Best homeowners insurance in Colorado Springs, CO (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Colorado Springs.

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By

Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
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Reviewed by

Michael Reynolds, CSRIC®, AIF®, CFT-I™Michael Reynolds, CSRIC®, AIF®, CFT-I™Financial AdvisorMichael Reynolds, CSRIC®, AIF®, CFT-I™, is a financial advisor, principal and founder of Elevation Financial, host of the weekly personal finance podcast Wealth Redefined®, and a member of the Financial Review Council at Policygenius.

Updated|4 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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The average cost of homeowners insurance in Colorado Springs is $2,984 per year for a policy with $300,000 in dwelling coverage, according to our latest insurance pricing analysis.

Colorado Springs and other densely populated areas of Colorado have experienced an uptick in home-threatening wildfires and claims in recent years, causing many insurers to no longer offer homeowners insurance in these areas. This has made home insurance in Colorado both more expensive and difficult to find in 2023.

To help area residents navigate the state's tough home insurance market, we researched several currently available options to find the best and cheapest home insurance companies in Colorado Springs, CO.

Compare home insurance rates in Colorado Springs

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Compare the best cheap homeowners insurance companies in Colorado Springs

Based on our analysis, State Farm, American Family, Nationwide, Farmers, and Allstate are the best homeowners insurance companies in Colorado Springs.

To find the best and cheapest homeowners insurance in Colorado Springs, Policygenius reviewed over a dozen of the largest insurance companies in the state of Colorado and chose the five with the highest overall Policygenius rating.

Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average carrier premiums in each of Colorado Springs' 26 ZIP codes.

Company

Average monthly cost

Policygenius rating

State Farm

$233

4.8 out of 5

American Family

$214

4.5 out of 5

Nationwide

$342

4.5 out of 5

Farmers

$401

4.5 out of 5

Allstate

$209

4.4 out of 5

Methodology & why you can trust our rates

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

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2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

All 50 states

Why we chose itchevron icon

State Farm is the best overall home insurance company in Colorado Springs due to its availability in every ZIP code, policy options for homes of all shapes and sizes, high marks for customer service, and its industry-best financial stability ratings.

Pros and conschevron icon

Pros

  • High customer satisfaction and financial strength ratings

  • Top-tier coverage add-ons, including extended replacement cost coverage

  • Offers large discounts when you bundle your home and auto insurance

Cons

  • 20% more complaints filed with the NAIC than other companies of its size

  • No discounts for first-time homebuyers

More detailschevron icon

Why we chose State Farm

As the largest home insurance provider in Colorado, State Farm is best known for its easy-to-reach and dependable customer service. And this goes for all steps of the the customer journey — from shopping and setting up your policy to making changes to your coverage to filing a claim.

What makes this possible is State Farm's extensive network of local agents who understand the weather risks and overall coverage needs of their community. This is an especially important consideration for Colorado Springs residents given the state's worsening wildfires and the increasingly difficult process of getting approved for home insurance.

Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.

How do State Farm home insurance rates compare to the Colorado Springs average?

The average cost of State Farm home insurance in Colorado Springs is $2,798 per year, which is about 6% cheaper than the average annual premium in Colorado Springs of $2,984.

How to get a quote

Online through State Farm or by contacting your local State Farm agent.

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2024 Policygenius award winner

American Family

American Family home insurance

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Offers flood insurance

Bundle home & auto

Why we chose itchevron icon

American Family home insurance has industry-best coverage options, high customer service ratings, and several discounts to compliment its already affordable rates, making it a great option in the 19 states where it’s available.

Pros and conschevron icon

Pros

  • Lower than average rates

  • High customer satisfaction and digital shopping satisfaction scores with J.D. Power

  • Several one-of-its-kind coverage endorsements and policy perks

Cons

  • Requires you to work with an agent to purchase a policy

More detailschevron icon

Why we chose American Family

When it comes to home insurance coverage quality and affordability, there are few companies in Colorado Springs in the same league as American Family.

Choose from three comprehensive policy tiers with various levels of protection offered through American Family, or customize a policy to suit your specific coverage needs. With up to 15 additional coverage options — including inland flood, equipment breakdown, and service line coverage — there is no shortage of ways to personalize your home insurance with American Family.

And the best part? American Family won't nickel and dime you for all of that coverage. Its rates are among the most affordable in Colorado Springs, and it gives you even more ways to save with up to 11 available discounts.

How do American Family home insurance rates compare to the Colorado average?

