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Home Insurance in Denver, CO: Companies & Premiums

Home Insurance in Denver, CO: Companies & Premiums

Home Insurance in Denver, CO: Companies & Premiums

Denver is the state capital and most populous city in Colorado. Also known as the Mile High City, it offers world-class cultural attractions, chef-driven dining, thriving craft breweries, and many more. It is where outdoor adventure meets urban sophistication. Some of its tourist attractions are the Rocky Mountain National Park, Coors Brewery, Denver Zoo, Six Flags Elitch Gardens, and Red Rocks Amphitheater. 

The two of the largest industries in Denver are telecommunications and biomedical technology, which means if you’re moving to this city and looking for a career, these industries are the most in-demand. Other than that, retail trade, construction, and real estate are also among the fastest-growing industries in the area. 

Even with this great economic growth, affordable housing and costs, we suggest doing more research first before moving in Denver or if you’re a resident in this city already, make sure that you have the right coverage that can protect you from natural disasters and other risks.

Based on Colorado’s government quote tool, we were able to determine the average home insurance premiums in Denver. We calculated for a standard HO-3 policy, and for a framed house and we found that the average annual home insurance cost for homeowners in Denver is about $1,787. It is higher than the national average home insurance cost, meaning even though Denver is a sophisticated and fast-growing city, the state’s home insurance premiums are on the expensive side. 

Denver, Colorado Homeowners Insurance

Having home insurance means the difference in protection or lack of protection for your home and personal assets. Not having insurance puts you at risk of losing every bit of your property. Protect your private investments by having an HO-3 policy on hand.

The Denver, Colorado average is on the higher end. Expect to pay within the range of $2,009.89. Denver is such a popular city that the cost of living is high. An HO-3 policy is a necessity for homeowners, and it is not impossible to find affordable insurance. If you need a cheaper rate, then there are many companies that offer more affordable options.

Browse more affordable home insurance premiums in Denver here:

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

CompanyAnnual Premium
Average$2009.89
AIG$740
American Reliable$753
Grange Insurance$819
American Security$1,013
United Fire$1,036
360$1,089
Mountain Valley$1,114
Economy Premier$1,195
Armed Forces$1,277
QBE Insurance$1,361
IDS$1,371
Pharmacists Mutual$1,430
Encompass$1,483
The Cincinnati$1,552
Alliance$1,586
Standard Guaranty$1,590
Horace Mann$1,599
Praetorian$1,658
National Farmers$1,692
Homesite$1,700
Farmers$1,806
Teachers Insurance$1,812
Great Northern$1,828
American Strategic$1,841
American Family$1,864
Horace Mann Property$1,899
Vigilant$1,929
National Casualty$1,944
Stillwater$1,951
Esurance$1,955
Trumbull$1,955
Allstate$2,017
Safeco$2,021
Federal$2,026
Pacific$2,026
USAA$2,029
Hartford Fire$2,031
Colorado Farm Bureau$2,042
CSAA$2,045
Metropolitan Direct$2,097
Twin City Fire$2,101
Hartford Accident$2,125
California Casualty$2,135
CENTRAL$2,168
United Services$2,221
Shelter$2,277
USAA General$2,305
Garrison$2,312
SECURA Supreme$2,348
State Farm$2,360
Foremost Grand Rapids, Michigan$2,450
ANPAC$2,512
Owners Insurance$2,616
SECURA$2,648
COUNTRY Mutual$2,770
Liberty$2,814
Acuity$2,911
ANGIC$2,915
LM Insurance$2,962
Farmers Insurance Exchange$3,117
Amica$3,251
Metropolitan Property$3,318
Auto-Owners$3,359
Electric Insurance$3,462

Denver Condo Insurance

Denver is a dense city with a high population. Many homeowners choose to live in a condo or shared housing. Sharing property with more than one person makes insurance absolutely necessary. An HO-6 policy is meant to protect your personal property within the condominium.

Because Denver is a more populated city, the average HO-6 premium is a bit higher. Expect to pay around $511.12 for condo insurance. This pricing is on the higher end of the insurance spectrum. However, there are still cheaper ways to pay for insurance. For lower-income families, saving money through insurance is necessary.

Take a look at the cheaper condo insurance options below:

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

CompanyAnnual Premium
Average$511.12
SECURA Supreme$171
360$201
SECURA$214
Mountain Valley$229
Economy Premier$257
National Farmers$267
Metropolitan Property$306
COUNTRY Mutual$309
United Fire$309
Colorado Farm Bureau$314
Encompass$321
ANPAC$335
American Family$335
Trumbull$335
Shelter$340
Hartford Fire$341
CENTRAL$345
California Casualty$347
Allstate$348
State Farm$352
Hartford Accident$355
Twin City Fire$357
Grange Insurance$364
Metropolitan Direct$367
ANGIC$379
Acuity$381
Horace Mann$394
Safeco$413
Farmers$430
Great Northern$440
National Casualty$457
Vigilant$461
American Strategic$467
Electric Insurance$468
Farmers Insurance Exchange$474
Federal$484
Pacific$484
Foremost Grand Rapids, Michigan$492
Armed Forces$537
The Cincinnati$560
Auto-Owners$562
Owners Insurance$562
USAA General$574
Teachers Insurance$645
American Bankers Florida$686
Homesite$686
Amica$698
Stillwater$704
CSAA$722
AIG$824
USAA$850
Pharmacists Mutual$894
United Services$896
Garrison$897
Liberty$1,033
LM Insurance$1,087
IDS$1,131
Praetorian$1,454

