Homeowners Insurance in Colorado

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Colorado homeowners will want an insurance policy to keep their house safe from perils like windstorms, hail, and other damaging factors. When you’re ready to buy a homeowners insurance policy, you should go comparison shopping to find a great rate.
Whether you’re buying a starter home, upgrading houses, or purchasing your dream vacation home, buying a house is a big deal. Having homeowners insurance will help keep your mind at ease when it comes to your house—which is likely your single largest asset. 
Use this guide, created by home and car insurance broker and comparison app Jerry, to find the right homeowners insurance policy. Here’s everything you need to know about homeowners insurance in Colorado. 
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What is homeowners insurance? 

Homeowners insurance is insurance coverage that pays for repairs, replacements, or expenses related to your house. This includes the physical house itself, your possessions, unexpected living expenses, and more. 
In the United States, the average homeowner pays $1,387 per year for homeowners insurance. That’s $115 per month

Basic components of homeowners insurance

A homeowners insurance policy will likely consist of the following coverages: 
  • Coverage A (Structure): Covers repairs on the house itself.
  • Coverage B (Additional structures): Covers repairs and losses associated with other structures on the property. This includes fences, pools, and sheds.
  • Coverage C (Personal property): Valuables damaged or stolen from inside the house are covered. This includes jewelry, electronics, furniture, and more.
  • Coverage D (Additional expenses): Also known as loss of use. This covers you for living expenses if you are displaced by damage to your home.
  • Coverage E (Personal liability): This covers litigation costs if someone is injured on your property.
When purchasing a policy, it can cover either the actual cash value (ACV) of the house or the property’s replacement cost. Policies are usually required to be worth at least 80% of the replacement cost. 

Named perils

Not every type of damage is covered by home insurance. For example, damage from wear and tear or poor upkeep will never be covered. Plus, certain external factors like floods or earthquakes are rarely covered.
You’ll only be covered by named perils, which will be listed in your policy. Named perils usually include:
  • Fire
  • Lightning 
  • Wind
  • Hail
  • Hurricanes
  • Damage caused by vehicles
  • Theft
  • Vandalism
  • Riots
  • Falling objects
  • Explosions
Make sure you know what you’re covered against—you don’t want an expensive surprise when it comes time to do repairs!

Is homeowners insurance required in Colorado? 

Homeowners insurance is not required by law in Colorado. 
However, most mortgage lenders will require you to have home insurance, so you’ll likely need a policy if you want a loan.

How to get homeowners insurance

When you’re shopping for any insurance policy, you should start by going comparison shopping. Comparison shopping is the act of looking at multiple insurance quotes from different providers to find out where you can get the coverage you want at a good price. Want some help? The Jerry app was designed to help you do just that!
If you’re hoping to save on your policy while streamlining your insurance services, you should consider insurance bundling. By bundling your home and auto policies with the same insurer, you could get savings of 15% or more.
Colorado homeowners should make sure they’re covered against windstorm, hail, and flood damage, as these are all common perils in Colorado.
Hail should be covered by your homeowners policy. Windstorm damage is often covered but is not a guaranteed peril, so check with your insurance agent. Flood insurance is never included in homeowners insurance and must be purchased separately.
While flood damage is not included, you can add water backup coverage to your policy. This additional coverage pays for water removal after a pipe bursts. 

Why is homeowners insurance in Colorado so expensive? 

On average, Colorado home insurance costs $1,650 a year. This is almost $300 more than the national average. 
How much you pay is based on a variety of factors, including the cost of your house, your credit history, personal demographics, marriage status, and more. Outside personal factors, where you live also impacts your pricing. 
Here’s why insurance in Colorado is more expensive than the national average:

Extreme weather

Extreme weather events are on the rise across the world, leading to a spike in weather damage in the state of Colorado. 
Windstorms, snowstorms, hail, fires, and other weather events can damage homes and cause insurance claims. The more insurance claims in an area, the higher the insurance premiums. 

Housing

The typical home price in Colorado is close to $500,000. This is 1.67x higher than the U.S. average. 
More expensive housing means pricier repairs when an accident occurs. This drives up insurance prices.

Homeowners insurance discounts in Colorado

Insurers offer discounts to help their customers save. Here are some great discounts for Colorado residents:
DiscountHow to get it
BundlingBundling home and auto insurance with one insurer will lead to discounts for all your policies.
First-time homeownerFirst-time homeowners are often rewarded with an insurance discount.
Avoid claimsHave you avoided making a claim over the last few years? You may be eligible for a cheaper premium.
Storm proofingThe less likely a claim, the lower your premiums. Storm proofing your home to prevent damage can earn you a discount.
Improved securityInstalling security systems to prevent theft and vandalism often leads to an insurance discount.
Fire alarmsUpgraded fire alarms that call the fire department directly are worth a lower insurance rate.

How to save on home and auto insurance

When you’re buying your homeowners insurance policy, you should use insurance broker Jerry to simplify the process. 
Jerry, the number one insurance app in the App Store, was designed to make comparison shopping easy. After you sign-up (which is free!), Jerry provides you with a variety of quotes from top providers to peruse and choose between. With Jerry’s help, you’ll find an affordable policy in just a few minutes.
Jerry is also great for car insurance!
“Amazing app. I downloaded Jerry this morning, and I’ve already started a cheaper insurance policy and canceled my old one… all with Jerry’s help!”—Sam M.
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FAQs

Despite being one of the windiest states in the U.S., windstorm insurance is not required in Colorado.
Check your policy to ensure you’re covered for wind damage—wind damage is one of the most common claims in the state.
The average Colorado homeowners pays $1,650 a year for homeowners insurance. This is hundreds of dollars higher than the national average.

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