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:
- Encompass – $1,483
- QBE – $1,449
- Horace Mann – $1,304
- AIG – $744
List of Companies & Rates for HO-3 Coverage in Lakewood, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $1901.08 |
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:
- Safeco – $413
- American Family – $342
- State Farm – $314
- Mountain Valley – $230
List of Companies & Rates for HO-6 Coverage in Lakewood, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $456.16 |
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:
- American Modern – $239
- Shelter Mutual – $234
- Hartford – $209
- Colorado Farm Bureau – $183
List of Companies & Rates for HO-4 Coverage in Lakewood, CO
| Company | Annual Premium |
|---|---|
| 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 |
| Average | $275.03 |
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.
