Getting Home Insurance in Colorado Springs
Home insurance in Colorado Springs will protect homeowners against hefty financial losses if their home and its contents are destroyed or damaged. While Colorado law does not require homeowners to purchase home insurance, mortgage companies will require borrowers to attain coverage that protects their home.
Homeowners insurance provides property and liability coverage. The former insures your home against perils that can damage or destroy your home, such as fire and smoke, windstorm and hail, lightning, and vandalism and theft. The latter, liability coverage, protects you in the event that a visitor is injured on your property. A standard policy will also cover any additional living expenses, such as food costs, lodging, relocation, and storage expenses, incurred while your home is repaired if it was damaged by a covered peril.
Colorado Springs consumers should shop around to find the insurance policy that best suits their needs. Your limit should allow you to rebuild your home at the current labor and material costs. Consider what your house is worth, how much it would cost to replace it, and how much you can afford to spend on insurance. In Colorado, premiums average $893, higher than the national average of $880, according to figures published by the Insurance Information Institute.
Factors of Home Insurance Rates in Colorado Springs
Insurance companies consider a variety of factors to determine rates. The age and condition of your home, the construction materials used in your home, and even your home’s proximity to fire stations can affect your insurance rate. Ask your insurer if you are eligible for any discounts available. Colorado’s Division of Insurance recommends that homeowners choose the highest deductible they can financially afford in the event of a loss. Keep in mind that consumers who opt for a higher deductible will have to pay a greater portion of the cost if their home incurs damage.
Another factor that might impact insurance rates is the crime rate in a specific Colorado Springs neighborhood. High theft and vandalism rates could translate to higher premiums because standard policies cover these perils, and high crime rates increase the probability of their occurrence. The Colorado Springs Police Department releases an annual crime map that shows crime statistics for specific areas.
Colorado’s Division of Insurance has assembled an insurance premium comparison report to assist Colorado Springs homeowners. Consumers can enter their desired policy type, structure type, and location to receive insurance rate estimates. Keep in mind that insurers’ rating systems can vary significantly, and that individual quotes may vary from general estimates.