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Home Insurance in Lakewood, CO: Companies & Premiums

Home Insurance in Lakewood, CO: Companies & Premiums

Home Insurance in Lakewood, CO: Companies & Premiums
Solterra neighborhood in Lakewood, CO. Source: ilovesolterra.com

Lakewood is a fast-growing all-American city, located at the foot of the Rocky Mountains, 7 miles west of Denver. It is surrounded by major roadways, including Interstates I-70 and I-25, U.S. routes 285 and 6, and Colorado State Highways 26 and 470. Red Rock Community College and the main campus of Colorado Christian University are also located in this city. 

Other than these routes and universities, Lakewood is also full of arts and culture, and employment options are plenty. They are home to one of the largest marketing firms in the world, The Integer Group. Other big employers in Lakewood is in the health care and education sectors, that employ about 8,000 people by the Denver Federal Center and 2,000 by Jefferson County Public Schools. Some popular tourist attractions in Lakewood are Lakewood Heritage Center and William Frederick Hayden Park.

However, even with its thriving economic growth, beautiful scenery, and great culture, you should do more research first before moving in Lakewood or if you’re a resident in this city already, make sure that you have home insurance that can protect you in natural disasters and other risks.

Based on Colorado’s government quote tool, we were able to determine the average home insurance premiums in Lakewood. We calculated the average for a standard policy, and for a framed house finding that it would cost $1,706 per year in home insurance premiums for Lakewood homeowners. It is higher than the national average home insurance cost, meaning even though Lakewood is a fast-growing city, it’s home insurance premiums fall on the expensive side. 

Lakewood, Colorado Homeowners Insurance

A homeowner should have insurance to protect their assets. Without insurance, it is easy to lose all of your property to liability or a serious accident. Having an HO-3 policy ensures long-term protection from these damages. This type of insurance applies to your private property, land, and any assets inside of your home.

Lakewood residents should expect to pay an average of $1,901.08 for an HO-3 premium. This is on the lower side for an HO-3 premium. While the average saves some money, there are other ways to save for coverage. You can find an insurance company with below-average rates, and they can still cover your assets. 

Here are some below-average prices from other insurance companies:

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

CompanyAnnual Premium
Average$1901.08
American Reliable$430
AIG$744
Economy Premier$820
Grange Insurance$885
American Security$1,013
United Fire$1,036
360$1,089
Armed Forces$1,183
Pharmacists Mutual$1,218
Mountain Valley$1,260
IDS$1,284
Horace Mann$1,304
QBE Insurance$1,449
Encompass$1,483
Praetorian$1,537
Alliance$1,586
Teachers Insurance$1,628
American Family$1,635
The Cincinnati$1,656
Vigilant$1,676
Great Northern$1,677
Horace Mann Property$1,683
American Strategic$1,684
Stillwater$1,744
USAA$1,784
Homesite$1,801
Farmers$1,806
Standard Guaranty$1,814
Allstate$1,851
Safeco$1,851
Federal$1,857
Pacific$1,857
Colorado Farm Bureau$1,915
National Casualty$1,944
United Services$1,951
SECURA Supreme$1,963
Trumbull$1,964
Foremost Grand Rapids, Michigan$1,972
Shelter$2,006
USAA General$2,033
Garrison$2,036
Hartford Fire$2,040
State Farm$2,048
CSAA$2,066
California Casualty$2,099
Twin City Fire$2,111
CENTRAL$2,113
Metropolitan Direct$2,122
Hartford Accident$2,135
SECURA$2,216
ANPAC$2,299
National Farmers$2,375
Owners Insurance$2,430
COUNTRY Mutual$2,469
Acuity$2,579
Esurance$2,625
Amica$2,665
ANGIC$2,667
Liberty$2,734
LM Insurance$2,878
Farmers Insurance Exchange$3,015
Auto-Owners$3,117
Metropolitan Property$3,199
Electric Insurance$3,558

Lakewood Condo Insurance

There are other ways to own a home that do not include private property. Condominium or shared property owners also need insurance. This special type of homeowners insurance is called an HO-6. An HO-6 policy covers the condo owners’ assets inside of their condominium.

The average cost of condo insurance in Lakewood is $456.16. Most homeowners pay the average rate, but there are ways to save money. Rather than paying the average, find companies that charge less than the average premium. This could save you tons of money in the long-term.

