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The best homeowners insurance companies in Colorado
Country Financial ranked first in J.D. Power’s 2020 U.S. Home Insurance Study, earning an 855 out of 1,000 overall customer satisfaction index score. The provider offers great discounts, including up to 28% savings for homes equipped with new electrical systems and up to 40% for newer homes. But we’re most impressed by Country’s policy options. A basic policy provides coverage for common hazards, like lightning strikes, downed trees, fire and hail. But customers can up their protection by selecting the premiere package, which includes all the coverage of the basic plan, plus coverage for common catastrophes, like fried electronics due to a power surge, countertop burns and paint spillage. Colorado policyholders can also choose among four dwelling coverage options, including, actual cash value, replacement cost, extended replacement cost and additional guaranteed replacement cost. To top it off, Country offers personal liability limits up to $1 million and medical payments limits from $1,000 to $25,000.
Auto-Owners’ standard home insurance policies include a full range of coverages. You can also choose the Homeowners Plus plan, which includes all the coverages of a standard policy, increased coverage for food spoilage caused by power outages, plus protection against leaks caused by household appliances. But Auto-Owners discounts stand out in the crowd. You can save right off the bat by requesting a quote before your policy’s effective date and opting for paperless billing. Protecting your house with an automatic backup generator or water shut-off system can earn you a discount and you can save even more when you establish a claim-free history. Like many insurers, Auto-Owners offers a multi-policy discount when you buy home and auto insurance, but you can also save when you purchase homeowners and life insurance policies. And when you make that last mortgage payment, you could score even more savings on your Auto-Owners homeowners premium.
American Family provides good standard coverage, plus a modest selection of addons, including equipment breakdown coverage, which can help pay the repair or replacement costs of faulty computers, garden tractors, heating and air conditioning systems, home security systems and kitchen appliances. But while many providers offer optional identity theft protection, American Family provides a robust set of coverages and services. The identity theft endorsement covers up to $25,000 in identity theft expenses, including legal fees, loan application fees, notary expenses and lost wages, if you need to take time off from work to focus on restoring your credit. You can also opt for American Family’s credit monitoring service, administered by CyberScout. The service alerts you to changes in your financial or personal information and when events occur that change your credit score. Best of all, American Family’s credit monitoring plans start at just $40 per year.
With Allstate, you can always count on a dedicated local agent to handle your needs. Allstate’s standard policies provide good protection for some homeowners and its optional coverages provide added safeguards for your pricy musical instruments, sports equipment and spruce trees. But most folks need more than just auto and home insurance, and that’s where Allstate rises to the top of our favorite Colorado insurers. Allstate offers business insurance for all types of enterprises, like accounting offices, chiropractors, dentists, photo studios and real estate agents. Allstate offers condo and renters insurance and covers the things that bring joy to your life, like ATVs, boats, motorcycles and your chihuahua. And if you need supplemental accident and disability or critical illness insurance, Allstate has you covered. Allstate can also help you prepare for the future, with 529 college savings plans, annuities, mutual funds and individual retirement accounts.
Amica Mutual scored the number two spot on the J.D. Power’s 2020 U.S. Home Insurance Study, earning a 853 out of 1,000 overall customer satisfaction index score, just two points behind the leader, Country Financial. The carrier offers a rather standard selection of discounts and a handful of optional coverages. Homeowners looking for a more comprehensive policy can turn to Amica’s Platinum Choice Home plan. It includes all the standard coverages, plus dwelling and personal property replacement cost coverage, valuable items extended coverage and up to $5,000 to pay for fraudulent credit card charges. The package also covers business property, at home and away, and all types of smart devices, including laptops, phones, tablets and TVs. Platinum Choice home also comes with up to $5,000 in water backup coverage and extends your personal liability limit to up to $500,000. Coloradans who own homes governed by a housing association also benefit from the plans loss assessment coverage, which provides coverage for community property not solely owned by the insured.
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How much does homeowners insurance cost in Colorado?
According to the National Association of Insurance Commissioners, in 2019, Coloradans paid an average annual home insurance premium of $1,495, nearly $300 more than the national average of $1,211. The same year, New Mexico residents paid around $1,017 and Utah residents just $692. Numerous factors can impact homeowners premiums, including your:
Coverages and coverage levels
Home’s age and construction
Home’s proximity to a fire hydrant and fire station
Typically, brick or masonry homes cost less to insure than wood frame houses. Older homes may cost more to insure because they may cost more to rebuild due to features such as custom woodwork, or because they don’t meet current building codes. Dog owners often pay more for homeowners insurance due to the risk of bites.
Most providers offer discount programs to help reduce your annual premium. And you can usually lower your rate by raising your deductible.
