Homeowners in Denver need the right kind of home insurance coverage to protect their assets. Colorado is prone to events like wildfires that can damage your property.1 And while median home prices in Denver are higher than overall U.S. home prices, it’s possible to find affordable Denver homeowners insurance coverage.2

On average, Denver residents pay $3,803 per year for homeowners insurance with a $1,000 deductible and $300,000 in dwelling coverage. Here’s a closer look at what you need to know about comparing rates and finding cheap home insurance in Denver.

Best home insurance companies in Denver

Denver homeowners have plenty of insurance companies to choose from. But the right home insurance company for you will depend on your specific needs and unique situation. And what’s cheapest for your neighbor may not be the cheapest for you. Here are some of the cheapest and best home insurance companies in Denver for you to start your search.

Best for cheap rates: Auto-Owners

Best insurer for discounts: American Family

Best insurer for military families: Armed Forces Insurance

Denver has more than 28,000 veterans, according to 2023 U.S. Census Bureau estimates. If you’re a veteran or military member in the area, you may find cheap home insurance coverage with Armed Forces Insurance. AFI provides a variety of standard home insurance products and add-ons, like valuable items coverage and flood insurance.

Best insurer for seniors: Allstate

Cheapest home insurance in Denver

If you’re looking for the cheapest home insurance in Denver, Auto-Owners should be on your radar, as it offers the lowest average annual premiums, according to Insurify data.

The table below shows other affordable homeowners insurance companies in Denver.

Cost of homeowners insurance in Denver

The average cost of a home insurance policy in Denver is $3,803. But the age and size of your home, your deductible, your home’s proximity to fire protection services, and the type of home insurance you choose affect your premiums. Home insurance companies also look at your previous home insurance claim history when determining your rates.

Cost of homeowners insurance by dwelling coverage amount

Dwelling coverage is the part of your Denver home insurance policy that pays for damage to your home’s structure. To follow the 80/20 rule in home insurance, you should have coverage of at least 80% of your home’s replacement or rebuilding cost.

Here’s how Colorado home insurance costs change based on dwelling coverage limits.

Cost of homeowners insurance by deductible

A home insurance deductible is the amount you pay out of pocket before your homeowners insurance policy steps in and covers the rest. While higher deductibles come with cheaper rates, you’ll pay more for a covered loss when you file a claim.

On the other hand, a lower deductible will increase your premium but save you on out-of-pocket expenses for property damage.

The table below shows the cost of home insurance in Denver for $300,000 in coverage, by deductible.

How to get cheap homeowners insurance in Denver

Average home insurance costs in Denver are more expensive than the nationwide average, which can make it hard to afford the coverage you need. These tips can help you lock in the best deal on home insurance in Denver:3

• Shop around. While it may be tempting to go with the first home insurer you find, doing so can cost you. It’s a good idea to get quotes from at least three different insurance companies. A local agent or home insurance comparison tool can make the process easier.

• Look for discounts. Home insurance companies typically offer discounts that may apply to you and save you money. A few examples of popular discounts include auto pay, loyalty, green home, and new home discounts.

• Increase your deductible. If you can afford higher out-of-pocket costs in a covered claim, you might want to raise your deductible. A higher deductible leads to lower premiums.

• Bundle policies. Most home insurance companies offer bundling discounts for consumers who purchase more than one policy through them. You can bundle your life insurance or auto insurance policy with your homeowners insurance, for example, and save.

Colorado homeowners insurance rates by city

Home insurance rates in Colorado vary by city and ZIP code because of differences in weather conditions, population, crime rates, and the distance of homes from first responders.

Here’s a look at average home insurance quotes for $300,000 in coverage and a $1,000 deductible in Colorado, by city.

How much homeowners insurance do you need in Denver?

If you purchase your Denver home with a mortgage, your mortgage lender will require a home insurance policy. Before you take one out, be sure you know exactly what it covers. Otherwise, you might not have the home insurance coverage you need.

Again, to meet the 80/20 rule, you need at least 80% of your home’s replacement or rebuilding cost in coverage. So if you have a $300,000 home, you need $240,000 in dwelling coverage.

Denver homeowners don’t have to worry about hurricanes or tropical storms, but flash flooding can occur in Colorado, so you may consider additional flood insurance.4

What are some of the biggest risks of owning a home in Denver?

As a Denver homeowner, you should be mindful of these common risks: