Best Condo Insurance In Colorado May, 2024
Nationwide offers the best condo insurance in Colorado.
Your condominium is an investment worth protecting with the best condo insurance policy you can buy. With 13+ years of experience as a licensed insurance agent under my belt, I have created this comprehensive guide to help you find the best condo insurance company in Colorado.
Any one of various perils can cause damage or loss to your condominium. The Centennial State, for instance, frequently has hail storms. Imagine a hail storm damaged your condominium one summer, and you didn’t have condo insurance. You’d have to pay for the damages and repairs out-of-pocket, which could result in a significant burden financially and emotionally.
Don’t be caught without coverage. In the decade-plus I’ve worked in the insurance industry, I’ve witnessed many homeowners face crippling financial losses due to inadequate insurance coverage. Keep reading to learn how to find a policy that offers robust protection for you and your condo, safeguarding your finances and peace of mind.
Best Condo Insurance Companies In Colorado, 2024
Compare The Best Condo Insurance Companies In Colorado
| Overall Rating | Best For | A.M Best Rating | J.D Power Rating | Average Monthly Cost | Get A Quote | |
|---|---|---|---|---|---|---|
| Nationwide |
|
Best Overall |
A+ |
816 |
$886 |
Instant Quote |
| Travelers |
|
Discounts |
A |
794 |
$828 |
Instant Quote |
| Chubb |
|
High-Value Condos |
A++ |
809 |
$1,551 |
Instant Quote |
| Amica |
|
Best Runner-Up |
A+ |
849 |
$1,449 |
Instant Quote |
Our Methodology
In ranking the best condo insurance companies in Colorado, I focussed on the following: 1. AM Best financial strength ratings 2. Overall customer satisfaction ratings by J.D. Power 3. Ratings and reviews published by credible consumer review sources 4. My personal experience selling condo insurance in Colorado as a former licensed property and casualty agent
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
Condo Insurance Company Reviews
Best Overall
Key Statistics
Why We Like Them
⇅Nationwide is my top choice for the best condo insurance provider due to its numerous coverage options that you can customize to fit your needs. From protecting your condo and belongings like furniture and clothes to reimbursing you for living expenses incurred if you can’t live in it due to a covered peril, they offer extensive protection for condo owners.
Beyond basic condo insurance, Nationwide also provides additional coverage options, including additions and alterations coverage. The availability of replacement cost for your dwelling and personal property is also a huge plus.
Nationwide further stands out for its superior claims service. Policyholders can expect prompt and fair claims handling thanks to a team of professionals dedicated to providing personalized claims assistance 24/7.
Benefits & Drawbacks
⇅- Good average rates
- Comprehensive coverage options
- Exceptional customer service ✓
- Less ideal for lower-value condominiums
- Some discounts have limited availability
- Potential for increased coverage costs ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica is one of the best condo insurers in Colorado, owing to its comprehensive coverage, low rates, outstanding customer service, and low customer complaints. The company also boasts high customer satisfaction scores, indicating positive customer experience.
Its Platinum Choice Home Coverage offers enhanced protection of your condo and personal belongings through expanded coverage. Customers who bundle their car and condo insurance may qualify for a multi-policy discount of up to 20%. Such saving opportunities make Amica’s average premiums much cheaper than other carriers, including Allstate.
Benefits & Drawbacks
⇅- Lengthy list of coverage options
- Financial stable insurer
- Good ratings for customer satisfaction ✓
- Dividend policies aren't available in every state
- More expensive than the national average
- AM Best financial strength rating downgraded to A+ in 2017 ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅Chubb serves high-net-worth individuals with significant assets to insure. They provide specialized condo insurance policies with superior levels of coverage and service.
Their Masterpiece policy, in particular, includes several standout features. These include extended replacement cost coverage, which provides an added finance cushion should the sum insured not be enough to rebuild your home. Other extra coverage types available include cyber protection and identity theft coverages.
Chubb’s commitment to addressing the unique needs of affluent condo owners goes beyond comprehensive protection. They also provide numerous perks, such as a cash settlement in place of rebuilding your condo after a covered loss.
Benefits & Drawbacks
⇅- Additional coverage available
- Excellent customer service
- Low customer-complaint levels ✓
- Designed for high-value homes
- Policies are pricier than the national average
- Not BBB accredited ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers offers a wide range of coverage options, many opportunities to save money on your condo insurance, and some of the cheapest condo insurance rates in the market. Consequently, it’s a strong contender for Colorado condo owners seeking affordable policies without skimping on coverage.
Among their featured discounts is the multi-policy discount available to customers who bundle their condo insurance with auto and other forms of insurance from Travelers. Bundling multiple policies can save customers up to 15% while simplifying policy management.
Also available are discounts for installing smart home technology and other protective devices. These discount opportunities help lower rates and encourage policyholders to take proactive measures to safeguard their condominiums.
Benefits & Drawbacks
⇅- Cheap insurance costs
- Insurance bundling options
- Financially sound ✓
- A potential ban on specific dog breeds
- Below-average customer satisfaction
- Limited options available ✘
How Much Is Condo Insurance In Colorado?
This section contains comparison tables showcasing cost data you can use to inform your decision-making when purchasing condo insurance.
*Note that the average amounts presented may vary based on many factors, including location, coverage limits, and property features.
