Best & Cheapest Homeowners Insurance in Colorado Springs, CO April, 2024

Allstate has the cheapest homeowners insurance rates in Colorado Springs. With average annual premiums of $2,436.

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Updated: 19 March 2024
Written by
Bob Phillips
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After thoroughly examining homeowners insurance providers in Colorado Springs, Colorado, we found that Allstate is the most budget-friendly option, with average annual rates of $2,346. However, it’s important to understand that the best insurer for you depends on your individual circumstances.

For instance, if your credit score has taken a hit, Allstate remains the most economical choice with an average yearly premium of $3,057. On the flip side, if you own an older home, State Farm offers competitive rates at $2,799 annually along with comprehensive coverage.

Conversely, if you have a newly built home, Nationwide provides the most cost-effective solution at $1,396 per year. And for those with a history of claims, Allstate offers affordable coverage at $3,834 annually.

Moreover, if you need coverage for valuable personal property, Allstate stands out once again, providing extensive coverage at a reasonable rate of $2,470 per year.

Our detailed analysis at Insuranceopedia aims to help you find the perfect fit for your homeowners insurance needs. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we strive to give you all the necessary information to make a well-informed decision.

How much is homeowners insurance in Colorado Springs, CO?

Allstate provides the most budget-friendly option at $2,436 per year. However, Farmers and Allstate are close behind, offering annual premiums of $1,825 and $1,896, respectively. Nationwide is slightly pricier, with an annual premium of $1,996. On the contrary, Travelers stands out with a considerably higher annual premium of $7,047.

As you can see below, rates in Colorado Springs are higher than the National average. The rates are also slightly higher than the Colorado State average.

Area

Average Annual Rate

National $1,820
Colorado $3,166
Colorado Springs $3,251

It’s crucial to grasp that insurance rates aren’t uniform and can vary significantly based on several factors.

For example, your individual driving record is crucial; a history marked by traffic violations or accidents often results in higher premiums compared to a clean record. Additionally, the type and make of your vehicle matter, as high-performance or luxury cars typically incur higher insurance costs.

Where you live can also affect your rates, with densely populated urban areas usually experiencing higher premiums due to increased risks like theft or accidents. Furthermore, your age and marital status can also influence your car insurance premiums.

Best and Cheapest Homeowners Insurance in Colorado Springs, CO

Our Methodology

To identify the most affordable home insurance rates in Colorado Springs, we reviewed data from various home insurance review platforms, including those that examined rates sourced from public filings acquired by Quadrant Information Services. Our analysis utilized an average of these rates for this assessment. However, it's important to note that each company's rates fluctuate regularly and may differ based on your specific circumstances. Additionally, our overall rating considers my subjective viewpoint, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

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Brands Reviewed

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Years Of Experience

40+

Research Hours

Cheapest Overall Home Insurance In Colorado Springs, CO

Allstate stands out as the most economical choice for homeowners insurance in Colorado Springs, CO, boasting an average annual rate of $2,436.

Company Annual Premium
Allstate $2,436
Nationwide $2,623
State Farm $2,790
Auto-Owners $3,042
USAA $3,426

The price of your policy is determined by various factors such as your location, the value of your home, and your claims history. Allstate provides a well-rounded combination of affordability and comprehensive coverage.

Cheapest home insurance If You Have Poor Credit

If your credit score isn’t top-notch, Allstate offers the most cost-effective solution, with an average annual rate of $3,057.

Insurance Company Average Annual Premium
Allstate $3,057
USAA $3,378
Chubb $3,699
State Farm $4,816
Nationwide $4,967

Your credit score can heavily influence your insurance rates, as insurers use it to assess risk. Allstate recognizes the importance of fair coverage for everyone, regardless of their financial history.

Cheapest Home Insurance If You Have an Older Home

For homeowners with older homes, State Farm provides the most affordable rates, averaging $2,799 per year.

Insurance Company Average Annual Premium
State Farm $2,799
Allstate $2,960
Shelter $3,278
Nationwide $3,683
Farmers $4,051

Older homes often entail unique risks and maintenance concerns, which may increase insurance expenses. State Farm offers competitive rates and comprehensive coverage specifically tailored to address the requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you’ve recently become the owner of a newly constructed home, Nationwide presents the most economical option, with an average annual rate of $1,396.

Insurance Company Average Annual Premium
Nationwide $1,396
USAA $1,710
Allstate $1,745
Auto-Owners Insurance $1,976
State Farm $2,118

New constructions typically require distinct coverage compared to older homes, and Nationwide excels in offering affordable policies designed to meet these specific needs.

