Home Insurance in Denver, Colorado: A Complete Guide
As Colorado’s capital and most populated city, Denver is a bustling urban hub. However, living here comes with specific risks, such as wildfires and winter storms, which affect home insurance rates. Here’s an in-depth look at the costs and considerations for home insurance in Denver.
National vs. Denver Home Insurance Costs
The national average cost for home insurance is $1,400 per year for a home valued at $300,000. In Denver, homeowners generally pay more due to elevated risks from wildfires and heavy snowfall. The average home insurance premium in Denver is around $1,900 per year.
Home Insurance Rates by Home Age in Denver
Older homes often carry higher insurance premiums due to outdated systems or materials that may not meet modern safety standards. Below is a table detailing how home age impacts insurance costs in Denver:
Home Age
Average Annual Premium
0-10 years
$1,800
10-20 years
$1,850
20-30 years
$1,900
30+ years
$2,000
How Home Age Affects Insurance in Denver
Newer homes: Lower premiums, as modern construction often includes energy-efficient materials and meets up-to-date safety standards.
Older homes: Higher premiums, particularly for homes built before the 1980s, which may require more frequent repairs and have outdated systems.
Home Insurance Rates by Credit Tier in Denver
Your credit score plays a significant role in determining your home insurance premiums. Here’s a breakdown of home insurance rates by credit score in Denver:
Excellent Credit (750+): $1,750/year
Good Credit (700-749): $1,850/year
Fair Credit (650-699): $1,950/year
Poor Credit (Below 650): $2,200/year
Cheapest Home Insurance Providers in Denver
If you’re looking for affordable home insurance in Denver, these companies offer some of the lowest rates:
State Farm: $1,850/year
Allstate: $1,900/year
Liberty Mutual: $1,870/year
USAA: $1,820/year (for military families)
Farmers Insurance: $1,890/year
Home Insurance Rates by Deductible in Denver
Your deductible, or the amount you pay out of pocket for claims, can affect your annual premium. Here’s how different deductible amounts affect insurance costs:
$500 Deductible: $2,000/year
$1,000 Deductible: $1,900/year
$2,000 Deductible: $1,750/year
$5,000 Deductible: $1,600/year
Types of Homeowners Insurance in Denver
There are several types of homeowners insurance policies you can choose from in Denver:
HO-3 (Special Form): The most common policy, covering the home’s structure and personal belongings from most risks except those specifically excluded.
HO-4 (Renters Insurance): Protects renters’ belongings and liability.
HO-5 (Comprehensive Form): Provides broader coverage than HO-3, ideal for high-value homes.
HO-6 (Condo Insurance): Covers condo owners’ belongings and the interior structure.
HO-8 (Older Home Insurance): Designed for historic or older homes that may not meet current building codes.
Comparing Denver to Other Colorado Cities
Colorado Springs: Homeowners in Colorado Springs pay around $1,800/year, slightly less than in Denver.
Aurora: Aurora offers more affordable rates at $1,750/year, making it an attractive option for homeowners.