Best & Cheapest Homeowners Insurance in Denver, CO April, 2024

In Denver, Chubb offers the most affordable homeowners insurance rates, with average annual premiums of $1,706.

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Updated: 19 March 2024
Written by
Bob Phillips
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After conducting a thorough examination of homeowners insurance providers in Denver, Colorado, we’ve determined that Chubb emerges as the most budget-friendly option, offering average annual rates of $1,706. However, it’s crucial to recognize that the best insurer for you depends on your specific circumstances.

For example, if your credit score has suffered, Allstate remains the most economical choice, with an average yearly premium of $3,357. Conversely, if you own an older home, State Farm provides competitive rates at $2,498 annually, coupled with comprehensive coverage.

On the other hand, if you have a newly constructed home, Nationwide offers the most cost-effective solution at $1,430 per year. And for individuals with a history of claims, Allstate presents affordable coverage at $3,788 annually.

Furthermore, if you require coverage for valuable personal property, Chubb once again stands out, offering extensive coverage at a reasonable rate of $2,189 per year.

Our comprehensive analysis at Insuranceopedia aims to assist you in finding the perfect fit for your homeowners insurance needs. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we endeavor to provide you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in Denver, CO?

Chubb offers the most budget-friendly option at $1,706 per year. However,  Allstate and State Farm come close behind, with annual premiums of $2,296 and $2,892, respectively. Nationwide is slightly pricier, with an annual premium of $3,042. In contrast, Farmers stands out with a considerably higher annual premium of $6,259.

As evident below, rates in Denver surpass the national average. However, they are slightly lower than the average rates for the state of Colorado.

Area

Average Annual Rate

National $1,820
Colorado $3,166
Denver $3,124

Understanding that insurance rates aren’t consistent and can fluctuate significantly based on various factors is crucial.

For instance, your personal driving history plays a pivotal role; a record marred by traffic violations or accidents often leads to higher premiums compared to a clean record. Additionally, the type and model of your vehicle are significant, as high-performance or luxury cars typically incur higher insurance costs.

Your location can also impact your rates, with densely populated urban areas typically facing higher premiums due to elevated risks such as theft or accidents. Moreover, your age and marital status can also influence your car insurance premiums.

Best and Cheapest Homeowners Insurance in Denver, CO

Our Methodology

To pinpoint the most cost-effective home insurance rates in Denver, we scrutinized data from numerous home insurance review platforms, including those analyzing rates sourced from public filings obtained by Quadrant Information Services. Our assessment amalgamated an average of these rates for this evaluation. However, it's crucial to acknowledge that each company's rates fluctuate regularly and may vary based on your individual circumstances. Additionally, our overall rating incorporates 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

15+

Years Of Experience

40+

Research Hours

Cheapest Overall Home Insurance In Denver, CO

Chubb emerges as the most economical option for homeowners insurance in Denver, CO, with an average annual rate of $1,706.

Company Annual Premium
Chubb $1,706
Allstate $2,296
State Farm $2,892
Nationwide $3,042
Farmers $6,259

Your policy’s price is influenced by several factors, including your location, your home’s value, and your claims history. Chubb offers a balanced blend of affordability and comprehensive coverage.

Cheapest home insurance If You Have Poor Credit

If your credit score isn’t excellent, Allstate presents the most cost-effective solution, with an average annual rate of $3,357.

Insurance Company Average Annual Premium
Allstate $3,357
USAA $3,415
Chubb $3,763
State Farm $5,160
Nationwide $5,312

Your credit score can significantly impact your insurance rates, as insurers utilize it to evaluate risk. Allstate acknowledges the significance of providing fair coverage for everyone, irrespective of their financial history.

Cheapest Home Insurance If You Have an Older Home

Homeowners with older homes can find the most affordable rates with State Farm, averaging $2,498 per year.

Insurance Company Average Annual Premium
State Farm $2,498
Allstate $3,006
Shelter $3,078
Farmers $3,784
Nationwide $3,950

Older homes typically come with unique risks and maintenance challenges, which can lead to higher insurance costs. State Farm provides competitive rates and comprehensive coverage specifically designed to meet the needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you’ve recently acquired a newly constructed home, Nationwide offers the most cost-effective option, with an average annual rate of $1,430.

