Thanks to all its natural threats, Denver is not necessarily home to cheap insurance rates, with the average homeowners insurance policy costing $1,943 per year for $250,000 dwelling coverage. It is more than the average cost of home insurance in Colorado, which costs $1,659 per year, and much higher than the national average of $1,312 each year.
More than 727,000 residents in Denver County spread across 338,341 housing units and 301,501 households. Denver is home to a much higher percentage of owner-occupied properties than other areas such as Hartford and Jersey City. This means that renters and homeowners are split roughly half the time. Denver is susceptible to snowstorms, fire, and storms so you can’t afford not to have home insurance. Based on the latest 2021 figures and rankings, these are the best cheap home insurance companies in Denver.
Denver’s best home insurance company
Based on average home insurance rates in 2021, Auto-Owners and USAA are the five most affordable home insurance companies.
Auto-Owners
J.D. Power’s customer satisfaction ratings for Auto-Owners are among the best in J.D. Power’s 2020 US Home Insurance Study. Homeowners have the option to add critical protections such as home replacement cost, water backup, sewer coverage, ordinance and law coverage, and equipment breakdown protection. The Homeowners Plus program, which is its signature, provides homeowners with all-in-one protection. Auto-Owners offers a variety of savings programs to help you save money on your premiums. These include multi-policy payment, paid-in-full and claims-free discounts. You may be eligible for additional discounts if you live in a green house or have water shut-off systems or protective devices installed.
USAA
USAA offers some of the most affordable car insurance rates, and excellent customer service. However, you must be an active military member or veteran (or a close family member) in order to benefit from its home insurance. There are also options for coverage for home-sharing, earthquakes, and loss of use. Discount options available include bundle discounts, higher deductibles, protective device credit, and claims-free. USAA offers excellent customer service. There are many options for support including chat, online, phone and in-person.
American Family
American Family ranks about in the same range as average customer satisfaction rankings, but its coverage is what makes it stand out. You have a full range of protections that will provide you with all you need, including coverage for wear and tear and home maintenance. American Family works directly with National Flood Insurance Program to provide flood coverage without the need for a separate policy. American Family offers loyalty, generational, and multiple payment discounts. They also offer discounts based upon the age of your house, home renovations, and smart home systems like Nest.
Travelers
Denver homeowners insurance is also covered by Travelers. You can choose to have coverage for personal property, contents, additional replacement cost protection, jewelry, valuable items and a personal article floater. For applicable properties, Travelers offers water backup, identity theft and green home coverage. There are discounts available that include loss-free, home buyer and green home discounts to help you save money on monthly premiums.
Allstate
Allstate offers unique coverages not available from other home insurance companies. This includes coverage for your business’s property and sports equipment. If you are looking for home-sharing insurance or AirBnB insurance, there are options for personal umbrella policies, schedule personal property, manufactured/mobile insurance, and HostAdvantage. You may be eligible for additional discounts if you make green renovations to your home.
Denver Home Insurance Considerations
Denver residents are at risk from natural disasters that could cause havoc to your home.
- Wildfire: 2019 wildfires made home insurance very difficult for many homeowners to purchase due to the increased risk in the area. Although many policies cover fire damage you should check with your insurance company to make sure you have enough coverage.
- Sump pump and water backup coverage: Denver is home to lightning storms and extreme winter weather, which can bring water damage. Your policy will cover the cost of water damage if your pipes are damaged or frozen.
- Flood insurance: Flood insurance does not come with an average insurance policy. This protection may be offered by some insurance companies directly. Others may require that you purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP).
Denver home insurance discounts
Denver homeowners have a variety of options to reduce the cost of their home insurance.
- Home: Companies may offer additional home insurance discounts for your house, including savings on new construction, upgrades to utilities, and roof replacements.
- Quote: Home insurance policies can also help you save money if you combine your car and home insurance. You can renew your policy earlier or pay the full amount.
- Customer: Many providers offer discounts to individuals such as loyalty, claims-free and good credit, seniors, active military personnel, veterans, and seniors.
Each insurance company has its own home insurance discount options based on your location. Ask about the discounts available before you buy a home insurance policy.
Questions frequently asked
Which is the best company for home insurance?
Based on our in-depth analysis, the best home insurance companies in 2021 include USAA, Travelers, Allstate, Lemonade, AAA, Amica and MetLife. The best insurance company for your needs may differ depending on factors such as where you live, what type of home you own, and what coverage you select.
What is the cost of Denver home insurance?
Denver homeowners insurance is $250,000 in coverage. The average annual cost is $1,312 for a policy. It is significantly cheaper than the average cost of Colorado home insurance, which averages $1,659 per year.
What amount of Denver home insurance do you need?
Denver does not require home insurance. However, if you have a mortgage your lender may require you to have at least some coverage. However, extreme weather conditions can cause serious damage to your home and you will need home insurance.