Cheapest Homeowners Insurance for a History of Claims

For homeowners with a history of claims, Allstate provides an affordable solution, with an average annual rate of $3,834.

Insurance Company Average Annual Premium
Allstate $3,834
Chubb $4,076
Farmers $4,265
Shelter $4,899
Nationwide $6,340

A track record of claims can cause concerns for insurers, often leading to higher premiums. However, Allstate believes in giving second chances and offers reasonable rates for individuals with prior claims.

Cheapest Home Insurance for Lots of Personal Property

If you possess a significant amount of personal property, Allstate provides the most affordable option, with an average annual rate of $2,470 (rates below are for a high-value home insured for $750K).

Insurance Company Average Annual Premium
Allstate $2,470
Nationwide $2,742
State Farm $2,830
Auto Owners $3,340
USAA $3,580
The greater your personal property, the higher your coverage requirements, potentially raising premiums. Allstate offers comprehensive coverage at reasonable rates, guaranteeing adequate protection for all your belongings.

Best Homeowners Insurance Companies in Colorado Springs, CO

Selecting the right homeowners insurance isn’t merely a requirement; it’s a strategic choice. With a rich history and diverse cultural heritage, Colorado Spring’s homes mirror the uniqueness of its residents. Thus, discovering an insurance provider offering thorough coverage at competitive rates becomes essential.

To simplify your decision-making process, we’ve assembled a list of the leading homeowners insurance companies in Colorado Springs, CO. These companies have been evaluated based on their annual premiums, coverage choices, customer satisfaction scores, and overall dependability. Explore our comparison chart below to find the ideal match for your home insurance requirements.

Ranking Company Annual Premium
1 Allstate $2,436
2 Travelers $2,600
3 Nationwide $2,623
4 State Farm $2,790
5 Auto-Owners $3,042
6 USAA $3,426
7 Farmers $6,773

Average Home Insurance Rates by Zip Codes

The price of homeowners insurance in Colorado Springs, CO can fluctuate significantly depending on the zip code. Below are tables displaying rates for various zip codes in Colorado Springs, as well as the five cheapest and most expensive zip codes in the region for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
80906 $2,914
80918 $2,966
80923 $2,953
80916 $3,068
80917 $2,942
80910 $3,101

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
80927 $2,881
80951 $2,919
80939 $2,893
80938 $2,896
80921 $2,869

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
80910 $3,101
80928 $3,096
80916 $3,068
80930 $3,095
80929 $3,067

Average Home Insurance Rates in Colorado Springs, CO by Deductible Amount

The chosen deductible amount for a homeowners insurance policy has a significant impact on premium rates in Colorado Springs, CO. Below is a breakdown of how average home insurance rates vary among insurers for different deductible amounts:

Deductible Amount Average Annual Premium
$500 $5,030
$1,000 $2,784
$2,000 $2,493

Average Home Insurance Rates in Colorado Springs, CO By Coverage Amount

One of the critical factors that affects your premium is the dwelling coverage amount. This represents the maximum sum your insurance provider will pay to rebuild or repair your home if it sustains damage or destruction. Let’s delve deeper into this aspect.

Look at a comparison chart that outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $2,154
$250,000 $2,428
$300,000 $2,997
$350,000 $3,212
$400,000 $3,649

Average Home Insurance Rates in Colorado Springs, CO by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Colorado Springs, Colorado:

Company Annual Premium
Allstate $2,436
Travelers $2,600
Nationwide $2,623
State Farm $2,790
Auto-Owners $3,042
USAA $3,426
Farmers $6,773

How Much is Homeowners Insurance for Other Cities in Colorado?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in Colorado.

City Annual Premium
Bedrock $1,653
Denver $3,124
Lakewood $2,722
Georgetown $2,376

Getting Online Homeowners Insurance Quotes in Colorado

With informative platforms like Insuranceopedia, discovering the optimal coverage for your specific needs is only a few clicks away. By offering swift online quotes from a range of top-rated insurers, Insuranceopedia enables you to compare rates effortlessly. Simply input your details, and we’ll handle the rest, presenting you with a selection of options tailored to your requirements.

This approach empowers you to confidently select a policy that delivers the greatest value, striking a balance between cost and comprehensive coverage.

FAQs

Who has the cheapest home insurance in Colorado Springs, CO?

Allstate offers the most affordable home insurance in Colorado Springs, Colorado, with an annual premium of $2,436

What is the average cost of home insurance in Colorado Springs, CO?

The typical expense for homeowners insurance in Colorado Springs, Colorado, amounts to roughly $3,251 per year.

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