Known for its outdoor recreation, relaxing atmosphere, cultural food, and artistic exhibits, Aurora, Colorado can really be a great place to buy a home. With its 374,114 residents, it really is a perfect place to start a business or raise a family. However, despite the thriving economy of the city, it’s still facing a lot of theft, break-ins, and weather-related risks. That is why you always have to make sure that you and your home are well-protected by having home insurance. Other than the population increase, Aurora’s demographics on housing have also changed for the better.
- Owner-occupied housing unit rate – 57.6%
- Median value of owner-occupied housing units – $231,000
- Median selected monthly owner costs (with mortgage) – $1,463
- Median selected monthly owner costs (without a mortgage) – $438
To help you understand the importance of home insurance in Aurora and where to get the best and affordable home insurance premium, we have listed some of the things that you should know: from home insurance rate comparisons, the risks of living in this city, to the most affordable home insurance options that are right for you.
Table of Contents
- 1 Aurora, Colorado Homeowners Insurance
- 2 List of Companies & Rates for HO-3 Coverage in Aurora, CO
- 3 Aurora Condo Insurance
- 4 List of Companies & Rates for HO-6 Coverage in Aurora, CO
- 5 Aurora Renters Insurance
- 6 List of Companies & Rates for HO-4 Coverage in Aurora, CO
- 7 Aurora Home Insurance Comparison
- 8 Risks in Aurora
- 9 Colorado’s Best Home Insurance Companies
- 10 Census
Aurora, Colorado Homeowners Insurance
An HO-3 premium is meant for homeowners to protect their personal assets. Having an HO-3 premium protects the property within your home. It includes all of your assets, the health of your property, and any liability. If you have any medical-related damages, an HO-3 covers that as well. If you have a mortgage, then most companies require you to have homeowners insurance. This protects you and the company from any future damages to your property or liability.
The average cost of homeowners insurance in Aurora, Colorado is $2,000.89. This average sits on the higher end of the spectrum, and it may not always be affordable to some families. Not having an HO-3 is not a good option, however. There are plenty of cheaper alternatives to look into.
Browse the cheaper alternatives for an HO-3 premium in Aurora, Colorado here:
List of Companies & Rates for HO-3 Coverage in Aurora, CO
|Horace Mann Property||$1,788|
|Colorado Farm Bureau||$1,960|
|Foremost Grand Rapids, Michigan||$1,972|
|Twin City Fire||$2,055|
|Farmers Insurance Exchange||$3,362|
Aurora Condo Insurance
Living in a condominium or shared housing increases the need for insurance. Sharing a space with someone else increases the risk of an accident. Rather than taking a chance, get an HO-6 premium to protect yourself and your assets. If you share a building with other homeowners, then an HO-6 premium is right for you.
Expect an HO-6 premium in Aurora to hit an average of $470.48. This is on the affordable side, but there are many cheaper alternatives for lower-income families. There are quite a few budget-friendly HO-6 insurance premiums out there.
Lower-income families should look at the following options for budget-friendly premiums:
- Trumbull – $336
- ANPAC – $318
- Shelter Mutual – $293
- Country Mutual – $245
- 360 Insurance – $201
List of Companies & Rates for HO-6 Coverage in Aurora, CO
|Colorado Farm Bureau||$236|
|Foremost Grand Rapids, Michigan||$310|
|Farmers Insurance Exchange||$351|
|Twin City Fire||$358|
|American Bankers Florida||$743|
Aurora Renters Insurance
Do not opt-out of covering your assets just because you rent! Renters insurance is just as necessary as any other type of homeowners insurance. The property itself is not covered, but your assets and any liability inside of the property are covered. Without renters insurance, something as debilitating as a fire could leave you with no furniture, electronics, or anything else lost in the accident.
Renters typically pay less in insurance than homeowners. The average cost of an HO-4 premium in Aurora is $283. This is on the higher end, especially for families on a budget. Going for a cheaper HO-4 premium may be the best route for families on a budget.
Here are some additional options for a budget-friendly HO-4 premium:
List of Companies & Rates for HO-4 Coverage in Aurora, CO
|Colorado Farm Bureau||$183|
|Farmers Insurance Exchange||$196|
|Twin City Fire||$225|
|Foremost Grand Rapids, Michigan||$255|
|American Bankers Florida||$300|
|American Family Home||$417|
Aurora Home Insurance Comparison
Property risks are always present in every state, whether it be natural disasters or theft, that is why you have to look for the right home insurance for your needs first, before getting a new home in Aurora or if you’re looking for a better home insurance coverage. How’s Aurora measured up compared to the national average? Here’s a breakdown:
- National average home insurance cost – $1,192 per year
- National average burglary rate – 4.69 per 1,000 homes
- National average home value – $188,900
Aurora homeowners pay an average of $147 for their home insurance premium every month and yearly, they are paying $1768, which is higher compared to the national average home insurance cost of $1,192 per year. When it comes to property risks caused by burglaries, Aurora is very close to the national average burglary rate of 4.69%. In this city, burglaries occur in 4.63% of 1,000 homes, much higher than Arvada’s burglary rate. This means that break-ins are more frequent in this area so you have to make sure that your home is covered for theft and break-ins. The city’s average home value is $253,400.
Risks in Aurora
The most common claims that Aurora homeowners file is about freezing pipes or plumbing system damages. Winter in this city poses a big risk for property owners since it can cause freezing temperatures that can affect your home’s plumbing system and roadway or property damages. Other than that, winter can also cause damage to your swimming pool, which isn’t covered by home insurance policies. The number of burglaries happening each year in Aurora should be considered as one of the greatest risks also since it’s quite high compared to other cities.
Colorado’s Number of Natural Disasters
- Number of tornadoes – 52
- Property damage amount – $215,290,000
- Number of disasters – 343
- Each year, 1 out of 15 insured homes files a claim because of natural disasters
Make sure that you will be covered from any risks that might happen by choosing the best home insurance company for your needs. Also, make sure to purchase additional coverages for your home insurance policy, especially for risks brought about by the winter season.
Colorado’s Best Home Insurance Companies
The largest home insurance provider in Colorado. It doesn’t have a separate hail or wind deductible, which sets them apart from other home insurance companies in Colorado. It can help you save money when making claims; however, the costs will still depend on your situation. The disadvantage is that the company can’t provide a lower deductible for minor losses, such as small fires or theft.
Its home insurance policy rate for Colorado homeowners is 60% cheaper than USAA and State Farm. Why? Because they will charge more for deductibles. They’re charging deductibles for property loss at $1,000, hail at $1,000, and identity fraud at $250. With added deductibles, your premium might go higher over time, even though the present annual price is cheap.
Despite the fact that USAA only insures retired and active military personnel and their families, they are still the second-largest home insurance provider in Colorado. Their financial strength is strong, which means they can pay all the claims filed by their customers. They have a 1% deductible for hail and wind, which is about average for home insurance in Colorado. The disadvantage for this company, though, is that they won’t give a lot of details about their home insurance policy up-front and their website doesn’t have a lot of information about their policies either. It’s also a bit expensive compared to Americal Family and State Farm.
Aurora is a fast-growing urban city. Since 2000, the population has grown by 32 percent. Most of the city’s statistics are a bit below the Colorado average. Expect the general age range and cost of living to match Colorado averages well.
The median household income is $63,055 per year. Because this is below the Colorado average, there should be lower-income families and regions throughout the city. The population is generally diverse. The majority of the population is 44.7% Caucasian, and 27.6% of the population is Hispanic.
Source: All of these numbers were taken from the Colorado government’s official site. Like most averages, expect these numbers to change over time. They were written as accurately possible at the time of recording.