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Denver, CO Home Insurance Rates

Denver, Colorado Home Insurance Rates

Denver, CO Home Insurance Rates
Photo of a home in Denver by @marinadesalis/Unsplash

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’s Housing Demographics 

In the latest census in 2018, Denver’s population went up and became 716,492, which means more people are moving to Denver and the economy is growing over the years. Here’s more about the housing demographics in the city.

  • Owner-occupied housing unit rate – 50.1%
  • Median value of owner-occupied housing units – $322,900
  • Median selected monthly owner costs (with mortgage) – $1,647
  • Median selected monthly owner costs (without a mortgage) – $453

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. 

Most Expensive Premiums in Denver

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

  • Farmers – $3,304
  • Electric – $3,119
  • Acuity – $2,947
  • ANGIC – $2,943
  • Auto-Owners – $2,873

Cheapest Premiums in Denver

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

  • Privilege Underwriters – $708
  • AIG – $740
  • Grange – $812
  • American Reliable – $828
  • Pharmacists Mutual – $994

Make sure to check any prospective companies to know specific policies and additional coverage options they are offering because they can vary from one provider to the next. Some of them are affordable; however, they may not provide the overall protection that you need. On the other hand, expensive home insurance premiums can offer you more, but are they great in handling claims? Do they have good customer service? We suggest to always research each company thoroughly to minimize unpleasant surprises if the untimely event comes that you have to file a claim.

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