Save money on condo coverage by browsing these cheaper rates:

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

CompanyAnnual Premium
Average$456.16
ANPAC$29
SECURA Supreme$136
SECURA$174
Economy Premier$194
360$201
Grange Insurance$209
Mountain Valley$230
Colorado Farm Bureau$236
Shelter$293
California Casualty$297
Metropolitan Property$299
Allstate$307
United Fire$309
Foremost Grand Rapids, Michigan$310
National Farmers$312
State Farm$314
Encompass$321
Trumbull$322
Horace Mann$326
Hartford Fire$328
ANGIC$335
American Family$342
Hartford Accident$342
Metropolitan Direct$343
Twin City Fire$343
Farmers Insurance Exchange$348
CENTRAL$349
Great Northern$362
Vigilant$377
Electric Insurance$385
Acuity$391
Federal$393
Pacific$393
Safeco$413
American Strategic$415
COUNTRY Mutual$421
Farmers$430
Auto-Owners$477
Owners Insurance$477
USAA General$503
Teachers Insurance$514
Armed Forces$525
National Casualty$571
Stillwater$604
American Bankers Florida$606
Amica$616
CSAA$643
Homesite$663
The Cincinnati$691
Liberty$735
USAA$735
United Services$767
LM Insurance$773
Garrison$777
AIG$821
Pharmacists Mutual$877
IDS$1,219
Praetorian$1,334

Lakewood Renters Insurance

Smart renters insure all of their assets. You can never predict a bad accident, and once it happens, all of your personal property can be lost or damaged. Without insurance, you may never recover these things. Having an HO-4 policy protects you from the financial ruin of a terrible accident.

Renters insurance typically has a lower rate than other types of homeowners insurance in CO. This makes it an affordable option for most renters. The average cost of an HO-4 in Lakewood is $275.03. There are some low-income or budget renters who need cheaper rates. Finding these rates just takes a bit of research, and the results can save you hundreds of dollars every year.

Take a look at the cheaper renters insurance rates from the following companies:

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

CompanyAnnual Premium
Average$275.03
Economy Premier$105.00
State Farm$125.00
360$134.00
National Farmers$158.00
California Casualty$159.00
Mountain Valley$163.00
Allstate$166.00
Grange Insurance$168.00
Praetorian$181.00
Colorado Farm Bureau$183.00
Homesite$185.00
ANPAC$186.00
Alliance$194.00
Farmers Insurance Exchange$194.00
Safeco$198.00
SECURA Supreme$203.00
Trumbull$205.00
American Strategic$207.00
Hartford Fire$209.00
ANGIC$211.00
Stillwater$211.00
Hartford Accident$216.00
Markel American$216.00
Twin City Fire$217.00
Great Northern$226.00
Aspen American$228.00
Acuity$229.00
American Family$234.00
Shelter$234.00
Vigilant$235.00
American Modern$239.00
CENTRAL$239.00
Farmers$241.00
Auto-Owners$242.00
Owners Insurance$242.00
SECURA$244.00
Federal$245.00
Pacific$245.00
CSAA$246.00
Century-National$254.00
Foremost Grand Rapids, Michigan$255.00
IDS$261.00
Amica$272.00
First American$281.00
Metropolitan Direct$292.00
Horace Mann$296.00
American Bankers Florida$300.00
Teachers Insurance$305.00
Electric Insurance$309.00
USAA General$315.00
COUNTRY Mutual$317.00
Garrison$329.00
USAA$330.00
Metropolitan Property$332.00
United Services$356.00
National Casualty$369.00
United Fire$380.00
American Family Home$417.00
Encompass$418.00
Pharmacists Mutual$444.00
Liberty$561.00
LM Insurance$591.00
The Cincinnati$818.00
AIG$837.00
Lakewood, CO Home Insurance

Lakewood Housing Demographics 

In 2018, Lakewood’s population increased and became 156,798, which means more people are moving to Lakewood resulting in economic growth over the years. Here’s more about the housing demographics in the city.

  • Owner-occupied housing unit rate – 58.8%
  • Median value of owner-occupied housing units – $300,600
  • Median selected monthly owner costs (with mortgage) – $1,582
  • Median selected monthly owner costs (without a mortgage) – $457

The city’s average home value is $332,700; above the average. When it comes to property risks caused by burglaries, Lakewood is below the national average burglary rate of 4.69% as well. In this city, burglaries occur in 4.11% of 1,000 homes, much lower than Arvada’s burglary rate. 

This means that break-ins are not frequent in this area so you can expect to find affordable premiums from insurance companies in this area because when the burglary rate is low, insurance premium decrease as well. 

The average household income in Lakewood is below the Colorado average at $67,255. A big negative is the cost of housing and rent being above the Colorado average. This makes it difficult for lower-income homeowners to survive in Lakewood. 

Many of the higher-income families commute within Lakewood. Only 3.6 percent of the city commutes outside of the city to work. Workers living and working within Lakewood sit at 33 percent. This means that a potential resident’s job selection is more than likely within Lakewood. Finding a job before moving is important because it is easy to fall below the poverty line. 

Source: All of these numbers were taken from the Colorado Government Insurance Department’s official site. Like most averages, expect these numbers to change over time. They were written as accurately possible at the time of recording.

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