The average annual cost of American Family home insurance in Colorado Springs is $2,568 per year, which is about about 14% cheaper than the Colorado Springs average of $2,984 per year. 

How to get a quote

Online with American Family or by contacting a local agent

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2024 Policygenius award winner

Nationwide

Nationwide logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Mobile app

New homebuyer discount

Offers extended replacement cost

Why we chose itchevron icon

Nationwide offers an impressive selection of home insurance coverages for both standard and high-net worth Colorado Springs homes, offering extended and guaranteed home replacement coverages and broad coverage for your home and personal belongings.

Pros and conschevron icon

Pros

  • Up to 14 additional coverage options, such as guaranteed and extended replacement cost, all-risk protection, and better roof replacement coverage

  • Among the highest-ranked companies for claims satisfaction with J.D. Power

  • A+ credit rating with AM Best

Cons

  • Customer satisfaction and digital shopping experience ratings are below the segment average with J.D. Power

  • Average annual premium is higher than average

More detailschevron icon

Why we chose Nationwide

Nationwide is best known for its robust home and personal property coverage add-ons — something Colorado Springs homeowners should consider given the recent uptick in wildfires throughout the area.

Nationwide customers in Colorado Springs can choose from extended or guaranteed replacement cost coverages to increase their home's structural protection and ensure they have enough dwelling coverage to rebuild after a major wildfire. If your home is damaged or destroyed by a covered event, Nationwide's signature "better roof replacement" coverage will replace your roof with stronger materials than what you had before.

Keep in mind that both of these additional coverages don't come standard with Nationwide — you need to pay extra for them — and with Nationwide's already somewhat high premiums in Colorado Springs, the thought of paying for even more coverage may give some homeowners pause. But if you're looking for the best in comprehensive wildfire protection and claims satisfaction, Nationwide seems like a no-brainer.

How do Nationwide home insurance rates compare to the Colorado Springs average?

The average cost of Nationwide home insurance in Colorado Springs is $4,105 per year, which is around 38% more expensive than the annual Colorado Springs average of $2,984.

How to get a quote

Online through Policygenius or Nationwide

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2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

In addition to helping you save around 20% by bundling your home and car insurance, Farmers also gives you access to its extensive suite of discounts, policy credits, and incentives for not filing claims that can put even money back in your pocket.

Pros and conschevron icon

Pros

  • Over a dozen available discounts to help lower your bill

  • Optional extended or guaranteed replacement cost coverage to better protect your home

  • Declining deductibles features takes $50 off your deductible each year you’re a Farmers customer

Cons

  • Ranks low with J.D. Power for overall customer satisfaction and digital customer service experience

  • Average annual premium is among the highest in Colorado

More detailschevron icon

Why we chose Farmers

Farmers home insurance stands out against competitors thanks to its 17 available discounts and policy perks. For context, Farmers competitors offer an average of around seven discounts total.

Along with several discount offerings and affordable rates, Farmers also offers the following two key policy perks:

  • Declining deductibles: Earn $50 toward your home deductible each year you have a home insurance policy with Farmers.

  • Claim forgiveness: Once you’ve gone five years without filing a claim, Farmers won’t raise your rate after that if you end up filing one.

Even more, depending on your state of residence, you can save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies, according to Farmers.

How do Farmers home insurance rates compare to the Colorado Springs average?

The average cost of Farmers home insurance in Colorado Springs is $4,814 per year, which is around 61% more expensive than the annual citywide average of $2,984.

How to get a quote

Online through Policygenius or Farmers, or by contacting a local Farmers agent.

award icon

2024 Policygenius award winner

Allstate

Allstate logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may find a suitor in Allstate thanks HostAdvantage — its affordable short-term rental coverage that can be easily added to any policy.

Pros and conschevron icon

Pros

  • Offers HostAdvantage — an excellent short-term rental coverage add-on that can be seamlessly added to any policy

  • Extensive list of discounts and policy features to lower your bill and out-of-pocket costs

  • A+ credit rating with A.M. Best

Cons

  • Beginning to pull back coverage in high-risk areas

  • Customer experience scores with J.D. Power are below the segment average

More detailschevron icon

Why we chose Allstate

If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.

And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.

How do Allstate home insurance rates compare to the Colorado Springs average?

The average annual cost of an Allstate home insurance policy in Colorado Springs is $2,509, or around 16% cheaper than the citywide average of $2,984 per year.