The Average Cost Of Condo Insurance By City
The table below shows what condo owners in 10 of the largest cities in Colorado spend on average for condo insurance monthly and annually.
| City | Average Annual Rate | Average Monthly Rate |
| Denver | $1,010 | $83 |
| Colorado Springs | $1,030 | $85 |
| Aurora | $1,028 | $85 |
| Fort Collins | $727 | $63 |
| Lakewood | $947 | $78 |
| Thornton | $953 | $79 |
| Arvada | $920 | $76 |
| Westminster | $921 | $76 |
| Pueblo | $1,193 | $99 |
| Greeley | $906 | $75 |
Average Cost Of Condo Insurance By Building Property Limits
This second table shows the average condo insurance monthly rates for different building property limits in Colorado.
| Building Property Limit | Average Annual Rate |
| $100,000 | $1304 |
| $80,000 | $1103 |
| $60,000 | $902 |
| $40,000 | $751 |
Average Cost Of Condo Insurance By Company
As for this last table, shown within are the average annual rates for ten top-rated condo insurance companies in Colorado.
| Insurance Company | Average Annual Rate |
| Allstate | $298 |
| American Family | $619 |
| Auto-Owners | $785 |
| Chubb | $451 |
| Country Financial | $554 |
| Farmers | $462 |
| Nationwide | $728 |
| State Farm | $405 |
| Travelers | $936 |
| USAA | $1202 |
The cheapest condo insurance isn’t always the best value. What you want is affordability, financial stability, comprehensive coverage, and excellent customer service all under one policy.
What Does Condo Insurance Cover In Colorado?
A condo insurance policy is also known as a HO-6 insurance policy. The policy typically includes coverage for your unit and its contents, personal liability, and additional living expenses. In other words, it protects everything in the interior of your condominium, including interior walls, floors, cabinets, fixtures, appliances, and personal belongings.
Most H0-6 policies also provide loss assessment coverage, usually with a limit of up to $1,000. It protects condo owners if damage to communal areas exceeds the coverage limits of the building association’s master policy. You can raise your coverage limits with an endorsement.
How Much Condo Insurance Do I Need In Colorado?
The amount of condo insurance you need in Colorado depends on factors such as the physical structure of your unit, the estimated value of your personal property, and what your HOA master insurance policy covers or doesn’t cover
How To Find The Best Condo Insurance Company For You
For most, a condominium is likely their biggest investment, so purchasing adequate coverage for it is crucial. Finding a condo insurance company that provides coverage options best suited to your needs will take time and effort. But it’s worthwhile for securing your financial future.
Here’s how to buy the best condo insurance policy for you:
- Determine how much condo insurance you need.
- Conduct research online on condo insurance providers in Colorado and narrow it down to the three most promising.
- Obtain quotes for policies offering the coverage types and amounts you need from all three. The easiest way to do this is to use an insurance comparison site like Insuranceopedia.
- Choose an insurance company based on their coverage, price, customer reviews, financial strength, and discounts.
- Begin the application process and purchase your HO-6 policy.
Factors That Impact The Cost Of Your Condo Insurance Policy
Condo insurance premiums vary based on various factors, including:
Replacement Cost Of Your Condo
The cost to rebuild your condominium if destroyed by a covered event is one of the main factors that affect your condo insurance rates. The more it costs to rebuild your unit, the higher the amount you’ll pay in premiums.
Age And Construction Type Of Your Condo
The older your condo, the more likely you’ll be charged higher rates for coverage. Older properties often have dated wiring, heating, and plumbing systems, increasing the risk of damage and, in turn, the likelihood of filing a claim. In the same way, the type of building materials may result in higher or lower rates, depending on durability.
Location Of Your Condo
Location is a big factor in determining how much your condo insurance will cost. Owners of condos in areas with frequent severe weather and high crime rates will typically see higher premiums. Colorado is prone to wildfires and hail storms, making it increasingly costly to insure homes in the state.
Claims History
A history of filing claims can raise your condo insurance premiums, as your insurer will see you as high-risk. The opposite is true, with a clean claims record attracting lower rates. A high quantity of similar claim types in your ZIP code can also lead to rate increases.
How To Save Money On Colorado Condo Insurance
There are different ways condo owners in Colorado can make their condo insurance policies more affordable. For starters, you might want to consider increasing your deductible. Choosing a higher deductible will typically lower your premium. However, the amount you pay toward a claim before insurance kicks in will increase, so only opt for a deductible you can afford out-of-pocket.
You can also save on your condo insurance by making your dwelling more resistant to perils, such as natural disasters, fire, and theft. That may entail installing storm shutters and setting up a home alarm system. In addition to improving your condo’s safety, such investments may lead to policy discounts.
How To Get An Online Condo Insurance Quote In Colorado
The easiest way to compare quotes from multiple condo insurance insurance companies side-by-side is to use an insurance comparison site like Insuranceopedia. You can also call each company individually or contact an insurance agent.
Whichever way you go about it, be prepared to provide the following information:
- Information about yourself: will include your name, address, and insurance history.
- Information about your condo: such as its square footage, number of units in your complex, safety features installed, type of exterior, and the year the condo was built
- Occupancy information: for example, the number of people who live at the residence.
- Personal property value: an estimate of how much your belongings are worth.
- Condo replacement cost: the estimated cost to rebuild your condo following a covered loss.
FAQs
How does condo insurance work?
Condo insurance essentially works by filling in coverage gaps not covered by your condo association’s master policy. It covers everything within the walls of your unit, including your personal belongings, and protects your finances from liability claims and additional living expenses.
How much condo insurance is required in Colorado?
Condo insurance isn’t a legal requirement in Colorado, but it may be a requirement by your building association. Additionally, if you’re financing your condo, your mortgage lender will most likely require you to have a policy in place.
Condo insurance policies commonly offer a minimum personal liability coverage limit of $100,000 and a maximum of $500,000.
How much is condo insurance in Colorado?
The average cost of condo insurance in Colorado is approximately $121 per month, or about $1,457 a year. Premiums vary from person to person and from company to company.
Sources
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