Insurance Company Average Annual Premium
Nationwide $1,430
Chubb $1,478
Allstate $1,669
USAA $1,726
State Farm $2,188

Newly constructed homes often demand specialized coverage compared to older properties, and Nationwide stands out in providing affordable policies tailored to address these specific needs.

Cheapest Homeowners Insurance for a History of Claims

For homeowners with a history of claims, Allstate offers an affordable solution, with an average annual rate of $3,788.

Insurance Company Average Annual Premium
Allstate $3,788
Farmers $4,056
Chubb $4,263
Shelter $4,589
Nationwide $6,782

A history of claims can raise concerns for insurers, typically resulting in higher premiums. However, Allstate believes in providing second chances and offers reasonable rates for individuals with previous claims.

Cheapest Home Insurance for Lots of Personal Property

If you own a substantial amount of personal property, Chubb offers the most affordable option, with an average annual rate of $2,189 .

Insurance Company Average Annual Premium
Chubb $2,189
Allstate $2,330
State Farm $2,917
Auto Owners $3,089
Nationwide $3,170

As your personal property increases, so do your coverage needs, potentially leading to higher premiums. Chubb provides comprehensive coverage at reasonable rates, ensuring adequate protection for all your belongings.

Best Homeowners Insurance Companies in Denver, CO

Choosing the right homeowners insurance isn’t just a necessity; it’s a strategic decision. With a rich history and diverse cultural heritage, Denver’s homes reflect the uniqueness of its residents. Therefore, finding an insurance provider offering comprehensive coverage at competitive rates becomes essential.

To streamline your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Denver, CO. These companies have been assessed based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Explore our comparison chart below to discover the perfect fit for your home insurance needs.

Ranking Company Annual Premium
1 Chubb $1,706
2 Allstate $2,296
3 State Farm $2,892
4 Nationwide $3,042
5 Farmers $6,259
6 Travelers $2,657
7 Auto-Owners $2,830
8 USAA $3,410

Average Home Insurance Rates by Zip Codes

Homeowners insurance costs in Denver, CO can vary considerably based on the zip code. Below are tables showcasing rates for different zip codes in Denver, along with details on the five cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
80239 $3,220
80220 $2,982
80210 $3,048
80231 $3,062
80204 $2,925
80247 $2,946

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
80265 $2,957
80293 $2,968
80235 $2,921
80223 $2,967
80247 $2,946

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
80216 $3,108
80249 $3,184
80211 $3,104
80224 $3,097
80266 $3,088

Average Home Insurance Rates in Denver, CO by Deductible Amount

The selected deductible amount for a homeowners insurance policy plays a significant role in premium rates in Denver, CO. Below is a breakdown of how average home insurance rates differ among insurers for various deductible amounts:

Deductible Amount Average Annual Premium
$500 $4,340
$1,000 $2,815
$2,000 $2,520

Average Home Insurance Rates in Denver, CO By Coverage Amount

One of the crucial factors influencing your premium is the dwelling coverage amount. This signifies the maximum sum your insurance provider will pay to rebuild or repair your home if it sustains damage or destruction. Let’s examine a comparison chart outlining the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $2,234
$250,000 $2,628
$300,000 $3,041
$350,000 $3,217
$400,000 $3,609

Average Home Insurance Rates in Denver, CO by Company

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

Company Annual Premium
Chubb $1,706
Allstate $2,296
State Farm $2,892
Nationwide $3,042
Farmers $6,259
Travelers $2,657
Auto-Owners $2,830
USAA $3,410

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
Colorado Springs $3,251
Lakewood $2,722
Georgetown $2,376

Getting Online Homeowners Insurance Quotes in Colorado

With informative platforms like Insuranceopedia, finding the perfect coverage for your specific needs is just a few clicks away. By providing quick online quotes from a variety of top-rated insurers, Insuranceopedia allows you to compare rates effortlessly. Simply input your details, and we’ll take care of the rest, presenting you with a range of options tailored to your requirements.

This approach enables you to confidently choose a policy that offers the best value, balancing cost with comprehensive coverage.

 

FAQs

Who has the cheapest home insurance in Denver, CO?

In Denver, Colorado, Chubb provides the most affordable home insurance option, with an annual premium of $1,706.

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

On average, homeowners insurance in Denver, Colorado, costs approximately $3,124 per year.

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