How to get a quote

Online through Policygenius or Allstate, or by contacting a local Allstate agent.

Compare home insurance rates in Colorado Springs

We don't sell your information to third parties.

How much is homeowners insurance in Colorado Springs?

The average cost of homeowners insurance in Colorado Springs is $2,984 per year, or $249 per month, according to our analysis of quoted premiums in every ZIP code in the city.

This makes home insurance in Colorado Springs around 29% more expensive than the Colorado state average of $2,322 per year, and 70% more expensive than the national annual average of $1,754.

Colorado Springs home insurance rates by ZIP code

To help you find out how much home insurance costs where you live, we calculated average home insurance rates in the 10 most populated ZIP codes in Colorado Springs.

ZIP code

Average annual cost

Difference from state average (%)

80918

$2,962

28%

80916

$3,066

32%

80920

$2,923

26%

80906

$2,914

25%

80909

$2,968

28%

80923

$2,953

27%

80910

$3,099

33%

80917

$2,940

27%

80922

$2,942

27%

80907

$2,966

28%

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Cheapest ZIP codes for home insurance in Colorado Springs

With an average annual premium of $2,868, the 80921 ZIP code has the cheapest average home insurance rates in Colorado Springs.

ZIP code

Average annual cost

Difference from state average (%)

80921

$2,868

24%

80927

$2,884

24%

80939

$2,892

25%

80938

$2,897

25%

80906

$2,914

25%

80951

$2,918

26%

80920

$2,923

26%

80917

$2,940

27%

80922

$2,942

27%

80924

$2,945

27%

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Most expensive areas for homeowners insurance in Colorado Springs

With an average annual premium of $3,105 per year, the 80905 ZIP code (Broadmoor) has the most expensive home insurance rates in Colorado Springs.

ZIP code

Average annual cost

Difference from state average (%)

80905

$3,105

34%

80910

$3,099

33%

80903

$3,095

33%

80930

$3,090

33%

80928

$3,070

32%

80916

$3,066

32%

80929

$3,062

32%

80926

$3,042

31%

80946

$3,001

29%

80912

$2,992

29%

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Learn more >> Home insurance rates by ZIP code

Colorado Springs home insurance costs by coverage amount

Along with your home's location, your homeowners insurance premiums are also based on how much dwelling coverage you need to ensure you're able to rebuild your house from the ground up after a total loss.

The average annual home insurance premium for a Colorado Springs home with $500,000 in dwelling coverage is $4,374 — around $1,500 higher than the average citywide cost of homeowners insurance.

Dwelling coverage limit

Average annual cost

$100,000

$1,295

$200,000

$2,150

$300,000

$2,984

$400,000

$3,648

$500,000

$4,374

Colorado Springs home insurance costs by deductible amount

home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to cover the rest of the damage costs. If you choose a high policy deductible, you'll have to cover a larger proportion of each claim that you file, but you may also pay significantly less in premiums each year.

Here is the average annual cost of home insurance in Colorado Springs for a policy with $300,000 in dwelling coverage and three different deductible levels.

Deductible

Average annual cost

$500

$5,020

$1,000

$2,770

$2,000

$2,479

Cheapest homeowners insurance companies in Colorado Springs

Based on our analysis, State Auto, Auto-Owners Insurance, Chubb, USAA, and Allstate are the five cheapest home insurance companies in Colorado Springs, with average premiums ranging from $333 to $2,509 per year.

American Family, State Farm, and Colorado Farm Bureau are also among the most affordable home insurance options in Colorado Springs for 2023, as detailed below.

Company

Average annual cost

State Auto

$333

Auto-Owners Insurance

$1,436

Chubb

$2,149

USAA

$2,500

Allstate

$2,509

American Family

$2,568

State Farm

$2,798

Farm Bureau Insurance

$2,878

Shelter Insurance

$3,116

California Casualty

$3,419

Foremost

$3,790

Nationwide

$4,105

Acuity

$4,583

Farmers

$4,814

Country Financial

$4,997

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Cheapest home insurance in Colorado Springs if you have poor credit

Having poor credit not only makes it more difficult to take out an affordable home or car loan — it can also make it more expensive to insure that home or car. In some cases, you may be turned down by insurance companies if your credit score is too low.

With an average annual premium of $1,012, State Auto has the cheapest home insurance rates in Colorado Springs for a homeowner with poor credit, while Auto-Owners' average of $16,694 per year is the most expensive. 

