What to Know about Homeowners Insurance

in Colorado

Facts about Homeowners Insurance in Colorado

If you have a mortgage or a home equity loan, lenders will require you to have homeowners insurance. Once your house is paid off, home insurance becomes optional.  But let's face it: Houses are expensive. With a good home insurance policy, you can rest assured that if your property is damaged by a hazard like wind, hail, fire, or property crimes, you will have the coverage you need to make repairs without suffering a large financial loss.

More Colorado home insurance facts

  • CO homeowners collect about $1.7 billion in claims each year.
  • Colorado is the 3rd most wildfire-prone state in the US.
  • 22% of all Colorado homes will experience hail damage.
  • This state has had 80 federally declared disasters since 1953.

What is the Average Cost of Home Insurance in Colorado?

On average, Americans pay $1,173 a year for their home insurance coverage. In Colorado, the average price for insurance is $1,383. While this higher cost may seem like a lot, it is a small price to pay for the peace of mind that comes from knowing that your investment is protected in the event of a disaster. Comparison shopping enables you to purchase your coverage at a competitive rate.

Colorado Home Insurance Rates Compared to Surrounding States

colorado home insurance chart

Why Choose an Independent Insurance Agent?

  • Independent agents work for you not an insurance company
  • Local agents understand the needs of people in your community
  • Independent agents do the comparison-shopping legwork for you

Find an independent agent in Colorado

I relocated and searched for homeowners insurance. I tried doing it myself but I wasn't coming up with very much that was satisfactory to me. I contacted Trusted Choice and they looked at various options and presented it to me. Everything with the agent went very smoothly. He was very polite and efficient. He knew exactly what we wanted and searched accordingly. The process was fast and I was able to choose the one that I thought was best so it worked out for me. I'm happy that I did it that way and I'm satisfied so far.

five stars Dean of Loveland, CO Consumer Affairs

What Does a Homeowners Insurance Policy Cover?

Home insurance is designed to cover the costs associated with many of the risks you face as a property owner in Colorado. Your homeowners insurance policy can prevent you from facing large financial losses due to hazards such as severe weather, accidental fires, property crimes, and even personal liability lawsuits.  

  1. Covers the cost of rebuilding, repairing, or replacing property: Baseball-sized hailstones strike your house, causing severe damage to your shingles, gutters, siding, and outdoor shed.
  2. Covers loss or damage due to property crimes: A burglar breaks a window to gain access to your home, and makes off with your jewelry and an antique silverware set. 
  3. Covers temporary living expenses if your house is damaged: An uncontrolled wildfire burns through your neighborhood, leaving your home gutted and uninhabitable.
  4. Covers someone else’s injuries or property damage when it’s your fault: You didn’t get a chance to shovel your walkway after a snowstorm, and the delivery man slips on ice and breaks an arm while approaching your door.

If your home is located in or near a flood zone, or if you are concerned about flash flooding in your area, be sure to talk to your independent agent about flood insurance.

Top Insurance Companies that Support Independent Insurance Agents in Colorado

There are currently 252 independent insurance agencies in Colorado who are ready to help. Your agent can save you time and money by assisting you with comparison shopping. Because independent agents are free to work with several different insurance companies, they can obtain a variety of customized home insurance quotes for you to compare. That way, you can choose the policy that offers the best value.

Why go Independent

Why Go Independent when looking for Homeowners Insurance?

  • The Best Agents
  • Insurance You Can Understand
  • Multiple Quotes