Choosing your provider
Get quotes from several insurers and look for providers that offer a full lineup of standard coverages and the optional coverages that meet your specific needs. Shop around, request quotes from national, regional and local carriers, and choose a company that provides the best combination of coverages, discounts and price.
Terrific discount programs
Not many optional coverages
Outstanding selection of discounts
Good bundle discounts available
Lack of area-specific coverages
Usually do not have the best customer service
Things to know about homeowners insurance in Colorado
When buying home insurance, Coloradans need to understand and prepare for certain natural risks. According to the Colorado Geological Survey, Colorado has nearly 100 potentially active faults. Most standard homeowners policies don’t cover dwelling or personal property losses caused by earthquakes. However, many major insurance providers offer optional earthquake coverage.
In 2019, Colorado ranked twelfth in the nation for tornado-related fatalities, according to the Insurance Information Institute (III). The same year, 53 twisters were reported in Colorado, with no fatalities. Typically, standard home insurance policies cover tornado damage. While you can do little to protect your home from a direct hit from a tornado, you can guard against damage from extreme storms by installing an impact resistant roof and removing dead or diseased trees in your yard.
Wildfires pose the greatest risk to Colorado properties. According to the III, in 2019, Colorado reported more than 850 wildfires, which burned more than 40,000 acres. While insurers usually cover wildfire losses, they sometimes discontinue coverage for homeowners that live in fire-prone areas. If you already have home insurance, review your policy to find out if you have enough dwelling coverage to rebuild if a wildfire strikes. If your policy only pays actual cash value, consider purchasing a replacement cost coverage rider for added protection.
Colorado law doesn’t require you to purchase a home insurance policy, but if you finance your property, your lender may require you to carry homeowners coverage until you’ve paid off the mortgage. And while you might be tempted to choose a policy based on price, it’s not a good idea to skimp on coverage.
Typically, standard home insurance policies provide $100,000 to $300,000 in personal liability coverage, which can help pay your legal costs if someone sues you over an accident that happens on your property. Certain home features, like a swimming pool, may place you at greater risk of a lawsuit. Or, if you often host parties or sleepovers for kids, the standard liability coverage might not provide enough protection. If your policy doesn’t offer adequate liability coverage, purchase an umbrella policy.
Following a covered loss, most basic homeowners policies only pay the depreciated value – actual cash value – of your home’s contents. So, if a fire destroys your home and all your belongings, you could end up paying a lot of money out of pocket to replace them. However, many insurers offer optional replacement cost coverage endorsements, which pay to replace your personal property at current prices. But keep in mind that your policy’s deductible will apply whenever you file a claim.
Colorado homeowners insurance FAQs
According to the National Association of Insurance Commissioners Colorado homeowners paid an average homeowners premium of$1,495 in 2019. That’s almost $300 more than the national average and around $800 more than Utah homeowners.
Most standard homeowners policies don’t cover losses caused by earthquakes. According to theColorado Geological Survey, Colorado has around 90 potentially active faults. Many national and regional insurance providers offer earthquake coverage, which you can add to your standard policy as an endorsement or rider.
Most homeowners policies cover damages caused by wildfires. Homeowners in some parts of Colorado face extreme risk from wildfires. If you live in a wildfire-prone area, ensure that you have enough coverage to rebuild your home if a fire breaks out. You can mitigate some risk by installing a fire-resistant roof and removing trees and shrubs from the perimeter of your home.
Too long, didn’t read?
National and regional home insurance companies write policies in Colorado, but Colorado homeowners pay premiums higher than the national average and significantly higher than residents of some neighboring states. Colorado homeowners face several natural risks, particularly from wildfires. So it’s important for homeowners in the Peach State to ensure that they are adequately protected from these events. When shopping for home insurance, choose a company that provides the best combination of standard and optional coverages, discount programs and price for your needs.
We welcome your feedback on this article and would love to hear about your experience with the home insurance providers we recommend. Contact us at email@example.com with comments or questions.
Last editorial update – December 4, 2020, updated editorial buying guide and added new recommendations
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar. For every review, our editorial team:
Identifies five measurable aspects to compare across each brand
Determines the rating criteria for each aspect score
Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our reviews on home insurance.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
We looked at the number of discounts each company offers – more discounts mean a higher score.
We awarded higher scores to the companies that offer more coverage options.
We awarded higher scores to companies with the most channels for customer support.
We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
We looked at the level of accessibility of each company – the more resources they have the higher their score
Michael Evans has worked in numerous industries, including education, finance, government, insurance and journalism. He began writing professionally while working for the world’s first online mortgage brokerage in San Francisco, California. His writings have appeared in print and online publications, including Fox Business, International Living, Motley Fool and Yahoo! Finance.
Nasha Addarich is an editor at The Simple Dollar and a former attorney who specializes in home insurance, auto insurance, life insurance, and savings. She is a former contributing editor to Reviews.com.