Colorado Home Insurance

Residents of the Rocky Mountain state know the joy of warming up by a fire on a cold winter night, as well as the peace of mind that comes with knowing that warm hearth is fully protected. No one wants to be left out in the cold if disaster should strike their home, so to make things easy for consumers; The Simple Dollar’s put together the facts that matter the most to a Coloradan homeowner.

Enter Your Zip Code:

Stats in Your State

Understanding the factors and driving forces behind homeowners insurance in Colorado has never been easier. The following graphs present average Colorado homeowners insurance rates and premiums and other data on the topic in an easy to read format.

Homeowner Insurance Premiums

Colorado homeowners insurance premiums have stayed relatively close to the national average during the mid-2000’s, with premiums leveling off at roughly $800 in 2004 and staying relatively unchanged through 2008.

Renter Insurance Premiums

Similar to homeowners premiums, renters insurance premiums have stayed relatively close to the national average during the mid-2000’s, fluctuating by only a few dollars per year.

Existing Home Sales

Colorado existing home sales hit a decade high of 130,400 in 2005 before taking a sharp and steady decline during the second half of the decade. This didn’t have a significant impact on home insurance premiums; which actually dropped from $811in 2004 to $807 in 2005.

Flood Insurance in Region

The Rocky Mountain state suffers relatively little from flood damage, particularly compared to its lake-laden neighbor, Montana; which also has the Missouri River flowing through it. Flood insurance might not be necessary, but in case it's worth it, you should ask your insurance agent for a quote.

Homes Built

Rapid suburban and urban development has fueled the housing market in Colorado the past several decades, with nearly three fourths of homes having been built after 1970. Old and new homes sometimes need different kinds of home insurance; check with your insurance agent to find out what coverage is best for you home.

Rules in Your State

Keeping oneself abreast of insurance regulations has never been simpler with resources through the Colorado legislature. To keep the digging down to a minimum for our readers, we’ve provided the Colorado homeowners insurance regulations regarding prohibited industry practices. If your insurer is engaging in any of these prohibited practices, contact the Department of Regulatory Agencies to file a complaint immediately.

Colorado Revised Statutes for Homeowners (General)

TITLE 10. INSURANCE

PROPERTY AND CASUALTY INSURANCE

ARTICLE 4.PROPERTY AND CASUALTY INSURANCE

PART 1. GENERAL

C.R.S. 10-4-110.8 (2012)

10-4-110.8. Homeowner's insurance - prohibited practices - definitions

  1. An insurer may not cancel or fail to renew coverage of an insured solely because the insured inquires about coverage for homeowner's insurance and the inquiry is not related to an actual claim to the property insured.
  2. An insurer may only provide information regarding claims to an entity that compiles or monitors personal claim or loss experience shared by insurers for underwriting or rating purposes...
  3. Every insurer issuing a policy of homeowner's insurance shall comply with section 10-3-1104 (1) (h) and all other provisions of part 11 of article 3 of this title. ...

REGULATION OF INSURANCE COMPANIES

ARTICLE 3.REGULATION OF INSURANCE COMPANIES

PART 11. UNFAIR COMPETITION - DECEPTIVE PRACTICES

C.R.S. 10-3-1104 (2012)

10-3-1104. Unfair methods of competition - unfair or deceptive acts or practices

  • (XIV) Making or permitting any unfair discrimination between individuals or risks of the same class and of essentially the same hazard by refusing to insure, refusing to renew, canceling, or limiting the amount of insurance coverage on a property and casualty risk solely because of the geographic location of the risk, unless the action is the result of the application of sound underwriting and actuarial principles related to actual or reasonably anticipated loss experience;
  • (XV) Making or permitting any unfair discrimination between individuals or risks of the same class and of essentially the same hazards by refusing to insure, refusing to renew, canceling, or limiting the amount of insurance coverage on the residential property risk, or the personal property contained therein, solely because of the age of the residential property;
  • (XVI) Terminating or modifying coverage or refusing to issue or renew any property or casualty policy solely because the applicant or insured or any employee of either is mentally or physically impaired;

Representatives & Resources in Your State

Getting involved with your local government will not only keep you informed as to the workings behind the regulations, but will also make you a more mindful consumer when it comes to handling issues, disputes, or claims in general. Below are some resources for Colorado homeowners to contact government agencies for assistance if needed.

Department of Regulatory Agencies
Division of Insurance
1560 Broadway, Suite 850
Denver CO, 80202
Get Directions

Colorado Department of State
Administrative Division
1700 Broadway, Suite 250
Denver, CO 80290
303-894-2200
Get Directions

Disaster Relief and Claims
FEMA Region 8 Contact Information
FEMA is the primary disaster resource for Americans; their goal is “to support our citizens and first responders…to prepare for, protect against, respond to, recover from, and mitigate all hazards.”