Home Insurance in Cheraw, Colorado
The median home value in Cheraw is $125,000, 26% lower than the Otero County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Cheraw was built around 1950. About 58% of homes were built before 1960, about 5 points above Otero County's 53%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Cheraw is 83% single-family homes, 7% apartments in buildings with 5+ units and 8% mobile or manufactured homes.
47% of owner-occupied homes in Cheraw carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 71% of occupied homes in Cheraw are owner-occupied.
Most homes in Cheraw - 76% - are primarily heated with natural gas. Homes heated with wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA rates Otero County's overall risk as Relatively Low, led by hail (Relatively Moderate). Otero County had 43 active NFIP flood policies as of September 2026. See the full Otero County home insurance overview for all FEMA hazard ratings and flood coverage details.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Colorado carries a statewide average premium of $2,492 per year.
Key figures
| Median home value | $125,000 |
|---|---|
| Median year built | 1950 |
| Owner-occupied share | 71% |
| Share of owner-occupied homes with a mortgage | 47% |
| Top county hazard | Hail (Relatively Moderate) |
| Active NFIP policies in Otero County | 43 |
| Home insurance premium | $2,492 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)