Getting a Condo Insurance Quote in Colorado
Many people in Colorado decide to live in a condo because of convenience. Choosing which condo insurance to buy in Colorado can be confusing, so we’re here to help you. We have put together some essential elements to keep in mind as you negotiate the final cost of the insurance plan, so you can find the right coverage for your needs and at the right cost. Numerous factors will affect the price of your Colorado condo insurance annual quote, so we’ve made it our goal to simplify the process of buying condo insurance.
Colorado Condo Insurance Statistics at a Glance
Considering both the various factors that affect the purchase price of condo insurance and how property values are increasing, condo insurance policies in Colorado can be costly. Colorado is rated the 49th most expensive state in the country for condo insurance. Colorado residents pay an average of $45 a month (or $538.00 yearly) for condo insurance premiums. Although Coloradans pay more for condo insurance, the good news is that trends show that rates are getting cheaper. Overall, most cities in Colorado have similar average monthly rates, but Grand Junction, CO was found to be the cheapest city at $433 per year, or $36.08 a month. On the flip side, Sterling, CO has the highest condo insurance rates in the state at $1,311.00 per year, or $109.25 every month. There are significant variations in rates at different companies, so it is key to compare prices when looking for condo insurance in Colorado.
$825
Average Annual Cost of Condo Insurance in Colorado
The average cost of condo insurance in Colorado on an annual basis is $825.
$69
Average Monthly Cost of Condo Insurance in Colorado
The cost of condo insurance in Colorado is roughly $69 per month.
27%
Percentage of Income on Ownership for Condos in Colorado
Residents of Colorado spend an average of 27% of their income on condo ownership.
21 years
Median Age of a Property Which Requires Colorado Condo Insurance
The average age of a property requiring condo insurance in Colorado is roughly 21 years.
What Affects the Costs of Your Condo Insurance in Colorado
Numerous variables cause condo insurance policies in Colorado to have inconsistent prices. Insurance companies use these variables to calculate your individual risk and coverage needs, as well as to give an accurate quote for condo insurance coverage to you. Many of the variables that could affect the purchase price of your condo insurance in Colorado may be out of your control. These include things like the positioning of the condo, the era of your Colorado condo, and the quality of the construction. It's important to note that condos located in flood-prone areas are mandated to have flood insurance to qualify for a mortgage. The positive aspect is that the National Flood Insurance Program is a federal initiative that offers insurance coverage for flood-related losses in communities enrolled in the program.
The company can also see if you are entitled to discounts. You can control some factors that can either help or hurt the final pricing of condo insurance prices in Colorado. These include: your credit history, your claims history with other condo insurance providers, your driving record, the sum of personal property in the condo, the number of residents, and if the condo is rented or owned. We highly recommend that you have much of this information prepared before obtaining a condo insurance quote for the Colorado property in order to acquire the best possible insurance rate.
The company can also see if you are entitled to discounts. You can control some factors that can either help or hurt the final pricing of condo insurance prices in Colorado. These include: your credit history, your claims history with other condo insurance providers, your driving record, the sum of personal property in the condo, the number of residents, and if the condo is rented or owned. We highly recommend that you have much of this information prepared before obtaining a condo insurance quote for the Colorado property in order to acquire the best possible insurance rate.
Average Cost of Condo Insurance in Colorado by City
The H06 insurance policy is the most common type of condo insurance in Colorado. Whether you enjoy the city life in Denver or Colorado Springs, or you own a condo in a large town like Castle Pines, you will probably need H06 insurance for your condo in Colorado. We’ve provided a full list of estimated insurance quotes from your city to give you an idea of how much it may cost to cover your condo. These averages are based on all insurance prices in your respective Colorado city or town, so depending on where your condo is in your neighborhood, your final cost could differ drastically from the quote below.