Denver Renters Insurance

Most Denver residents choose not to buy at all. When buying is not an option, renting works for most families. On top of that, renters still need insurance to cover their assets. This special type of insurance is called an HO-4 policy or renters insurance. It covers the renter’s personal assets within the rental unit.

The average cost of an HO-4 policy in Denver is $301.75. This is well above the average cost of renters insurance. Because Denver is a more expensive place to live, renters should try to save as much money as possible. Finding cheaper HO-4 rates takes a bit of research.

Here are some cheaper options for renters:

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

CompanyAnnual Premium
Average$301.75
360$115
State Farm$125
Economy Premier$139
National Farmers$152
Mountain Valley$162
Great Northern$181
California Casualty$182
Homesite$185
Vigilant$189
Alliance$194
Federal$197
Pacific$197
Allstate$200
ANPAC$209
Stillwater$211
Trumbull$213
Hartford Fire$216
Markel American$216
Hartford Accident$224
Twin City Fire$225
Aspen American$228
Acuity$235
Grange Insurance$235
Safeco$237
ANGIC$238
American Modern$239
Farmers$241
CENTRAL$243
Colorado Farm Bureau$245
SECURA Supreme$253
Century-National$254
Farmers Insurance Exchange$256
Shelter$272
CSAA$277
American Strategic$281
First American$281
American Family$287
Auto-Owners$287
Owners Insurance$287
American Bankers Florida$300
IDS$300
SECURA$300
Metropolitan Direct$314
Metropolitan Property$339
Amica$344
Praetorian$345
USAA General$352
Horace Mann$359
Garrison$366
USAA$366
National Casualty$369
Electric Insurance$380
United Fire$380
Teachers Insurance$382
Foremost Grand Rapids, Michigan$395
United Services$396
American Family Home$417
Encompass$418
COUNTRY Mutual$421
Pharmacists Mutual$456
The Cincinnati$540
Liberty$790
LM Insurance$831
AIG$844
Denver, CO Home Insurance Rates
Photo of a home in Denver by @marinadesalis/Unsplash

Denver’s Home Insurance Comparison

Here’s a breakdown of how Denver 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

Denver homeowners pay an average of $148 for their home insurance premium every month which means they are paying $1,787 yearly. We concluded that Denver homeowners have higher premiums, as Colorado premiums are averaged out to $1,446 a year which translates to a $340 difference. The city’s average home value is $360,900; above the average. 

When it comes to property risks caused by burglaries, Denver is above the national average burglary rate of 4.69% as well. In this city, burglaries occur in 6.69% of 1,000 homes, much higher than Colorado Springs‘ burglary rate. 

This means that break-ins are more frequent in this area so expect some additional charges on your premiums because when the burglary rate is high, insurance premium increases as well.  

Risks in Denver

The most common claim that Denver homeowners file is theft or burglary. As mentioned above, the property crime rate of Denver is above the national average. Living in a metropolitan area like Denver can expose you to more risks and your property will be more prone to break-ins. That’s why proper protection is important. Make sure to put additional coverage on your insurance policy so that when a thief damages your doors and windows or steal your electronics and jewelry, you will be fully covered. 

Natural disasters, such as flooding, hailstorm, and high winds are also very common in Denver so make sure to add coverage against weather-related risks as well. 

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, assess your situation to see if purchasing additional coverage with your home insurance policy is necessary, especially for risks brought about by Colorado’s unpredictable weather changes. 

Census

Denver, Colorado is a densely populated city. As of 2017, there were 704,621 residents. Since 2000, the population grew by 27 percent. Being the capital of the state, Denver is a popular area to live in. Homeowners who prefer a higher population may enjoy living in the city. The cost of living is pretty high, however, and homeowners should save as much as possible before making their big move. 

The average income for a family in Denver is actually below the Colorado average. This puts homeowners in a tough situation, especially with 12 percent of the population living in poverty. A decently-paying job should be found before moving to Denver. 

Some bright sides include a healthy nightlife and business density in the city. There is a lot going on in Denver. With tons of things to do, there are plenty of ways for new residents to entertain themselves.

Source: The insurance prices and statistics were taken from https://www.colorado.gov/dora/division-insurance. The numbers were recorded as accurately as possible at the time of writing this article. Prices are subject to change over time. For the most accurate pricing, visit the website.

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