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Highlands Ranch, Colorado Home Insurance

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Highlands Ranch, Co Homeowners Insurance
Highlands Ranch by Derek Baumgartner via Unsplash

Highlands Ranch is a census-designated place. Its economy is thriving today and if you like suburban life mixed with outdoor adventure, this city is a great option when relocating. The city was recently listed among the best 5 cities in Colorado because it’s family-friendly; the economy is also growing and you can find a lot of career options. 

However, since Highlands Ranch is a just CDP, it lacks any sort of municipal government or incorporation. This means that while Highlands Ranch may have a thriving economy and community, it doesn’t have any police force or even elected officials; the residents only rely on services provided to the region instead. Since CDPs like Highlands Ranch isn’t recognized as a city, Census officials determine their boundaries by relying on information from neighboring officials and local residents. 

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The cost of living in Highlands Ranch is a bit more expensive than the national average. But despite this, home insurance costs are still affordable. Based on Colorado’s government quote tool, we were able to determine the average home insurance premiums in Highlands Ranch. We calculated the average for a standard policy, and for a framed house costing $1,725. Compared to the national average which is $1,192. Homeowners are paying high premiums along with the high-cost living. 

Highlands Ranch Housing Demographics 

Highland Ranch’s population is 104,432, which means even though it’s only a CDP and the cost of living in it is more expensive than the US average, many people are still moving in. Here’s more about the housing demographics in the city.

  • Owner-occupied housing unit rate – 80.7%
  • Median value of owner-occupied housing units – $407,200
  • Median selected monthly owner costs (with a mortgage) – $2,021
  • Median selected monthly owner costs (without a mortgage) – $545

Most Expensive Home Insurance Premiums in Highlands Ranch

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

  • Farmers – $3,722
  • ANGIC  – $2,920
  • Electric – $2,828
  • Liberty Mutual – $2,809
  • Metropolitan – $2,803

Cheapest Home Insurance Premiums in Highlands Ranch

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

  • PURE – $606
  • Grange – $623
  • AIG – $745
  • Economy $823
  • American Reliable – $828

Risks in Highlands Ranch

Colorado’s biggest risks when it comes to homes are hailstorms and wildfires. Although wildfires don’t usually occur in Highlands Ranch, it’s always important that you’re ready with anything. Hailstorms and snow can do big damage to your home, especially on your roof, which can lead to homeowners insurance policy cancellation. That’s why you should look for and choose the best home insurance company so your home will be well-protected from any risks. 

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, make sure to purchase additional coverages for your home insurance policy, especially for risks brought about by Colorado’s unpredictable weather changes. 

Home insurance risks that can get your policy canceled

Home insurance policies can be canceled for a variety of reasons. Here are some of them:

  • For an occasional claim over a period of years, even if it’s a major claim, you won’t have your home insurance canceled. But, if you have too many claims during a policy year, even if it’s just minor claims, your company might cancel your home insurance. 
  • Underwriters are doing some inspection at the time of a home insurance policy’s renewal. If they saw some disrepairs on your property, such as damaged and old roofs or unsafe and leaking pipes, they might cancel your policy rather than renew it. Make your own inspection and do the repairs as soon as possible to avoid cancellations.
  • Most insurance companies have a grace period of thirty days where you can make a payment if you have not paid your home insurance policy premium by the due date. Your coverage will stay in effect without any interruptions as long as you can get your premium paid before your due date or during the grace period. However, if you have a poor payment history during your policy year, it might get canceled since payment history is also reviewed upon renewal of your home insurance policy. 

Insurance companies provide written notice to their customers before they cancel the insurance policy. Most states require 30 days of written notice prior to the date of cancellation so you will have time to shop for a new home insurance company before the current one gets canceled. 

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