Company

Average annual cost

State Auto

$1,012

Allstate

$3,026

USAA

$3,374

Farm Bureau Insurance

$3,380

Chubb

$3,598

Shelter Insurance

$3,768

American Family

$4,199

State Farm

$4,811

Nationwide

$4,967

California Casualty

$5,243

Foremost

$5,728

Acuity

$5,756

Farmers

$7,501

Country Financial

$7,809

Auto-Owners Insurance

$16,694

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Cheapest home insurance in Colorado Springs if you have an older home

Many insurance carriers consider older homes to have a higher risk of damage or loss compared to newer properties since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.

Looking at average home insurance quotes for a 50-year-old home, State Auto is the cheapest home insurance option for Colorado Springs residents with older homes, while Country Financial is the most expensive.

Company

Average annual cost

State Auto

$593

Auto-Owners Insurance

$1,461

USAA

$2,054

Chubb

$2,149

Allstate

$2,494

State Farm

$2,798

Farm Bureau Insurance

$2,961

American Family

$2,966

Shelter Insurance

$3,273

Foremost

$3,432

California Casualty

$3,444

Nationwide

$3,678

Farmers

$4,038

Acuity

$4,267

Country Financial

$5,745

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Cheapest homeowners insurance in Colorado Springs if you have a history of claims

Your claims history is one of the main factors insurers will consider when determining your home insurance premiums.

Typically, if you file one or multiple claims within a five year span, you may be considered a risk for future claims and your insurer could charge you higher rates as a result.

According to our analysis of company premiums for a Colorado Springs homeowner with three claims within a five-year period, State Auto has the cheapest home insurance, while Foremost is the most expensive.

Company

Average annual cost

State Auto

$1,244

Auto-Owners Insurance

$1,594

State Farm

$2,798

Farm Bureau Insurance

$2,878

USAA

$2,935

Allstate

$3,822

Chubb

$4,075

Farmers

$4,260

American Family

$4,824

Shelter Insurance

$4,898

California Casualty

$5,927

Nationwide

$6,335

Acuity

$8,169

Country Financial

$8,589

Foremost

$10,206

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How to get homeowners insurance quotes in Colorado Springs

Now that you're familiar with the best and most affordable insurance companies in Colorado Springs, it's time to start shopping for homeowners insurance. Here are some things you should keep in mind as you compare home insurance quotes in Colorado Springs, CO.

5 steps to buying homeowners insurance in Colorado Springs, CO

  1. Shop with an independent insurance marketplace like Policygenius. Our team of licensed insurance experts are at the ready to help you figure out how much coverage you need and what company offers it at the best price — all for free with no impact to your credit score.

  2. Ask about the Colorado FAIR Plan. With parts of Colorado Springs are at high risk for wildfire damage, some residents may have difficulty finding coverage. If you're not able to find home or fire insurance, ask about the Colorado FAIR Plan, which is a type of last-resort insurance coverage for homeowners struggling to secure a policy.

  3. Compare quotes. Once you’ve identified your coverage needs, a Policygenius agent will send over quotes from top companies so you can review your options.

  4. Figure out how high of a deductible you can afford. A higher deductible means you’ll pay a lower home insurance premium, but it also means you'll have pay more out of pocket on each claim.

  5. Choose your policy, sign it, and pay your first premium. Once you choose a policy, all you need to do is sign on the dotted line and pay your first premium. We’ll cancel your old policy on your behalf if it hasn't expired yet.

Compare home insurance rates in Colorado Springs

We don't sell your information to third parties.

Frequently asked questions

What is personal property insurance?

Personal property insurance will help pay to replace items that are damaged or destroyed in a covered event, like a fire. This includes your furniture, clothing, and electronics.

Will my low credit score prevent me from getting affordable home insurance?

While some companies factor your credit score into your insurance premium, not all do. If you have low credit, be sure to shop around and compare quotes. It’s still possible to find a rate you can afford.

What is the average cost of home insurance in Colorado Springs?

The average annual home insurance rate in Colorado Springs is $2,984, which is well above the national average. To save money on insurance, be sure to ask about discounts and compare quotes. Since your circumstances change, it can also help to shop around every few years to see if you can get a better rate later on.

Why should I use a Policygenius agent when shopping for home insurance?

Policygenius agents are experts in the field. They will be able to help you determine your coverage limits, shop for policies, and complete the required paperwork. Our services are free and will not affect your credit score.

Author

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Editor

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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