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Home Insurance and Car Insurance in Colorado
Buying a home or car in Colorado can often be a pricey proposition. It’s typically much more expensive to live there compared to elsewhere in the United States.1 In addition to the cost of living, winter snowstorms and the mountainous terrain can create weather conditions that make driving more complicated. For all these reasons and more, finding the most affordable home and car insurance possible—with plenty of coverage to pay for the costs of an accident or catastrophe—is more important than ever.
SelectQuote helps Colorado customers shop for insurance for your home or vehicle. Whether you’re a first-time homeowner or are looking to save on an existing insurance policy for your Colorado home or vehicle, we can compare rates and discounts to help you save time and money.
Homeowners Insurance in
If you’re planning on buying a home in Colorado, you’re well aware that it can come with some pretty great perks, like picturesque views and close proximity to thriving arts and culture. But with median home prices sitting at $560,000 or higher in Denver alone, it’s important to protect that investment. By choosing the best homeowners insurance for you, you’ll get peace of mind regarding the ability to repair or replace your home if something should happen.
Homeowners Insurance Coverage Options in
Colorado home insurance customers can choose from a variety of types of coverage. These insurance options range from standard policy inclusions like dwelling and personal property coverage to liability coverage that protects a homeowner from being sued for injuries or property damage in their home. Commonly purchased types of home insurance coverage include:
- Dwelling coverage to cover belongings kept within your home damaged or destroyed by a covered peril, like furniture, electronics, TVs appliances, jewelry and other goods
- Personal property coverage to cover furniture, electronics, TVs appliances, jewelry and other goods
- Liability protection coverage that provides protection in the event an accident occurring inside or outside your home results in injury or property damage and you are found legally responsible
- Guest medical coverage that pays medical expenses for someone injured on your property, not including members of your own household
- Additional living expenses coverage that can cover you if your home is uninhabitable after covered losses, including food, lodging and more
When buying Colorado homeowners insurance, don’t forget the difference between full replacement value and actual cash value policies. With a replacement policy, your dwelling and personal property can be replaced or fully repaired without worrying about depreciation. Actual cash value policies take into account the current value of the damaged parts of your home (and the entire dwelling), which means that you may not be able to fully replace losses in times of high prices or supply chain issues.
Common Causes of Loss in
Colorado often ranks highly in the United States for catastrophe-related insurance losses. The state’s propensity for wildfires, blizzards, ice storms and wind storms lead to millions of dollars in property damage and tens of thousands of insurance claims each year. Additionally, your Colorado home may be prone to the following, depending on where you live:
- Fire damage
- Theft
- Hail damage
- Flooding
Additional Coverage Options Recommended for Homeowners
In addition to the regular coverage types available to Colorado homeowners, experts recommend the purchase of several other additional coverage options. These extra types of insurance include:
- Flood insurance to help replace or repair damage to your home or property after a flood. Most insurance policies don’t include flood coverage as part of the standard policy.
- Water backup coverage can help protect you against out-of-pocket expenses in the event of backups caused by clogged sewer lines, drains, failed sump pumps and appliances that malfunction.
- High-risk insurance may actually be required if you live in an area that’s particularly prone to wildfires. As wildfires are increasingly common in parts of Colorado, some insurance companies are hesitant to cover wildfire damage under the standard fire damage clause of a policy and require additional coverage to be purchased.
- Service line coverage exists to cover damage to water pipes, cable lines and other service lines that extend into your home.
Our Home Insurance Partners in
SelectQuote partners with several highly rated carriers in every state. This allows us to work with trusted home and auto insurance companies to help provide you with insurance coverage options you need at a price you can afford.
What is the average home insurance cost in ?
In 2022, the average home insurance cost in Colorado was $208 per month.2 For SelectQuote customers, the average home insurance rate in Colorado is $165.47 per month.+
Homeowners Insurance Discounts in
Some of the best ways to lower your insurance rates include bundling your home and auto insurance coverage, sticking with your home insurance company for five years or longer or doing your absolute best not to file a claim. In addition to discouraging smaller claims, you can also increase your deductible to help reduce your rates.