| City in Colorado | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Denver, CO | $84 | $1,012 |
| Colorado Springs, CO | $86 | $1,032 |
| Aurora, CO | $86 | $1,030 |
| Fort Collins, CO | $59 | $703 |
| Lakewood, CO | $79 | $949 |
| Thornton, CO | $80 | $955 |
| Arvada, CO | $77 | $922 |
| Westminster, CO | $77 | $923 |
| Pueblo, CO | $100 | $1,195 |
| Centennial, CO | $86 | $1,030 |
| Boulder, CO | $68 | $815 |
| Greeley, CO | $76 | $908 |
| Highlands Ranch, CO | $85 | $1,024 |
| Longmont, CO | $68 | $816 |
| Loveland, CO | $58 | $698 |
| Broomfield, CO | $74 | $885 |
| Castle Rock, CO | $82 | $982 |
| Grand Junction, CO | $36 | $433 |
| Commerce City, CO | $84 | $1,003 |
| Parker, CO | $89 | $1,063 |
| Littleton, CO | $81 | $978 |
| Brighton, CO | $79 | $952 |
| Northglenn, CO | $79 | $946 |
| Security-Widefield, CO | $86 | $1,026 |
| Englewood, CO | $84 | $1,002 |
| Dakota Ridge, CO | $80 | $962 |
| Ken Caryl, CO | $78 | $934 |
| Wheat Ridge, CO | $78 | $931 |
| Pueblo West, CO | $87 | $1,044 |
| Fountain, CO | $85 | $1,014 |
| Windsor, CO | $72 | $863 |
| Lafayette, CO | $69 | $832 |
| Erie, CO | $69 | $826 |
| Columbine, CO | $79 | $947 |
| Golden, CO | $76 | $913 |
| Evans, CO | $75 | $903 |
| Louisville, CO | $72 | $859 |
| Clifton, CO | $37 | $448 |
| Montrose, CO | $42 | $508 |
| Durango, CO | $43 | $518 |
| Sherrelwood, CO | $81 | $975 |
| Cimarron Hills, CO | $88 | $1,054 |
| Welby, CO | $83 | $992 |
| Greenwood Village, CO | $85 | $1,019 |
| Fort Carson, CO | $84 | $1,002 |
| Firestone, CO | $68 | $814 |
| Johnstown, CO | $78 | $936 |
| Lone Tree, CO | $90 | $1,078 |
| Black Forest, CO | $91 | $1,094 |
| Sterling, CO | $109 | $1,311 |
| Frederick, CO | $69 | $828 |
| Fruita, CO | $39 | $462 |
| Steamboat Springs, CO | $44 | $530 |
| Superior, CO | $72 | $859 |
| Federal Heights, CO | $77 | $927 |
| Cherry Creek, CO | $88 | $1,057 |
| Berkley, CO | $80 | $959 |
| The Pinery, CO | $91 | $1,090 |
| Fort Morgan, CO | $105 | $1,256 |
| Castle Pines, CO | $84 | $1,003 |
Choosing the Best Condo Insurance Company in Colorado for Your Needs
Setting time aside to find the ideal condo insurance provider for your needs in Colorado will give you peace of mind in the long term. Insuring yourself and your possessions is worth spending the extra time to search for the best coverage. Don't shortchange your Colorado condo or the possessions inside it by settling for the cheapest plan on the market. Ideally, you will look at and compare many companies before deciding, so you can choose the condo insurance provider in Colorado that best fits your needs. Remember that a dependable company will not force you to make a decision quickly or pay a rate that you simply don't want to pay. Start looking for condo insurance companies that reward their long-term customers with discounts and loyalty benefits, or who also supply insurance reductions for bundles. Finally, make sure that your chosen provider is licensed. Check the Colorado Department of Insurance website to learn the status of their license, fiscal stability, and criticism history of your chosen insurer.
