Manitou Springs Homeowners Insurance

Your Complete Guide to Manitou Springs, CO, Homeowners Insurance

Local independent agents can help you find a great policy at a competitive price.

Manitou Springs Homeowners Insurance

The picturesque city of Manitou Springs has a lot to offer its residents. With its scenic views, low crime rates, and strong sense of community, it is a great place to settle down and plant roots. If you own a house in Manitou Springs, you can benefit from the protections that a solid homeowners insurance policy can offer.

Independent insurance agents can help you find the best and most affordable coverage for your Manitou Springs home. Contact an insurance agent near you to learn more and to start comparing customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Manitou Springs, CO?

The average cost of home insurance in this state is higher than the national average. Shopping around for the best rate has the potential to save you hundreds of dollars a year.

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

Your actual homeowners insurance quotes are likely to be different from the average rate mentioned above. This is because costs are calculated on a case-by-case basis according to several factors such as the following.

  • The size, age, and value of your home
  • The type of property you are insuring (e.g. single-family house, condo, townhouse, mobile home, second home, vacation home, etc.)
  • The number of stories in your house and whether it has a basement
  • Your claims history and credit score
  • The crime rate and weather risks where your house is located
  • Whether you are bundling your coverage with other policies like car insurance or boat insurance

Every insurance company has its own way of computing rates, so comparing a variety of quotes lets you choose the policy that offers the coverage you need at the best available price. Independent insurance agents in Manitou Springs make comparison shopping easy.

What Damage Is Covered by Manitou Springs Home Insurance?

Your home insurance policy can cover against most of the hazards you may face as a property owner in Manitou Springs. This includes risks ranging from theft to severe weather events.

Catastrophic Events in Colorado

  • Number of federally declared disasters in CO since 1953: 96
  • Most common reasons for disasters in the state: Wildfires, floods, and severe storms
  • Average number of tornadoes per year in Colorado:  53
  • Average amount of property damage per year in CO:  $1.75 billion
  • 1 in 15 insured homes has a claim each year

Manitou Springs residents are at risk for damage caused by the following.

  • Accidental fires
  • Wildfires
  • Windstorms
  • Electrical storms
  • Hail
  • Tornadoes
  • Freezing temperatures
  • Property crimes

Fortunately, all of these risks are covered by most homeowners insurance policies.

What Damage Is Not Covered by Manitou Springs Home Insurance?

As with any insurance policy, homeowners insurance has some exclusions. Most notably, your policy will not cover against floods or earthquakes.

Floods

Floods pose a significant risk in the Manitou Springs area. For instance, in 2018, the mayor declared a local disaster emergency when flood waters caused more than $1.5 million in damage in the area.

You can shield yourself from flood-related financial losses by supplementing your home insurance with flood insurance through the National Flood Insurance Program (NFIP). A local independent agent can help you secure an affordable policy.

Earthquakes

Although the risk of an earthquake in Manitou Springs is low, this area has been affected by 10 quakes since 1931. The United States Geological Survey (USGS) gives the area a 1.55% chance of experiencing a seismic event of 5.0 or greater in the next 50 years.

If you want to ensure that your house is fully protected against potential earthquake damage, an independent agent can help you supplement your home insurance policy with earthquake insurance.

Why Is Liability Insurance Important for Manitou Springs Homeowners?

Liability lawsuits can happen to anyone, and when they do, they can be extremely expensive. Fortunately, your home insurance can provide you with a significant amount of personal liability protection.

Homeowners liability insurance is designed to cover court costs, legal fees, settlements, judgments, and other financial damages if you are sued for a covered event. Below are examples of times your homeowners liability coverage can help you.

  • If a visitor to your home is badly injured in an accident that can be attributed to negligence of upkeep
  • If you or someone in your household accidentally causes injuries or property damage to someone else while away from home
  • If you are accused of libel due to something you posted on social media
  • If your dog gets loose and bites somebody

If you want to have more liability coverage than your homeowners insurance can offer, you can also purchase umbrella insurance. This is an affordable way to significantly boost all of your liability coverage.

Does Manitou Springs Homeowners Insurance Cover against Burglaries?

The burglary rate in Colorado is nearly identical to the national rate, but in Manitou Springs, the risk is lower. On average, residents of this city report about 20 burglaries a year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Colorado: 3.75
  • Number of burglaries per 1,000 homes in Manitou Springs: 2.23

It may give you some peace of mind to know that if your house is broken into, your homeowners insurance can reimburse you for your losses as well as for any damage the burglar may have caused.

If you own any particularly expensive items like fine art, valuable jewelry, or rare collectables, you may need to add special endorsements to your homeowners insurance policy in order for them to be fully covered. A local independent insurance agent can help you be sure that all of your most valuable property is properly insured.

Why Work with an Independent Insurance Agent in Manitou Springs, CO?

The easiest way to find the best and most affordable insurance for your Manitou Springs home is by working with a local independent agent. These agents work for you, not for a specific insurance company, so they are free to shop around to find you appropriate coverage at a competitive rate.

Find an independent insurance agent with an office in or near Manitou Springs to get more information. You will be able to start comparing customized homeowners insurance quotes in no time.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov
http://www.city-data.com/city/Manitou-Springs-Colorado.html
https://www.fema.gov/data-visualization/disaster-declarations-states-and-counties
https://www.homefacts.com/earthquakes/Colorado/El-Paso-County/Manitou-Springs.html