A practical guide to protecting your home—and your wallet.
Home insurance premiums in Colorado have been on the rise, driven by factors like increased wildfire risk, extreme weather, and higher construction costs. For homeowners, this means a growing need to be strategic with coverage. The good news? There are ways to reduce your insurance premiums without reducing your peace of mind.
Here are seven practical, often-overlooked strategies to help Colorado homeowners save on their insurance costs.
1. Bundle Your Policies
Combining your home insurance with other types of coverage (like auto, umbrella, or even RV insurance) can lead to significant multi-policy discounts. Not only can this save you up to 20% on premiums, but bundling also simplifies your claims process and centralizes your account management.
2. Raise Your Deductible
One of the simplest ways to reduce your monthly premium is to raise your deductible. Opting for a $2,500 deductible instead of $1,000 could lower your rate—as long as you’re financially prepared to cover the higher out-of-pocket cost in the event of a claim.
Pro tip: Don’t raise your deductible higher than your emergency fund can comfortably cover.
3. Install Safety and Risk-Mitigation Devices
Many insurers offer discounts for homes equipped with:
- Monitored security systems
- Smart smoke detectors
- Water leak sensors or shut-off systems
- Reinforced or hail-resistant roofing materials
Not only do these features make your home safer, but they reduce your risk profile—which insurers reward with lower rates.
Learn more about home insurance.
4. Make Smart Home Upgrades
Not all home improvements are created equal when it comes to insurance savings. Focus on:
- Upgrading old electrical or plumbing systems
- Replacing your roof with impact-resistant materials
- Adding storm shutters or reinforced doors
These updates can reduce your risk exposure, which may lower your premiums.
5. Review and Update Your Policy Annually
Has your home recently been re-roofed? Did you remove a trampoline or update your heating system? These changes may positively impact your premium—but only if your policy reflects them.
Schedule an annual policy review to ensure your coverage is accurate and competitive.
6. Limit Small Claims
Filing multiple small claims can raise red flags with insurers, potentially increasing your premiums. When possible, cover minor issues out-of-pocket to preserve your claims history for major events.
7. Work With a Local, Independent Agency
Unlike captive agents who represent a single carrier, independent agencies like The Mitchell Insurance Group can shop multiple insurers to find the best rates and coverage for your needs. We know the Colorado market and can guide you through nuances like wildfire zones, mountain homes, and more.
Whether you’re a new homeowner or have lived in your home for decades, we’re here to help you get the protection you need—at a price that makes sense.
Schedule your complimentary insurance review today and see what savings are possible.
