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Home Insurance in Colorado Springs, CO: Companies & Premiums

Home Insurance in Colorado Springs, CO: Companies & Premiums

Colorado Springs, Colorado Home Insurance Rates
Colorado Springs photo by @djdangeruss

Also known as the “Little London” in the past, Colorado Springs is one of the best places to live, according to Money Magazine. It is located at the foot of the Rocky Mountains, which why this place is perfect for people seeking natural scenery, unique geological features, and outdoor activities like biking and hiking. You can take a closer look at Pikes Peak – America’s Mountain, which is one of the state’s most famous landmarks. This city is also home to the U.S. Olympic Committee, U.S. Olympic Museum, Cheyenne Mountain Zoo, Garden of the Gods, The Broadmoor Seven Falls, Money Museum, Colorado Springs Olympic Training Center, and many more. Indeed, Colorado Springs can be one of the best options when looking for a home.

Colorado Springs’ population was 456,568 in 2015. In the latest census in 2018, it has increased by 13.2%, making it the second-most populous city in Colorado and the 48th most populous city in the United States. Here’s more about the housing demographics in the city.

  • Owner-occupied housing unit rate – 58.6%
  • Median value of owner-occupied housing units – $233,100
  • Median selected monthly owner costs (with mortgage) – $1,473
  • Median selected monthly owner costs (without a mortgage) – $417

Even with these great attractions and awards, risks of living in Colorado Springs should always take into consideration. Natural disasters such as landslides, floods, and hailstorms are very common in this area. To protect your home from damages that can cost you a lot of money for repairs and replacements, you should find and purchase the best home insurance policy that can provide you with the protection you need.

Colorado Springs Homeowners Insurance

Most homeowners need an HO-3. This is especially true if the homeowner has a mortgage on their home. Most loan companies do not lend to homeowners without proof of insurance. This protects the lender’s investment in case there is a serious accident. Anything can happen, and a serious accident can leave a homeowner with zero assets and lots of liability.

Homeowners should expect to pay an average of $2,055.06 in Colorado Springs, Colorado. An HO-3 premium may cost a lot, but there are plenty of more affordable options. Whether you are low income or on a budget, the cost of an HO-3 premium can be below the Colorado Springs average. 

Take a look at the cheaper HO-3 premium options here:

List of Companies & Rates for HO-3 Coverage in Colorado Springs, CO

CompanyAnnual Premium
Average$2055.06
AIG$730.00
American Reliable$753.00
Grange Insurance$822.00
IDS$968.00
American Security$979.00
United Fire$1,008.00
360$1,104.00
Pharmacists Mutual$1,154.00
Economy Premier$1,169.00
Horace Mann$1,384.00
Mountain Valley$1,419.00
Armed Forces$1,476.00
The Cincinnati$1,499.00
QBE Insurance$1,534.00
Encompass$1,582.00
Teachers Insurance$1,619.00
Praetorian$1,696.00
American Family$1,763.00
Great Northern$1,793.00
Alliance$1,815.00
Horace Mann Property$1,872.00
American Strategic$1,874.00
Vigilant$1,889.00
National Farmers$1,890.00
Safeco$1,898.00
Allstate$1,901.00
USAA$1,910.00
CSAA$1,967.00
Federal$1,986.00
Pacific$1,986.00
National Casualty$2,009.00
Colorado Farm Bureau$2,035.00
Homesite$2,039.00
California Casualty$2,045.00
Trumbull$2,048.00
Farmers$2,059.00
State Farm$2,081.00
United Services$2,097.00
Hartford Fire$2,127.00
ANPAC$2,138.00
USAA General$2,189.00
Garrison$2,195.00
Twin City Fire$2,201.00
SECURA Supreme$2,206.00
Standard Guaranty$2,207.00
Hartford Accident$2,226.00
Shelter$2,228.00
Foremost Grand Rapids, Michigan$2,257.00
Esurance$2,258.00
Acuity$2,388.00
Metropolitan Direct$2,471.00
ANGIC$2,480.00
SECURA$2,489.00
COUNTRY Mutual$2,598.00
Owners Insurance$2,854.00
Stillwater$2,879.00
CENTRAL$3,000.00
Liberty$3,174.00
Amica$3,241.00
Electric Insurance$3,291.00
LM Insurance$3,341.00
Farmers Insurance Exchange$3,657.00
Auto-Owners$3,681.00
Metropolitan Property$3,895.00

Colorado Springs Condo Insurance

Not all personal property is private. If a homeowner chooses to stay in a condominium, there is a certain type of coverage for that. An HO-6 policy covers condominiums and generally shared property. You need this insurance when you and other people share a building. Having insurance is important because accident prevention is not only up to you. Another person’s accident can cause damage to your home also. 

The average cost of HO-6 insurance in Colorado Springs, Colorado is $442.12. This hits the general range of insurance for the typical homeowner. If you want to save, however, there are cheaper ways to do so. 

