schedule automatic payments or pay your annual premium in full.
- Your deductible may disappear: If you do not file a claim, you might be eligible for a reduction in your deductible.
- Bundling: If you purchase auto and home insurance from the same company, you may be eligible for a discount.
- Upgrade your home with energy-efficient appliances or replace an outdated boiler or furnace.
Questions frequently asked
Which is the best company for home insurance?
The best and cheapest home insurance company for Colorado Springs will vary depending on many factors, including the location, home value, claims history, and other factors. Get quotes from top providers like Auto Owners, American Family USAA, Grange, and State Auto Insurance.
What is the cost of Colorado Springs home insurance?
Colorado Springs’ average home insurance cost is $1,840 annually for homeowners with $250,000 of dwelling coverage.