Denver, CO Homeowners Insurance

How to Find the Best Homeowners Insurance Policy in Denver, CO

Experts break down Denver home insurance costs, coverages, companies, and more.

Craftsman American house with garage and concrete floor porch. Find Denver Colorado homeowners insurance.

With 715,000 residents, Denver is the most populous city in Colorado. Its beautiful landscapes and many cultural and entertainment venues make it a great place to call home. If you are a property owner in Mile High City, a good homeowners insurance policy can protect your investment.

When you are shopping for coverage for your Denver home, a local independent agent can help. These agents can shop around to find you the best and most affordable policy. Contact an independent insurance agent near you to start comparing customized home insurance quotes.

How Much Does Homeowners Insurance Cost in Denver, CO?

Homeowners' insurance rates in the state of Colorado tend to be higher than the national average, but in Denver, the average cost is on the lower side.

  • National average yearly premium: $1,211
  • Colorado average yearly premium: $1,495
  • Denver average yearly premium: $1,192

Your actual home insurance costs will be based on several factors such as: 

  • The type of home you are insuring (e.g., single-family detached, mobile homecondotownhouseinvestment rental property, etc.)
  • The year your house was built, its size in square feet, and the materials used in its construction
  • The crime rate and weather risks where your house is located
  • Your claims history and credit score

If you bundle your homeowners' insurance coverage with another policy like car insurance or RV insurance, you may be able to earn valuable rate reductions on all of your bundled policies. Learn more about this and other potential home insurance discounts by talking to an independent insurance agent.

Why Take the Time to Compare Denver Home Insurance Quotes?

Every insurance company has its own method for calculating rates. This means that you are likely to receive a different quote from every company you contact.

Reviewing a variety of customized homeowners insurance quotes lets you choose the policy that offers the coverage you want at the most affordable price. This could potentially save you hundreds of dollars a year.

Independent agents make comparison shopping easy.

What Does Denver Homeowners Insurance Cover?

Your homeowners' insurance policy is designed to protect you against large financial losses in three important ways:

  • By covering the investment you have made in your property
  • By reimbursing you for costs related to displacement
  • By shielding you from losses related to liability lawsuits

Each of these coverage types will be discussed in greater detail below.

How Does Denver Homeowners Insurance Cover Your Property?

Your home insurance can cover damage to the structure of your home (this is referred to as dwelling insurance) as well as the personal property you have inside it (this is referred to as contents insurance).

Your policy is designed to cover most of the damaging risks you are likely to face as a homeowner in Denver. This includes coverage against hazards like:

  • Property crimes such as burglary, vandalism, and arson
  • Fires, including accidental fires, wildfires, and explosions
  • Severe weather events like thunderstorms, windstorms, tornadoes, hail, heavy snowfalls, prolonged freezing temperatures, and ice accumulation

In Denver, tornadoes and hail cause homeowners the most property damage.

You will want to be sure that you have enough coverage to enable you to fully rebuild your house and replace all of your personal property if your home is completely destroyed by a catastrophic event like a tornado or a fire.

How Does Loss of Use Insurance Cover Against Displacement?

Denver has a very high risk of tornado activity. The area experiences an average of five tornadoes a year. These twisters can do a lot of damage to your home. Your roof could be torn off, windows and siding can be damaged, or a fallen tree can strike your house and destabilize its foundation.

Major disasters like tornadoes and fires can do more than just damage your property. They can also render your house uninhabitable until repairs are made. If this happens, loss of use insurance, which is included in every homeowners' insurance policy, can help.

If you need to seek alternate accommodations due to damage caused by a covered event, loss of use insurance can cover miscellaneous expenses like:

  • Hotel, temporary rental, or other reasonable accommodation costs
  • A meal allowance if your accommodations do not include a kitchen
  • Moving and temporary storage fees

This coverage can continue until your house is safe to move back into, or until you have purchased a replacement home.

How Can Liability Insurance Protect Denver Homeowners?

Anyone can find themselves on the wrong end of a liability lawsuit. All it takes is one accident or error in judgment if it ends up hurting someone else. Fortunately, in addition to covering your house and property, your homeowners' insurance provides you with liability protection.

Homeowners liability insurance can cover expenses like court costs, legal fees, mediation fees, settlements, judgments, and other related expenses if you or someone in your household unintentionally cause someone else to experience injuries, property damage, financial loss, or other harm.

Most home insurance policies offer between $250,000 and $500,000 in liability protection. If you want even more coverage than your home insurance can provide, you can also purchase an umbrella insurance policy. This is an affordable way to significantly boost all of your personal liability coverage.

What Isn't Covered by Denver Homeowners Insurance?

Although insurance coverage is pretty comprehensive, it does not include coverage against everything. Specifically, you should not expect your policy to cover damage caused by floods or earthquakes. Fortunately, neither of these disasters presents much of a risk in the Denver area.

Only 3% of properties in this city have at least a 26% chance of sustaining significant flood damage over the next 30 years. If you feel that your property is at risk, you can get coverage against flood damage by supplementing your homeowners' insurance with a flood insurance policy.

The risk of a major earthquake in the area is low, but minor earthquakes can occur. The most damaging was a 5.3 magnitude quake that caused more than $1 million in damage to northeastern Denver in 1967. If you want to have coverage against this risk, you can purchase an earthquake insurance policy.

Is There a High Risk of Burglary in Denver, CO?

The burglary rate in Colorado is similar to the national rate; however, in Denver, the rate is higher. Residents of the city report around 4,000 burglaries a year.

  • Number of burglaries per 1,000 residents in the US: 3.76
  • Number of burglaries per 1,000 residents in Colorado: 3.75
  • Number of burglaries per 1,000 residents in Denver: 5.44

If you discover that your home has been burglarized, the first thing you should do is make sure that you and your family are safe, and then call the authorities. It may give you comfort to know that your home insurance can reimburse you for your lost property as well as for any associated damage to your house.

You will need to have a copy of the police report when you file your claim.

What Are the Best Homeowners Insurance Companies in Denver, Colorado?

The best homeowners insurance companies are the ones that have a long track record of proven reliability, excellent customer service, and competitive rates.

Independent agents in Denver have teamed up with the area’s top-rated insurance companies so they can help their clients find suitable, yet affordable, coverage.

How Can an Independent Agent in Denver Help Me Find the Best Home Insurance Policy?

Independent insurance agents make it easy to find an ideal policy to cover your Denver home. These agents can save you time and money by doing the comparison shopping legwork for you. That way, you can be certain that you are getting the coverage you want at a reasonable price.

Arrange an obligation-free consultation with an independent insurance agent near you to get more information and to start comparing customized quotes from some of the best homeowners insurance companies in Colorado.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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