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:
- Horace Mann – $1,599
- Alliance – $1,586
- Grange Insurance – $819
- AIG – $740
List of Companies & Rates for HO-3 Coverage in Denver, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $2009.89 |
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:
- Safeco – $413
- Allstate – $348
- American Family – $335
- SECURA Supreme – $171
List of Companies & Rates for HO-6 Coverage in Denver, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $511.12 |
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:
- Central Mutual – $243
- Trumbull Insurance – $216
- Homesite – $185
- State Farm – $125
List of Companies & Rates for HO-4 Coverage in Denver, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $301.75 |
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.
