With colder weather fading away behind us, and spring skiing kicking into high-gear, it’s a great time to head for the “Centennial State.” That’s what we thought, anyway. As of today, our team has expanded into Colorado and, now, more than 1.5 million homeowners from Cortez to Sterling and Two Buttes to Sunbeam can apply for smart, affordable insurance coverage.
In addition to its official nickname, some people call the state “Colorful Colorado” because of its majestic scenery including the Rocky Mountains, Mesa Verde, Great Sand Dunes and Dinosaur National Monuments, and Black Canyon of the Gunnison National Monument. Nature lovers will feel right at home.
Other fun facts I’ve learned during the expansion? Colorado has the highest elevation of any state (with an average of about 6,800 feet above sea level) and is home to more than 10% of the country’s craft breweries (over 200). Thanks to a wide array of job opportunities and a strong wellness culture, people tend to live an active, happy life. Unfortunately, it isn’t all fun and fresh powder.
Coloradans (or is it Coloradoans?) may pay relatively low property taxes and earn a median household income much greater than the national average ($62,520 as of 2016), but home prices and the cost of living are also high. According to Zillow, the median home value in Colorado was $364,600 in September. That’s significantly greater than the U.S. average of $216,700, and the site predicts values will rise another 8.8% in the next year.
Plus, Colorado homes are also susceptible to a range of dangers related to extreme weather, like harsh cold, intense thunderstorms, lightning, flooding, tornadoes and wildfire. Another major problem is hail. Since 2009, the state has suffered at least one major hail event every year. 2017 was Colorado’s most costly severe weather season, adding up to more than $2.3 billion in insured losses with one May hail storm costing insurance companies about $1.4 billion alone.
Unsurprisingly, these catastrophes tend to coincide with expensive insurance premiums. Thanks to an increase in hail storms and other natural disasters, Colorado actually has the third fastest-growing home insurance costs in the nation. A lack of contractors and inflated construction costs certainly don’t help, nor do the bigger, nicer houses Colorado citizens have favored lately. The Insurance Information Institute estimates that average annual premiums are $1,383. At $210 higher than the nationwide average, that makes Colorado the ninth most expensive state for homeowners insurance.
Of course, exactly how much you pay will depend on your home’s location, age and a range of other factors. It will also depend on your provider. At Hippo, we’ve eliminated excessive coverage for outdated items like furs and paper stock certificates. We also utilize big data to more accurately calculate risk profiles. As a result, homeowners that switch to Hippo save an average of 25% on their premiums. In Colorado, that means savings of more than $340 and a premium closer to $1,037. Think of all the lift tickets, beer flights and Broncos merchandise that could buy.
Lower costs don’t translate to limited coverage, though. On the contrary, we’ve added 10 essential protections not included in our competitor’s standard policies, like major system, domestic worker and home office coverage. We also like to think of ourselves as a proactive partner in your home’s safety, doing whatever we can to prevent problems from happening in the first place. If we see that an extreme thunderstorm or hail event is headed your way, we’ll help you prepare.
Even though we use technology to improve several aspects of the insurance experience, you won’t be dealing with AI robots in the event you do file a claim. Our claims concierge team is entirely human. And since we understand how challenging it can be if your home suffers damage, we assign a single contact to handle your claim from start to end. This way, you’ll have the support and empathy you need during a difficult time.
So, if you’re ready to save on your insurance premiums while getting superior coverage, head straight to our homepage. We provide quotes in less than 60 seconds. We can also expedite cancellation paperwork and sort the unused policy refund from your current provider on your behalf.
Need more convincing or want some help going through the process? Give our customer relations team a call or shoot me an email at my personal address. We’re happy to answer any questions you have about Hippo or homeowners insurance in general.