Cheapest Homeowners Insurance In Colorado - The cost of home insurance is constantly increasing across the country. According to the National Association of Insurance Commissioners, home insurance rates have increased more than 40 percent in the past 12 years. To help us understand the market, we've done a little research to find out which states are the most expensive and the cheapest.
Depending on the state you live in, the average home insurance premium can range from $781 to $3,383 per year.
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It collected and analyzed hundreds of thousands of listings from every zip code in the US to determine the average price in each state. Each policy is based on the average age and value of a 2,100 square foot home in the state.
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Homeowners insurance costs an average of $1,680 per year, but premiums vary widely by state, from $781 per year in the cheapest state, Delaware, to $3,383 per year in the most expensive state, Colorado.
Individual state averages are based on the average home value in each state, which we used as an estimate of the cost of rebuilding the home.
Differences in state averages are caused by a number of factors, including each state's unique home insurance risks, the amount of coverage a typical homeowner buys in each state, and many other factors. Your own rates may also deviate significantly from the national average.
Natural disasters are more common in regions with higher home insurance costs. Colorado and Oklahoma lead the pack in wildfires and hurricanes, with average premiums in those states above the national average.
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Tennessee, Kansas and Texas round out the five most expensive states for home insurance. Our data shows that homeowners in these five states spend 77% more annually on insurance premiums than the typical American citizen.
The cheapest states for home insurance are Delaware, Vermont, Pennsylvania and Maine. These states tend to be more prone to extreme hazards such as hurricanes, low real estate values, or both.
Our estimates show that the average cost to cover a typical home in these states is less than $872 per year. On average, homeowners in these states pay 48% less than the national standard rate.
If you want to lower your rates, you first need to know what your homeowners insurance covers. Individual policies vary, but most include four standard covers:
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Homeowners insurance covers the cost of repairs or replacement if the structure of your home is damaged by insurance. Insurance coverage can pay for damages to the following people:
Personal property insurance protects the contents of your home against damage caused by insured perils. A standard HO-3 covers the following:
Liability insurance covers your legal liability for property damage or injury to others. This may include:
Loss of use insurance covers any extraordinary expenses you may have to live away from your home after an insured accident makes it uninhabitable. This may include:
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Insurers consider many variables when purchasing a policy. These are fixed factors that cannot be changed, such as the year your home was built, or modifiable factors that you can control, such as b. If your roof is not weatherproof.
Home insurance discounts offer a variety of ways to save on home insurance costs, including discounts on your auto and home insurance purchases and home security features like a central alarm system.
The best and easiest way to lower your home insurance costs is to get quotes from multiple insurers. This is especially easy if your policy is about to be renewed or you've made major changes to your policy.
Another option is to increase your deductible — the amount you pay before insurance — a higher deductible translates directly into lower premiums. However, you should only increase the amount you can afford to cover the deductible in the event of a claim. If you can't afford an unexpected expense of $5,000, you must keep your deduction below this amount.
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Finally, be sure to ask about homeowners insurance discounts. While discounts vary from company to company, some common ones are:
The three main factors that affect the cost of home insurance are where your home is located, how much insurance it has, and how susceptible it is to damage. For example, a home on the coast will cost more to insure than one inland, and a home built with expensive or perishable materials will cost more to insure than one built with more affordable or durable materials.
It depends on what type of policy you get, but generally, homeowners insurance covers third-party liability, structural damage to your home, and damage to your personal property. Liability insurance pays for damages to others if you are responsible.
Most home insurance companies have a list of covered perils (sources of damage). The most common risks are fire, wind, theft, vandalism, frost and vehicle damage. Some insurance policies are "open perils", which means you are covered for anything that is not excluded.
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We collected home insurance rates for each residential zip code in the United States from the largest homeowner insurers in each state, then averaged each state. We then averaged these state averages to get the typical home insurance rates in the US.
For each state average, we collected quotes that correspond to the state's average age and value. For example, our example home in California was built in 1975 and insured for $505,000. Our model home in West Virginia was built in 1974 and insured for $119,500. We used median home values to estimate remodeling costs in each state.
Insurance volume data from Quadrant Information Services was used for analysis. These rates are publicly available from insurance records and should be used for comparison purposes only - your own rates may vary.
To get an insurance quote by phone, call: (855) 596-3655 Agents are available 24 hours a day, 7 days a week! The cheapest home insurance rate we found for most people in Colorado was $2,405 from State Farm Insurance.
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Two perfectly cheap home insurance options are Chubb and USAA. However, Chubb has an unspecified minimum coverage rate that may be more than most people want. And USAA is only available to people who have served in the military or whose spouse or parent had a USAA policy.
To make an accurate price comparison across all insurers, we used the same coverage amount for all insurers – $343,300. However, Chubb specializes in high-end home insurance and can only offer policies with very high limits.
State Farm is our #1 choice for homeowners insurance in Colorado because of their affordable prices, very high quality customer service and powerful online tools.
We found an average price of $2,405 per year for State Farm home insurance. That's the best rate for most people and less than the national average of 12%.
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State Farm has a complaint index of 0.74 from the National Association of Insurance Commissioners (NAIC), meaning it receives about three-quarters of the number of complaints expected given its size. Scored above average on JD. Energy Homeowners Insurance Survey and an "Excellent" rating from AM Best.
Finally, we're fans of State Farm's online tools. It's easy to get a quote, manage your policy and file a claim online.
Homeowners who value superior customer service should look to car owners. It ranks as our top pick, State Farm, with an overall rating of 4.5/5.
Customers are often very satisfied with the service they receive from car owners, especially after an accident. It also offers some coverages that are hard to find with other companies:
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Car owner prices are slightly higher than the national average at an average of $2,835. However, it is much cheaper than larger insurers like Allstate and Farmers.
We recommend Chubb Insurance for high-net-worth homeowners because Chubb offers premium service and coverage options that appeal to high-net-worth customers. Chubb offers very competitive pricing, although it may not be for all homeowners.
Chubb is known for its high level of customer service. Customers report hassle-free claims and generous coverage as key benefits of the company's insurance.
And it offers luxury benefits that other insurers generally don't offer. For example, Chubb offers a "cash-out" option if your home is completely destroyed: instead of using the money to rebuild your home, you can take a check for the same amount, which you can use however you want.
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Chubb's average plan is very affordable: $2,044 per year for $343,300 in coverage. However, Chubb usually imposes minimum sums insured, which means you are only eligible if you carry a certain sum insured.
Military members and their families should take a close look at the USAA. Outstanding customer service and employee-tailored coverage make it worth considering, along with competitive pricing. USAA is one of the cheapest home insurance providers we have found in Colorado.
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