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The average homeowner in the United States pays a yearly average premium of $1,132 for homeowners insurance, while the Colorado yearly average is $1,383. It's fairly close, but because of the unique risks that Colorado homeowners face, and depending on your own personal situation, this number could be much higher.
Think of homeowners insurance as your financial backup plan for the times when bad things happen to your home unexpectedly. It's important to protect one of your most prized possessions so you can bounce back financially when the going gets rough.
In 2017, $1,823,339,000 was spent by insurance companies on homeowners claims in Colorado.
(That's a lot of unfortunate events happening to Colorado homeowners.)
Insurance carriers calculate the cost of a home insurance policy by asking, "How likely is it that something bad will happen?" The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters "risk."
Here are two examples of risks facing homeowners in Colorado.
Colorado sees an average amount of criminal activity as compared with other states. While the risk varies depending on where you are — metropolitan Denver vs. serene Idaho Springs — you should always be properly protected just in case.
Winter weather in Colorado can be disastrous for homeowners — especially those in the mountains. Think extreme cold, frozen pipes, melting snow that floods, hail and more. But bad weather can strike year-round. Just take a look at the damage it's done in The Centennial State:
Yes, there are. And unlike a specific carrier or an agent who works for a specific company, an independent agent can quote with multiple companies to make sure you receive the most appropriate coverage for your needs. It's the best way to receive 360 degrees of insurance protection for any unexpected event that may come your way.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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