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Lakewood, CO Home Insurance

Lakewood, CO Home Insurance Rates

Lakewood, CO Home Insurance

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 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

Lakewood Home Insurance Comparison

Here’s a breakdown of how Lakewood measures up compared to the national average and Colorado’s 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

Lakewood homeowners pay an average of $142 for their home insurance premium every month and they are paying $1,706 yearly, which is more than the national average home insurance cost of $99 per month. When compared with Colorado’s average of $1,446, we can see that Lakewood residents are estimated to be paying an extra $260 yearly for their premiums. 

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.  

Risks in Lakewood

Natural disasters, such as flooding, hailstorm, and high winds are also very common in Lakewood so make sure to add coverage against weather-related 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. 

Most Expensive Home Insurance Premiums in Lakewood

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

The most expensive premium in Lakewood is Farmers. It is the fifth largest home insurer in the United States and they are offering three basic home insurance packages — Standard, Premier, and Enhanced. They might be a little expensive for a homeowner; however, your home will be fully covered by their packages. Each package also includes declining deductibles and claim forgiveness, which isn’t usually included in policies offered by other providers. 

Cheapest Home Insurance Premium in Lakewood

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

  • American Reliable – $474
  • Privilege Underwriters Reciprocal – $681
  • AIG – $744
  • Economy Premier – $780
  • Grange – $799

American Reliable has the most affordable home insurance premium on the list. Their rate is averaged at $474. Their policies are available to homes that do not meet the standard home insurance company requirements but still meet a specific standard for care and condition. They accept the lower value and older homes, as well as multi-family and single residences. However, they don’t provide online quoting, though they have a 24/7 customer service via phone. 

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