There are tons of below-average options for condo coverage, and you can take a look at them here:

List of Companies & Rates for HO-6 Coverage in Colorado Springs, CO

CompanyAnnual Premium
Average$442.12
SECURA Supreme$160
Grange Insurance$200
360$201
SECURA$201
Economy Premier$204
Allstate$223
United Fire$233
Colorado Farm Bureau$236
Mountain Valley$244
National Farmers$247
Metropolitan Property$266
COUNTRY Mutual$269
California Casualty$271
ANPAC$286
Encompass$288
Shelter$293
Farmers Insurance Exchange$297
Foremost Grand Rapids, Michigan$299
Metropolitan Direct$303
Horace Mann$305
State Farm$314
Safeco$322
ANGIC$323
Trumbull$341
CENTRAL$345
Hartford Fire$347
Farmers$359
Hartford Accident$362
Twin City Fire$363
American Strategic$368
American Family$380
Great Northern$389
Acuity$390
Electric Insurance$400
Vigilant$408
Federal$427
Pacific$427
National Casualty$457
Auto-Owners$468
Owners Insurance$468
Teachers Insurance$485
Amica$514
Armed Forces$532
USAA General$549
Stillwater$589
CSAA$605
American Bankers Florida$606
Homesite$620
Liberty$626
LM Insurance$660
The Cincinnati$668
AIG$740
Pharmacists Mutual$769
USAA$817
United Services$853
Garrison$865
IDS$966
Praetorian$1,495

Colorado Springs Renters Insurance

Even if you do not own the property, renters insurance is a must. The point of renters insurance is to protect your property within the landlord’s property. There are still things that need to be covered, including furniture, electronics, liability damage, and some medical payments. Without an HO-4, a serious accident could leave you without any personal property. 

Expect the average cost of an HO-4 in Colorado Springs to be $272.27. This is a typical range for renters insurance. However, there are cheaper rates for people with fewer assets. The best method is to have a premium that matches your assets.

The below-average cost of a renters policy consists of these companies and more:

  • Century-National – $254
  • CSAA – $247
  • Federal Insurance – $239
  • State Farm – $125

List of Companies & Rates for HO-4 Coverage in Colorado Springs, CO

CompanyAnnual Premium
Average$272.27
Economy Premier$110
State Farm$125
360$134
National Farmers$146
California Casualty$149
Mountain Valley$155
Farmers Insurance Exchange$158
Allstate$170
Grange Insurance$172
ANPAC$178
Homesite$180
Praetorian$181
Colorado Farm Bureau$183
ANGIC$203
Alliance$205
SECURA Supreme$209
Markel American$216
Trumbull$216
Hartford Fire$219
American Strategic$220
Great Northern$220
Stillwater$221
Hartford Accident$227
Aspen American$228
Twin City Fire$228
Vigilant$230
Shelter$234
Safeco$237
American Modern$239
Federal$239
Foremost Grand Rapids, Michigan$239
Pacific$239
Amica$242
CENTRAL$243
Acuity$245
CSAA$247
SECURA$251
Auto-Owners$254
Century-National$254
Farmers$254
Owners Insurance$254
Metropolitan Direct$257
IDS$262
American Family$268
Horace Mann$278
First American$281
Teachers Insurance$287
United Fire$293
Metropolitan Property$295
American Bankers Florida$300
Electric Insurance$309
COUNTRY Mutual$357
National Casualty$365
Encompass$374
Pharmacists Mutual$390
USAA General$393
USAA$406
Garrison$407
American Family Home$417
United Services$442
Liberty$479
LM Insurance$504
AIG$720
The Cincinnati$787
Home Insurance in Colorado Springs, CO: Companies & Premiums

Colorado Home Insurance Comparison

This comparison is important because, for instance, if the city’s burglary rate is higher than the national average rate, there’s a big chance that your premium can increase. Here’s a breakdown of how this city has measured up compared to the national average:

  • 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

Colorado homeowners pay an average of $150 for their home insurance premium every month and they are paying $1,802 yearly, which is significantly higher than the national average home insurance cost of $1,192. The city’s average home value is $243,600; above the average. It means that there’s a possibility that you will pay higher premiums because it’s above the national average.

When it comes to property risks caused by burglaries, Colorado Springs is above the national average burglary rate of 4.69% as well. In this city, burglaries occur in 5.76% of 1,000 homes, much higher than the national average’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 and be ready to pay for higher premiums when you move in Colorado Springs because above-average burglary rate can increase your premiums.

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 and purchase additional coverages for your home insurance policy. If your property has damage already due to certain circumstances, make sure to inform your insurance agent immediately and inspect if the damage can be fixed without having any claims to avoid home insurance cancellation.

Conclusion

With a population of nearly 500,000, Colorado Springs is a quickly growing city. Residents with a love for faster-paced areas will like it in Colorado Springs. The cost of living is a bit lower, but the average household earns slightly less than the Colorado average. Private property ownership may be the cheapest option for Colorado Springs, especially since it falls below the state’s average. 

Source: All of this article’s insurance premiums and statistics were taken from the official site of Colorado’s Division of Insurance. They were recorded in this article as accurately as possible at the time of writing. All numbers are subject to change over time. Be sure to visit the website for the most up-to-date information on the statistics in Colorado Springs. 

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