The average cost of home insurance in Colorado Springs is $4,684 for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows.

Colorado Springs has far higher home insurance premiums than the national average of $2,377, partially due to the state’s propensity for wildfires, hailstorms, and other weather-related perils. But you have plenty of ways to save money on your coverage by shopping strategically.

Here’s what you should know about comparing home insurance quotes and finding coverage in Colorado Springs.

Best home insurance companies in Colorado Springs

Homeowners in Colorado Springs have many quality insurers to choose from when shopping for home insurance. The best home insurance company for you depends on a variety of factors, including your individual situation and needs.

Insurify identified a few of the top policy options that stand out in terms of their rates, customer service, discounts, and other factors.

Cheapest rates: Armed Forces Insurance Exchange

Armed Forces Insurance Exchange offers the overall best price for Colorado Springs homeowners. The company has been around since 1887 with the mission of providing insurance coverage to military service members and veterans.

Armed Forces Insurance offers all standard home insurance coverages, as well as plenty of additional coverage options, including earthquake or flood coverage, animal liability coverage, identity theft protection, water backup and sump overflow, and more.

Best insurer for personalized local service: Grange

Best insurer for coverage options: Allstate

Best insurer for customer satisfaction: State Farm

Cheapest home insurance in Colorado Springs

Armed Forces Insurance Exchange offers the cheapest home insurance in Colorado Springs, but your rates will vary depending on your unique situation. Explore some of the cheapest insurers in Colorado Springs in the table below.

Cost of homeowners insurance in Colorado Springs

Average homeowners insurance costs in Colorado Springs are $4,684 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage and $4,765 per year for a policy with a $500 deductible and $300,000 in dwelling coverage.

The average cost of homeowners insurance in Colorado Springs is much higher than the national average but similar to the state average. Colorado is among the top 10 most expensive states for home insurance.

A key reason for the state’s expensive premiums is its high rate of natural disasters. Colorado experiences hundreds of wildfires per year, and they’ve been particularly bad in recent years. The state is also known for its severe hailstorms. As a result, the state has a higher number of claims — and more expensive claims — than many other states.

Additionally, like much of the country, inflation and increased building costs have also affected Colorado’s home insurance market.

Cost of homeowners insurance by dwelling coverage amount

A key factor that affects homeowners insurance costs is the dwelling coverage amount — the amount it would cost to replace your entire home. The higher the dwelling coverage amount, the more expensive the insurance policy.

The table below breaks down the average annual premium for various coverage limits in the state of Colorado for policies with a $1,000 deductible.

Cost of homeowners insurance by deductible

Another factor that affects your homeowners insurance costs is your home insurance deductible. The deductible is the amount you’ll pay out of pocket when you file a claim. The higher your deductible, the lower your insurance premiums, and vice versa.

Increasing your deductible is one of the best ways to save money on your premiums. As you can see in the table below, increasing your deductible from $500 to $1,000 can help you save because you take on more of the cost for each claim. Rates shown are for a policy with $300,000 in dwelling coverage.

How to get cheap homeowners insurance in Colorado Springs

Colorado Springs has some of the highest homeowners insurance costs in the country. The good news is you can take several steps to get a cheaper policy without sacrificing quality coverage:1

• Shop around. The best way to get the lowest insurance premiums is to shop around for coverage. Insurance premiums can vary widely, even in the same area and for the same person. Getting quotes from multiple insurers can help you find the lowest premiums for your situation.

• Choose a higher deductible. Increasing your deductible is an easy way to lower your home insurance premiums. Higher deductibles result in lower premiums, while lower deductibles result in higher rates. Just make sure your deductible is an amount you can afford to pay out of pocket if you need to file a home insurance claim.

• Bundle your policies. You can save money on your home insurance by getting it from the same insurer as your auto insurance. Depending on your insurance company, you could save up to 25% on your premium for bundling your insurance products.

• Install home safety devices. Many insurance companies offer discounts for homes that have certain safety measures in place. First, you can save on your premiums by adding certain security measures, from burglar alarms to smoke detectors. You can also save by taking steps to make your house more disaster-resistant.

Colorado homeowners insurance rates by city

Home insurance premiums vary by city, and even by individual ZIP codes and neighborhoods within a city.2 A key reason for these differences is the chances of a claim being filed in a given area. For example, if the area of Colorado you live in has a higher chance of wildfire or a greater incidence of property crimes, you could end up paying more for your insurance.

Every city in Colorado has home insurance premiums that are higher than the national average, but some are higher than others. Colorado Springs is among the most expensive cities in the state for home insurance. Rates shown in the table below are for policies with a $1,000 deductible.

How much homeowners insurance do you need in Colorado Springs?

If you have a mortgage on your home, your mortgage lender will require you to purchase a home insurance policy. And it’s a good idea even if you don’t have a mortgage. The amount of homeowners insurance you need in Colorado Springs depends on the value of your home.

As a general rule, you want enough homeowners insurance coverage to be able to replace or rebuild your home in the event of a total loss. Keep in mind that the cost to rebuild your home isn’t necessarily the same as the price you paid for it, so it’s important to work with an insurance agent to land on the right number.

Home insurance covers your home, but it also covers other expenses, including your personal belongings within the home, your personal liabilities related to your home, and your living expenses if your home is damaged in a claim.3 Make sure you have high enough limits for all these coverage types.

What are some of the biggest risks when owning a home in Colorado Springs? 

Several perils in Colorado Springs could cause you to file a homeowners insurance claim. In Colorado especially, the most common home insurance perils tend to be weather-related.

Here are a few you may encounter:

In addition to these weather-related home insurance perils, Colorado Springs may also experience non-weather-related issues — everything from water back-ups to theft. Whether your insurance covers certain perils depends on the specific peril and your insurance policy.