Find Cheaper Homeowners Insurance

Colorado SPrings, Colorado Home Insurance Rates

Colorado Springs, CO 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 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.

Most Expensive Home Insurance Premium in Colorado Springs

Here are the most expensive premiums in Colorado Springs and the corresponding insurers that offer it:

  • LM Insurance Corporation – $3,544
  • Liberty Insurance Corporation – $3,367
  • Metropolitan Property and Casualty Insurance Company – $3,173
  • Auto-Owners Insurance Company – $3,126
  • Electric Insurance Company – $2,965

Cheapest Home Insurance Premium in Colorado Springs

On the other hand, here are the cheapest premiums in Colorado Springs and the insurers that offer it:

  • Privilege Underwriters Reciprocal Exchange – $658
  • AIG Property Casualty Company – $730
  • Grange Insurance Association – $743
  • Pharmacists Mutual Insurance Company – $782
  • American Reliable Insurance Company – $828

Make sure to check each company to know the specific policies and additional coverages they are offering because they are different from each other. For example, Privilege Underwriters Reciprocal Exchange is a member-owned insurance company and they only provide services to high net-worth members. They protect homes that are above average in both value and construction, and their features are not commonly seen in most standard home insurance policies offered by other insurance companies. Yes, PURE may be the cheapest but they are only available for selected members.

That’s why researching each company thoroughly when shopping for homeowners insurance is important so that you can choose the best one for your needs.

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