Best Condo Insurance In Colorado 2025

Colorado has seen increases in condo Insurance costs over the last 5 years of nearly 60% in large part due to weather, hail damage claims, and wildfire risks.

By the beginning of 2024, Colorado had the 8th highest insurance premiums for homeowners and condo owners in the nation with policies increasing for at-risk locations and heavily populated cities. This has led many condo owners to ask whether condo insurance is a requirement and if so, how to save on policies.

Is Condo Insurance Required in Colorado?

No, Colorado state law does not require condominium owners to HO-6 policies or hazard insurance. However, condominium associations at large are required to have a minimum level of insurance to protect the shared spaces and shared amenities as well as the physical building and liabilities. They may also require that individual owners invest in policies to support things that are not covered.

How To Find The Best Condo Insurance Company For You

Finding the best condo insurance company for you takes a little bit of time and research. You can choose to compare companies online and get online quotes or you can go through an insurance agent who can facilitate this process on your behalf.

Before you get started make sure you have an inventory for the amount of coverage you need and an idea of what gaps might exist with regard to your condo association master policy.

From there you can determine the coverage type and amount you need and then get quotes from at least three preferred companies in the area.

When looking at companies, consider things like:

1. Discounts for military personnel, government employees, or professional organizations
2. Discounts for bundling or taking out multiple policies
3. Riders or endorsements for additional protection especially if your condo is not your primary residence

From there you can make your decision and start your policy immediately.

To help make the process easier, here are five steps you can take to protect yourself, your family, and your assets:

1. Decide how much condo insurance coverage you need.
2. Conduct a search online for condo insurance companies and choose three that make you feel comfortable.
3. Get quotes from each of these three providers.
4. Compare their coverage options, rates, financial ratings, customer feedback, and discounts.
5. Apply for coverage with the provider that offers the best fit.

What Does Condo Insurance Cover In Colorado?

In Colorado, condo insurance, also called HO-6 insurance, is a form of homeowners insurance specifically for condominium owners and it can provide coverage for personal belongings, the interior of your condo, and a few extras depending on the policy you take out.

Coverage applies to certain scenarios like:

• Wind and hail damage
• Theft
• Lightning
• Vandalism
• Burst pipes
• Fire and smoke

However there may be certain exceptions such as flooding, wear and tear, or damage from underground issues like sewers.

How Much Condo Insurance Do I Need In Colorado?

There is no single answer. The amount of condo insurance you need in Colorado is based on several factors, particularly how much your valuables are worth and what all you are trying to cover with your policy compared to what is covered by the master policy.

Liability coverage typically starts at $100,000 but you’ll want to consider how much money you might lose in the event that someone is injured on your property or sues you and how many assets or savings accounts you have that could help offset this cost.

How Much Is Condo Insurance In Colorado?

Condo insurance isn’t the same for everyone, so to guide you in making an informed decision, I’ve compiled the following cost comparison tables:

Average Cost Of Condo Insurance By Company

This table provides a comparison of the average annual condo insurance costs in New York from 10 major national insurers.

Average Cost Of Condo Insurance By City

This table details the average monthly and annual condo insurance expenses for people living in 10 of the most populated cities in Colorado.

Average Cost Of Condo Insurance By Building Property Limits

The amount of condo insurance you need is determined by the value of your condo and personal property. This table compares the average annual premiums for different building property limits in Colorado.

The costs listed in these tables are estimates and may vary based on different factors, including the insurance coverage you need, your condo’s location, and its structural features.

When evaluating a policy, don’t only think about the cost. You should also look for comprehensive coverage and choose an insurer that has a strong financial strength rating and provides excellent customer service.

How To Get An Online Condo Insurance Quote In Colorado

The optimal way to find the right policy for your Colorado condo is to seek quotes from various home insurance providers in the state. I suggest using Insuranceopedia to evaluate different insurers and the coverages they offer.

You’ll need to provide particular details to get precise quotes, such as:

• Personal information: This may include your name, location, insurance history, and the number of occupants in your condo.
• Personal property value: What is the estimated value of the belongings you want to insure?
• Replacement cost of your condo: How much would it cost to rebuild your unit with similar materials if it were damaged?
• Condo details: You’ll answer questions about your condo’s age, square footage, type of exterior walls, and installed safety features.

Factors That Impact The Cost Of Your Condo Insurance Policy

Condo insurance companies in Colorado use four main factors to set their premiums:

Location and Risk

Colorado has a growing wildfire risk especially around densely populated regions:

1. Colorado springs
2. Fort collins
3. Denver

These areas are seeing higher premiums because of these wildfire risks.

Age And Construction Type Of Your Condo

Older construction is more likely to have outdated systems like electrical and plumbing which could lead to more expensive repairs and replacements in the event of a covered loss. The materials used in your construction could be good or bad for your premiums, with damage or weather resistant materials helping you but also coming at an increased cost for replacements.

Replacement Cost

The replacement cost is the anticipated cost to rebuild your condo unit in case of damage. A greater replacement value will typically result in higher insurance rates.

Claims and Condo Payouts

The Colorado Division of Insurance indicated that 2023 had a significant increase in condo insurance payouts and this has led to an increase in premiums. For example, the average condo insurance premiums in Colorado saw a 51.7% increase from 2019 to 2022.

In addition to the overall increase in claims for your area, if you have a history of submitting several claims for previous condo insurance or homeowners insurance, this can increase your premiums as well.