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Colorado Springs, CO Homeowners Insurance Quotes (2023)
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Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 28, 2022
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Colorado Springs, CO Homeowners Insurance
At the southern edge of the Rocky Mountains lies Colorado Springs, Colorado. With a population of over 478,000, Colorado Springs is Colorado’s second most populous city after Denver. With so many parks, bike trails, and open spaces, it is one of the most desirable places to live in the United States. The city even has an average of 243 sunny days a year, making sunshine abundant for its residents. But Colorado Springs winters are moderately cold at around 30.8 degrees Fahrenheit on average. And the city receives a whopping average of 38 inches of snow per winter season.
Residents must prepare for snow anytime between October and May of each year. That’s because seasonal snow builds on homes and weighs structures down, creating significant damage come spring. And in the summer months, the dry heat and lightning from thunderstorms can create wildfires. How can Colorado Springs residents be as prepared for these natural disasters as possible? Through home insurance.
Insurify has an easy way to compare and save on home insurance. Use our comparison tool, and get the best insurance rates in Colorado Springs, CO.
Cheapest Home Insurance Companies in Colorado Springs
For homeowners in Colorado Springs, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Colorado Springs. The following are the best insurance rates from carriers that offer homeowners insurance in Colorado Springs.
| Cheapest Companies | Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| AIG | $1,200 |
| Grange | $1,456 |
| Encompass | $2,019 |
| USAA | $2,077 |
| American Family | $2,232 |
How to Find Cheap Home Insurance in Colorado Springs
The state of Colorado has seen a massive boom in new residents over the past several years; Colorado Springs is no exception. The Colorado Springs metropolitan area is seeing a very competitive housing market with low inventory. Have you recently bought a home in Colorado Springs? Or are you looking for ways to save as a Colorado Springs homeowner? Either way, you need to protect your investment without breaking the bank.
But how do you get the best homeowners insurance while protecting your home from risks? Things like wildfires and winter storms are far too common in Colorado Springs. Thankfully, there are coverage options and additional coverage for everyone. You can start saving on Colorado homeowners insurance by bundling insurance products. Combining home insurance with auto insurance and life insurance often results in discounts and deals. Now, that’s a start!
Keep reading for a full guide on Colorado Springs home insurance.
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Cheapest Home Insurance in Colorado Springs by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Colorado Springs area costs $2,846 annually, and the median home value is $336,611.
Living expenses in Colorado Springs are relatively lower than the average costs of living in the United States. But the average homeowners insurance premium is somewhat higher than the national average. How can policyholders get the best protection and insurance options for their homes at the cheapest rates? Compare home insurance quotes from insurance companies like Nationwide and State Farm. In just a few minutes, you can pull up your free quote from the best home insurance companies in Colorado Springs.
See below for the average cost of homeowners insurance in Colorado Springs, CO.
| Average Home Cost in Colorado Springs The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | Average Annual Insurance Premium in Colorado Springs The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| $336,611 | $2,846 |
Average Annual Home Insurance Premium in Colorado Springs by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
AIG$1,200
Grange$1,456
Encompass$2,019
USAA$2,077
American Family$2,232
Nationwide$2,517
Liberty Mutual$2,524
Lemonade$2,862
CSAA$3,281
Stillwater$4,141
Cheapest ZIP Codes in Colorado Springs for Home Insurance
Whether you live in Aurora or Pueblo, being near the Rocky Mountains means your home is vulnerable to natural disasters like drought, storms, and wildfires.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Colorado Springs can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Colorado Springs
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Colorado city level guides, check out these below.
Flood Insurance for Colorado Springs Homeowners
Homeowners should save where they can on homeowners insurance and in the event of a natural disaster. While Colorado Springs homeowners insurance covers fires and hailstorms, there are exclusions. Home insurance generally does not cover water backup and flooding. If one of these events happens, you could end up spending a lot more than you intended on repairing your home. To have some peace of mind, it would pay off in the future to purchase flood insurance now. It doesn’t matter if you choose American Family, Centennial State, or Allstate. Your insurance agent will walk you through the steps to protect your home with flood insurance.
Wildfire Coverage
The summers in Colorado Springs can be relatively dry. But during monsoon season, the risk of lightning storms raises the chance of wildfires across Colorado. Wildfires are all too common in Colorado Springs, not just because of weather-related events. According to the National Parks Service, almost 85 percent of wildfires in the United States are caused by humans. This is a result of leaving campfires unattended, burning debris, and equipment misuse or malfunctions. As a homeowner in Colorado Springs, wildfires are a severe threat to your property. At some point, you may have to file an insurance claim. Most home insurance policies will pay out and repair home damage as a result of fire insurance claims. But you need to make sure you have enough coverage on your property and personal belongings. What would you do if your home burned to the ground and everything needed to be rebuilt or replaced? Talk to your local agent to determine if you have enough coverage, and if necessary, purchase additional coverage as needed.
How to Find the Cheapest Home Insurance in Colorado Springs
While Colorado Springs home insurance may seem expensive, it’s not incredibly hard to find a fantastic rate. Just be sure you’re getting the right amount of coverage for you and your family.
Use Insurify to find the best homeowners insurance for your property in Colorado Springs.
Frequently Asked Questions
Due to the number of natural disasters in Colorado, there are many insurance claims filed. Where insurance companies see more insurance claims, they increase premiums. Of course, it depends on where you live in Colorado. You can always save a little more by comparing insurance companies to get the best rate.
When you bundle home insurance with car insurance, you’re showing loyalty to the insurance company. Insurance companies want to sell as many insurance products as possible. As a result, they will reward you with special discounts and deals on your insurance rates.
To find the best-rated home insurance companies in Colorado Springs, you can search credible rating agency websites like A.M. Best. A.M. Best will show you the likelihood of an insurance company’s ability to pay out claims. You wouldn’t want to choose insurance that can’t pay out insurance claims, would you?
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