Bundle Your Home and Auto Insurance to Save Money
Every insurance company is different and offers a variety of discounts to help make your coverage more affordable. You can save even more money—an average of $693 each year—by bundling your home and auto insurance together.
Average Home and Auto Insurance Rates in
Rates listed below include actual average monthly home, auto and bundled insurance rates for SelectQuote customers in several Colorado cities. Your insurance rates will vary based on location, age of your home, vehicle and available discounts, among other factors.
| City | Avg. Monthly Home Insurance Rate | Avg. Monthly Auto Insurance Rate | Avg. Monthly Rate of Bundled Policies |
|---|---|---|---|
| Aurora | $175.88 | $242.68 | $416.41 |
| Colorado Springs | $157.93 | $165.77 | $285.97 |
| Denver | $185.75 | $224.56 | $387.75 |
| Littleton | $162.12 | $177.15 | $321.33 |
| Pueblo | $157.14 | $188.41 | $320.10 |
Average monthly rates are from effective SelectQuote customer policies between 4/1/2022 and 3/31/2023.
Car Insurance in
Auto insurance is a required purchase for vehicle owners in Colorado. Buying the right car insurance in Colorado for you can help protect you from liability in the event of a car accident. It can also help pay for damages as a result of natural disasters like hail or collisions with animals. Some forms of car insurance coverage can provide payment for medical expenses after a car accident.
Auto Insurance Laws and Requirements
Like most states, Colorado car insurance laws require each driver to carry liability insurance3 to help cover the costs associated with car accidents in which the driver is found to be at fault. Colorado’s auto insurance requirements are as follows:
- $25,000 for bodily injury or death to one person in an accident
- $50,000 for bodily injury or death to all persons in an accident
- $15,000 for property damage in an accident
Uninsured/underinsured motorist coverage pays for the insured’s bodily injuries if they’re involved in an accident with a hit-and-run driver, a driver with no insurance or an underinsured vehicle. Colorado requires drivers to carry this coverage in amounts of $25,000 per person and $50,000 per accident.*
Medical payments coverage can supplement your existing health insurance and pays for medical expenses, copayments and deductibles for the driver of the insured vehicle and their passengers—regardless of fault. Not all insurance companies offer medical payments coverage. Colorado requires drivers to carry coverage of $5,000 per accident.*
*Note: Uninsured motorist and medical payments coverage can be rejected by signing an option form.
Colorado encourages drivers to purchase additional types of auto insurance to help protect you from incurring additional costs as a result of a car accident. This optional auto insurance coverage can include:
- Comprehensive coverage protects the insured driver’s vehicle in the event of an accident. Comprehensive coverage helps pay for damage caused by fire, hail, water, hitting an animal, theft, glass breakage, vandalism, explosion or falling objects.
- Collision coverage pays for damage caused by a collision with another vehicle or an object. Your insurer will pay to repair this damage even if you are considered at fault.
These types of coverage aren’t legally required, but your vehicle lender may force you to purchase them as a condition of your auto loan.
All data on average expenditures is provided by the Insurance Information Institute.
| Type of Coverage | Amount Required |
|---|---|
| Bodily injury liability coverage |
|
| Uninsured/underinsured motorist coverage |
|
| Medical expense coverage | $5,000 per accident |
| Collision coverage | Not required |
| Comprehensive coverage | Not required |
| Loss of income benefits coverage | Not required |
| Rental coverage | Not required |
| Towing coverage | Not required |
Teen Driving Laws
Teen drivers in Colorado are subject to additional driving laws.4 A teenage driver must have at minimum a driver’s permit and be accompanied by a licensed driver who is 21 years of age or older.
Licensed teen drivers in CO are subject to a curfew where they cannot drive between the hours of midnight and 5 a.m. unless accompanied by an instructor, parent or legal guardian. They may drive outside of the restricted hours if they’re on their way to or from school and work. Licensed teen drivers are also expected to abstain from mobile phone use while driving.