The Top Rated Condo Insurance Companies in Colorado Based off Consumer Ratings
The top spot as the largest insurance provider for condos in the USA has been held by State Farm for more than 50 years. In Colorado, a study done by JD Power gave State Farm 4 out of 5 stars, a higher than average rating which included policy offerings, billing and payment, customer service, and claims. State Farm also obtained a NAIC complaint ratio of 0.2 in Colorado. Like many condo insurance providers in Colorado, they offer premium discounts on condos that have renovated or improved to withstand any natural disasters that occur in The Centennial State. When independently looking at pure metrics of insurance firms in Colorado, USAA has the greatest JD Power score (5) in the state, and CSAA has the lowest rating at 2. The condo insurance provider that has the lowest NAIC complaint rating in Colorado is AIG at 0.09, while CSAA has the highest (1.36) NAIC complaint ratio.
| Colorado Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Chubb Ratings for Condo Insurance in Colorado | 2/5 | 0.14 |
| Travelers Ratings for Condo Insurance in Colorado | 2/5 | 0.3 |
| American Family Ratings for Condo Insurance in Colorado | 3/5 | 0.69 |
| State Farm Ratings for Condo Insurance in Colorado | 4/5 | 0.2 |
| USAA Ratings for Condo Insurance in Colorado | 5/5 | 0.15 |
| Allstate Ratings for Condo Insurance in Colorado | 3/5 | 0.31 |
| Farmers Ratings for Condo Insurance in Colorado | 3/5 | 0.39 |
| Nationwide Ratings for Condo Insurance in Colorado | 2/5 | 0.38 |
| Progressive Ratings for Condo Insurance in Colorado | N/A | 0.8 |
| Hartford Ratings for Condo Insurance in Colorado | 3/5 | 1 |
| CSAA Ratings for Condo Insurance in Colorado | 0/5 | 1.36 |
| Amica Ratings for Condo Insurance in Colorado | 5/5 | 0.24 |
| National General Holdings Corp Ratings for Condo Insurance in Colorado | N/A | 0.4 |
| AIG Ratings for Condo Insurance in Colorado | 2/5 | 0.09 |
| Liberty Mutual Ratings for Condo Insurance in Colorado | 2/5 | 0.4 |
Colorado Condo Insurance Requirements
Beneath the Colorado Condominium Ownership Act, a condo unit owner in Colorado can receive insurance for their own benefit, but they are not required to do so. The Act states that if the condo owner has an insurance policy that covers the same risk as the policy of the condo’s association at the time of loss, the association’s policy will provide the primary insurance and takes precedence. Colorado law requires condominium associations to obtain insurance for the condominium construction as a whole. However, condo unit owners still may want to consider buying an insurance policy for accountability that covers loss or items not covered by the association’s insurance, such as personal possessions and/or any items that they personally install.
What's Covered with Your Condo Insurance in Colorado
When looking for condo insurance coverage, you will notice that most condo insurance providers in Colorado offer standard coverage, which might include construction property coverage, private property coverage, loss of use coverage, and liability coverage. Building property coverage protects you financially from damage to the interior of your condo (like floors, walls, and tiles) and against the loss of permanent fixtures caused by fire or other covered events. Personal property coverage protects your personal belongings, like clothing, furniture, and electronic equipment, that are lost due to a covered event. Liability coverage offers protection if you are held legally accountable for injury or property damage. Typically, a condo insurance policy in Colorado insures $100,000 in liability compensation. Loss of use coverage helps with increased living expenses, should your Colorado condo become uninhabitable due to a covered event, and you want to reside at another location but you are paying more than what you did at your condo.
