How much is homeowners insurance in CO Springs, CO

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As per Insure.com’s rate data analysis, the average cost of homeowners insurance in Colorado Springs is $4,903 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), It’s $2,321 more than the national average of $2,582.

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Colorado Springs depend on several factors, including:

• Size of your home
• Age of your home
• Amount of coverage you need
• Location
• Your credit score

State Farm is the cheapest homeowners insurance company in Colorado Springs with an average annual premium of $3,175 per year.

This guide covers everything from available coverage options to companies with the cheapest homeowners insurance rates in Colorado Springs. Keep reading to learn about the monthly cost of homeowners insurance in Colorado Springs, the cost for different dwelling coverage levels, and discover which companies provide the most affordable home insurance in Colorado Springs.

How much is homeowners insurance in Colorado Springs per month

Colorado Springs homeowners pay an average of $409 a month, based on our rate analysis. It’s $68 more than the state average of $341 and $194 more than the national average for home insurance across the United States. The price of your homeowners insurance policy in Colorado Springs may vary depending on where you live, the value of your home, and the coverage you choose.

How much is homeowners insurance for a $200,000 house in Colorado Springs

Homeowners insurance for dwelling coverage of $200,000 and liability protection of $100,000 costs $3,659 per year in Colorado Springs, CO. Numerous factors influence your annual home insurance rates, including any natural disaster or event in your locality. For instance, certain regions have a higher risk of natural calamities such as floods, hurricanes, or tornadoes, implying higher expenses for rebuilding in these areas. These increased rebuilding expenses result in increased insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damages. So, if you reside in an area prone to flooding, consider buying flood insurancecoverage.

How much is homeowners insurance for a $300,000 house in Colorado Springs

As per rate analysis by Insure.com, homeowners residing in Colorado Springs typically pay an average of $4,903 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $1,244 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance sufficient insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Colorado Springs by company

Among the carriers analyzed, State Farm is the most affordable homeowners insurance company in Colorado Springs. It’s average annual rate for homeowners in Colorado Springs is $3,175, while Allstate ranks second.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Colorado Springs and compiled a list of the most affordable home insurance companies.

Below are details of Colorado Springs home insurance companies and their average annual premiums.

Common natural disasters in Colorado that may affect home insurance

Living in Colorado comes with the threat of natural disasters, which can cause significant damage to homes and property, often resulting in insurance claims. Understanding which natural disasters are most prevalent in your area is key to choosing the right home insurance policy.

Avalanche and Hail are some of the most common natural disasters in Colorado that could impact your home insurance rates.

How home insurance protects you against natural disasters

Home insurance helps protect your property and belongings from the financial impact of natural disasters. While standard policies generally cover damages from windstorms, hail and lightning, additional coverage is required for disasters like floods, earthquakes and wildfires.

These types of damage are usually not covered by homeowners insurance, so homeowners need to buy separate flood or earthquake insurance to ensure complete protection.

Home insurance can help pay for structural damage repairs, replace lost or damaged items, and provide funds for temporary housing if your home becomes uninhabitable. This coverage provides financial relief, making it easier for homeowners to recover quickly from the effects of natural disasters.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Colorado Springs for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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