Teen drivers may not have passengers in the vehicle who are younger than 21 unless they’re accompanied by a licensed driver in the front seat.
Car Registration Information
To register your vehicle in Colorado, you’re required to provide a proof of ownership in the form of a title. You are also required to provide evidence of insurance on your vehicle. Proof of insurance can include:
- Colorado insurance card
- Copy of your Colorado insurance policy
- A letter from the insurance company on company letterhead
- Computer printouts from insurer
- Electronic proof of insurance, such as a digital insurance card or image of insurance information on your cell phone or laptop computer
- E-mail from the insurance company
Vehicle specific, commercial insurance and self insurance (for 25 vehicles or more) are all policies that meet the standard for vehicle registration. You must register your vehicle within 60 days of purchase or within 90 days of residence in Colorado.
What is the average car insurance cost in ?
Car insurance rates can vary widely depending on several factors, including your insured vehicles, driving history, location and presence of other discounts. Among SelectQuote customers, the average car insurance cost in Colorado is $185.60.+
Our Auto Insurance Partners in
Like home insurance, SelectQuote partners with several car insurance companies in each state to help provide you with affordable coverage options. We only deal with highly rated carriers trusted for their customer service and value.
Home and Auto Insurance Frequently Asked Questions
Whether you have questions about how to shop for insurance coverage for your home or vehicles or want to know about requirements, SelectQuote can help.
How do I buy insurance in Colorado?
When shopping for insurance for your Colorado home or vehicle, the routine is fairly similar: determine the necessary coverage and shop for quotes from several companies at once. If costs seem too high, ask about available discounts.
How should I shop for homeowners insurance in Colorado?
- The best way to shop for home insurance in Colorado is to compare rates from several companies at once.
- Determine your required amount of coverage and use that information to get your home insurance quote.
- Pay attention to whether a policy offers replacement value or actual cash value.
- Don’t forget that you’re insuring the value of your home and other structures—not the land.
- Always ask for available discounts.
How should I shop for auto insurance in Colorado?
- Determine your coverage needs.
- Check with your auto lender to ensure you’re meeting all requirements for coverage.
- Compare quotes from several companies at the same time.
- Remember that you can save money by bundling home and auto coverage.
- Don’t forget to ask about applicable discounts, such as safe-driving reductions and lower premiums based on customer loyalty.
Is Colorado a no-fault state?
Colorado is not a no-fault state. This means that if you sustain injuries or property damage in a car accident, you must file a claim with the at-fault Colorado driver’s auto insurance company.
Is home and auto insurance required in Colorado?
Home insurance is not required in Colorado, but your mortgage lender will require proof of home insurance before they extend a home loan to you. Liability auto insurance is required for all drivers.
What is recommended for car insurance coverage in Colorado?
Depending on the type and age of car you own and the purposes for which it’s being used, you may be able to purchase the minimum required coverage for your vehicle. In most cases, a vehicle that is purchased with a loan is required to have both comprehensive and collision coverage to protect the lender’s investment. For older vehicles that have been paid off or whose deductibles exceed the value of the car, it may make sense to drop collision or comprehensive coverage.
SelectQuote Can Shop Home or Auto Insurance to Help Save you Time and Money
Whether you are purchasing your first home or vehicle or are simply seeking out more affordable insurance rates, SelectQuote can help. Let us shop for coverage on your behalf to narrow down coverage options that fit both your coverage and budget requirements. We work with trusted insurance companies to help find you the right insurance plan that best meets your needs.
Sources
- https://www.usnews.com/news/best-states/rankings/opportunity/affordability
- https://www.policygenius.com/homeowners-insurance/colorado/
- https://leg.colorado.gov/content/mandatory-automobile-insurance-colorado
- https://www.codot.gov/safety/colorado-teen-drivers/parent/teen-driving-restrictions.html
+Average rates calculated are based on effective SelectQuote customer policies in Colorado between 4/1/2022 and 3/31/2023. Rates will vary based on level of coverage, location, age, and additional determining factors.