| Average Costs of Condo Insurance in Colorado by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Adams County, CO | $84 | $1,009 |
| Alamosa County, CO | $52 | $622 |
| Arapahoe County, CO | $90 | $1,078 |
| Archuleta County, CO | $47 | $558 |
| Baca County, CO | $112 | $1,350 |
| Bent County, CO | $120 | $1,444 |
| Boulder County, CO | $70 | $840 |
| Broomfield County, CO | $76 | $906 |
| Chaffee County, CO | $52 | $624 |
| Cheyenne County, CO | $124 | $1,488 |
| Clear Creek County, CO | $65 | $776 |
| Conejos County, CO | $53 | $635 |
| Costilla County, CO | $54 | $654 |
| Crowley County, CO | $114 | $1,368 |
| Custer County, CO | $66 | $795 |
| Delta County, CO | $44 | $529 |
| Denver County, CO | $88 | $1,060 |
| Dolores County, CO | $42 | $506 |
| Douglas County, CO | $90 | $1,081 |
| Eagle County, CO | $47 | $558 |
| El Paso County, CO | $91 | $1,088 |
| Elbert County, CO | $97 | $1,160 |
| Fremont County, CO | $63 | $759 |
| Garfield County, CO | $41 | $492 |
| Gilpin County, CO | $72 | $860 |
| Grand County, CO | $48 | $579 |
| Gunnison County, CO | $45 | $541 |
| Hinsdale County, CO | $43 | $519 |
| Huerfano County, CO | $72 | $865 |
| Jackson County, CO | $52 | $622 |
| Jefferson County, CO | $81 | $968 |
| Kiowa County, CO | $124 | $1,486 |
| Kit Carson County, CO | $123 | $1,473 |
| La Plata County, CO | $43 | $517 |
| Lake County, CO | $51 | $607 |
| Larimer County, CO | $61 | $728 |
| Las Animas County, CO | $88 | $1,061 |
| Lincoln County, CO | $111 | $1,333 |
| Logan County, CO | $114 | $1,372 |
| Mesa County, CO | $37 | $443 |
| Mineral County, CO | $45 | $545 |
| Moffat County, CO | $44 | $534 |
| Montezuma County, CO | $44 | $523 |
| Montrose County, CO | $43 | $514 |
| Morgan County, CO | $112 | $1,345 |
| Otero County, CO | $114 | $1,367 |
| Ouray County, CO | $43 | $519 |
| Park County, CO | $61 | $729 |
| Phillips County, CO | $119 | $1,425 |
| Pitkin County, CO | $44 | $533 |
| Prowers County, CO | $122 | $1,464 |
| Pueblo County, CO | $105 | $1,260 |
| Rio Blanco County, CO | $43 | $510 |
| Rio Grande County, CO | $49 | $588 |
| Routt County, CO | $44 | $531 |
| Saguache County, CO | $50 | $600 |
| San Juan County, CO | $42 | $505 |
| San Miguel County, CO | $44 | $524 |
| Sedgwick County, CO | $116 | $1,387 |
| Summit County, CO | $47 | $569 |
| Teller County, CO | $71 | $853 |
| Washington County, CO | $115 | $1,380 |
| Weld County, CO | $80 | $962 |
| Yuma County, CO | $120 | $1,441 |
How to Get Colorado Condo Insurance Discounts
In Colorado, each insurance provider has its own discount or loyalty program. When you are comparing condo insurance quotes, make sure to inquire about any discounts that may be available to you or your family. Normally, there are many discounts offered on Colorado condo insurance policies. Some of these discounts are for new customers, while others are multi-policy and bundled discounts, or loyalty discounts.
| Condo Insurance Deductible | Average Colorado Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $207 |
| $1,000 | $190 |
| $1,500 | $176 |
| $2,000 | $169 |
| $5,000 | $133 |
Getting the Best Colorado Condo Insurance Rates
Comparing options is vital when seeing if sufficient savings are obtainable for your Colorado dwelling coverage. You can call us to determine if any other insurers offer a better price than what you are paying. The savings that are readily available might amaze you. Asking a friend to refer you to their current condo insurance provider might result in a referral discount. Also, consider increasing your deductible because the higher this is, the lower this makes the price of your insurance. Do make sure that your deductible is not too high because in the event of a loss, you're responsible for paying any total that costs up to the deductible. See if bundling many types of insurance policies together is an option at your provider, since many carriers offer discounts to customers who bundle insurance policies with them. For instance, consult your car insurance provider and see if they will reduce your premium if you also buy condo insurance from them. Staying with the same insurer for years could result in longevity reductions for long-time customers. Some of these mentioned discounts can save you around 10% on your premiums. Make sure your credit score stays high and pay attention to it, as insurance providers consider this when picking your condo insurance premium. Boost it or maintain a high score to find a reduced insurance premium.
If you need more details, it’s recommended you visit the Insurance Information Institute (III), a non-profit organization that offers information, research, and education to the public on insurance and risk management.
If you need more details, it’s recommended you visit the Insurance Information Institute (III), a non-profit organization that offers information, research, and education to the public on insurance and risk management.