Homeowners Insurance in Colorado Springs

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If you already own a home and looking to switch insurance companies or planning on buying a home here is a quick guide about homeowners insurance for Colorado Springs. You will discover all of the different type of insurance coverageand what causes your rate to change as well as some easy ways to get cheaper rates. We hope this guide helps you find the right house insurance plan in Colorado.


First Time Buyers - Hazard or House Insurance

If you are buying a Colorado Springs home (first of all congratulations this is a great step in life) there are a few things you need to know about home insurance before you are able to close on the home. Every mortgage company in Colorado Springs requires new home purchases to have house insurance, or hazard insurance (A term most mortgage companies like to use). The reason for this is that the mortgage company wants to protect their investment as much as you do, if an accident does occur the mortgage company knows they will be able to get their home loan value back. It is fair and it is a bonus for you, that you know how much the value of your home is worth based on the coverage that is required by the insurance company. 

Once you are finalizing all of the paper work your mortgage company will setup an escrow account (refers to money held by a third-party on behalf of transacting) where your insurance will be paid to your mortgage company. Which means that when you pay your house mortgage a fraction of those costs will be going towards your home insurance as well.  What usually occurs when you first buy a home, is that your first year’s insurance premium will be due at closing and then all of the following insurance payments will be billed with your mortgage directly. 

Different Types of Home Coverage

There are two main type of home insurance coverages and lots of variables that break off from each type. The two different types are house replacement cost insurance and market value coverage. I recommend the replacement costs but I will still go through both for you can make your own decision for your home. 

  •  Market Value Coverage - Is insuring the value of your home if someone was going to buy your home today. In other words the value of the land and the home regardless how much it would cost to replace the home
  • Replacement Coverage - Will give you the best protection to rebuild your home to how it was before the accident. This option gives you more assurance that you will be able to get exactly what you had before the incident

The choose is an easy one if you would like to live in the same house all of your life, the market value coverage gives you less money or more money but it is more of a gamble. Replacement insurance gives you exactly what you had before and is the most common choice for homeowners today. 
When you are looking to see how much coverage you need on your home there are some misconceptions out there. If you want to fully be protected, you need to be covered for replacement cost so the amount that it is going to cost for you to replace the house from the ground up. Most insurance companies have a replacement cost tool that can help see what the exact replacement cost is of your exact home is. 

  • What is really important is if you ever do any remodeling to your Colorado home to inform you insurance agent to make sure that he uptaes your value to the current value


What Are You Covered from in Colorado Springs?

Your homeowners insurance coverage varies depending on your insurance provider but most of them will insure these incidents.
To be 100% sure what your insurance covers sit down with your insurance agent and discuss the coverages you have. Lots of homeowners in Colorado Springs wish they knew that they weren’t covered for forest fires. So it is always good to talk to your insurance agent. 

Covered Incidents

Weather Incidents

  • Storms
  • Wind
  • Hail
  • Lightening
  • Pipes freezing
  • Snow tearing down the roof

  Non Weather Incidents

  • Theft
  • Vandalism
  • Car or aircraft collision

Homeowners Insurance Discounts in the Springs

There are lots of small ways to save with your homeowners insurance, of course it depends on your insurance agent but most insurances will offer discounts for doing these things.

  •  Having smoke & other detectors in your home
  •  Having a safer roof on your home, one that is more fire resistant for an example
  •  Combining other insurance services with homeowners insurance at the same company
  • Talking to your insurance agent once a year is always a good idea to know the latest discounts, good credit score, long term customer discounts etc..

Colorado Springs Homeowners Insurance Facts

  1. Colorado has the 19th highest homeowners insurance in the USA
  2. State Farm is the largest Homeowners insurance provider in Colorado

Insurance Companies in Colorado Springs

There are hundreds of insurance agencies in Colorado Springs making it difficult to find the right insurance choice. Here are the most popular insurance companies in the Springs.

  • State Farm
  • America Family Insurance
  • All State
  • Geico
  • Farmers
  • Nationwide

My Colorado Springs Insurance Recommendation

I have done a lot of research and if you are looking insurance for the first time or have a clean insurance record normally the best company for your insurance in the Springs is Nick Fransioli State Farm Insurance Agency. This is who I have my insurance through and he helped explain everything for me for this article. He takes his time with every customer and will even tell you if he is not the cheapest option for home insurance in the Springs. He offers free quotes on insurance planes so give him a call or stop on by and get insured today! You will find his information below.

I hope this article helped explain homeowners insurance in a simple and understanding way. I would like to hear your feed back and open for any changes in the information above.


Nick Fransioli State Farm Insurance

Address: 5750 Palmer Park Blvd, Colorado Springs, CO 80915
Phone: 719-694-8915
Website: Colorado Springs Insurance Agent



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