Homeowners in Connecticut face a difficult challenge when it comes to choosing a good home insurance policy. That’s because the state of Connecticut has some of the highest rates for homeowner’s insurance in the country.
Finding a policy that has everything a homeowner needs along with a rate that they can afford can be a challenge, but it isn’t impossible. If you gather the facts about a policy and understand what the plan covers, and what it doesn’t, you should be able to find the right homeowner’s policy for your Connecticut property.
Whether you are hoping to switch to a more affordable homeowner’s insurance policy, or you are relocating to the area and need more facts about your insurance options, it’s wise to research the top insurance providers in Connecticut.
The Best Homeowners Insurance in Connecticut
Average Annual Premium in Connecticut
Connecticut has the highest per capita income in the nation. However, it also has some of the highest homeowner’s insurance rates in the U.S. This could be because many of the homes in Connecticut are located on the coast. Based on the most recent data regarding homeowner’s insurance information, the average cost of homeowner’s insurance in Connecticut ranks at $1,318, more than the national average of $1,132. The average cost per month in the state is $111. Connecticut currently ranks at #9 for the highest premiums in the nation.
Finding the Best Premium for Your Home
There are a few factors to consider when it comes to buying an insurance policy for your home. Obviously, most people want to get the best policy at the most affordable price. Yet you also want to make sure that your home and belongings are always protected from potential threats. The best thing to do when searching for a new home insurance plan is to research the top companies in your local area, then compare the policies and benefits they have to offer. Choose the one policy that will meet your personal needs as well as your family’s budget.
Once you determine what you want out of your policy and the price range you can afford, you should consider additional coverage options. Will you need additional coverage for personal property inside your home such as jewelry or collectibles? Do you fear that you could be held liable for an accident or injury on your property due to issues with the foundation? Do you have plans to add extra buildings to your property in the future, such as a tool shed or workshop?
What Does Homeowners Insurance in Connecticut Cover?
Standard coverage for homes in the state of Connecticut will pay for damage to your home’s structure, additional buildings on your property, as well as personal property such as furniture and electronics. It can provide liability protection if another person makes a claim against you in the event they are injured while on your property.
Different insurance companies will offer additional policies such as guest medical protection that pays for medical expenses for an individual who is injured on your property. To learn more about the additional protection options available to you, be sure to ask your insurance agent when purchasing your new policy.
Understanding the Different Types of Homeowners Insurance Policies
Dwelling. This is protection for your residential home and its structure. The policy covers other structures attached to your residential home, such as a deck or connected garage. Dwelling protection will pay to rebuild or repair your home due to a storm, falling tree, or other types of natural disaster as described by the company. This protection is included in all standard homeowners insurance plans. However, the exact terms will vary from one company to another.
Additional Structure. This provides coverage for any additional building on your property such as a detached garage, a storage shed, a workshop or tool shed. It will also pay for damage or destruction to fences and similar structures. Like dwelling protection, this is a standard form of coverage typically available with all home insurance plans. However, the coverage options will vary depending on the insurance provider.
Personal Property. This is coverage for the items inside your home such as your furniture, electronics, kitchen appliances, and other valuables. This is another standard form of coverage available with all basic policies. Some companies may request that you take out additional personal property insurance for particular items that you own.
This is an additional protection that will cover the cost of your personal belongings that are either irreplaceable or have more value such as jewelry, antiques, collectibles, and family heirlooms.
Liability. This is the protection that will cover the cost of any legal fees you may endure if another individual was involved in an accident while on your property. If a stranger fell on your front steps or a contractor working on your roof had an injury, liability coverage will protect you and cover the cost of any medical or legal fees that you may face due to the incident. This coverage will also vary from one company to the next, so be sure to ask questions if there is anything you don’t understand.
Inclement Weather in Connecticut
The residents of Connecticut endure frigid weather during the winter and heavy storms in the spring. It’s not uncommon for temperatures to stay between 15 and 20 degrees during the winter months in New England, and that can lead to damage such as frozen pipes or trees falling due to heavy snowfall. There is also the concern of flooding once the snow begins to melt after a harsh winter storm.
Another concern that property owners have during the winter is the ice, frost, and freezing rain causing injuries on walkways, decks, and outdoor steps, which may or may not be covered by their homeowners insurance liability policy.
The inclement weather that Connecticut receives throughout the year could be part of the reason for the state’s high home insurance premiums. If you are unsure about what your current policy covers, or if you are interested in taking out additional home insurance coverage to protect your property from heavy storms, be sure to discuss these details with your insurance agent and get the facts about your coverage.
Will Homeowners Insurance Cover Flood Damage?
It’s rare for flood insurance to be included in a basic homeowner’s insurance policy. Most companies require you to purchase an additional flood insurance plan if you are interested in protecting your home and belongings from a potential flood. This type of insurance is typically very expensive, but for those who live in a flood zone, this type of insurance coverage is worth the additional cost.
It’s important that New England residents consider the risks that can occur not only during the spring’s heavy rain period but also during the winter. Remember that a heavy snowfall could also lead to flooding and water damage in the spring.
Most Affordable Cities
The amount you can expect to pay for homeowners’ insurance in Connecticut varies depending on many factors, including the city you live in. The five cities in Connecticut that have the lowest average annual rate for homeowner’s insurance are:
- New Canaan
- Simsbury
- Wilton
- Weston
- Windham
Most Expensive Cities
Cities that have the most expensive home insurance rates per year include:
- Branford
- Redding
- Ridgefield
- Stratford
- Fairfield
What Factors Impact Cost in Connecticut?
Your house and the property the structure sits on are two more factors that will greatly impact the amount that you pay each year for your home insurance. Here are a few more things to consider while you are shopping around for homeowners insurance in Connecticut.
Your home’s age. Are you moving into a brand-new home or did you just invest in a fixer-upper? Newer homes with their modern structures and construction materials will have lower homeowners insurance rates than older homes. That’s because older homes may have questionable electrical wiring, alternate forms of heating, or may be constructed out of materials that could be hazardous.
Construction materials. The type of construction materials used to build your home will help determine the overall cost of your homeowners insurance. This is relevant even if your home is newly constructed. Homes made from brick, stone, or concrete materials are less of a fire hazard than those made primarily from wood.
Location of home. The area your home is located in will determine the amount of your annual premium. There are many fine homes located along the Connecticut shoreline and while the owners may have spectacular views, they are also at a much higher risk of enduring water damage. If you own a home near the shore, be sure to find out if your insurance policy covers any type of water damage, or if you need to take out an additional policy for flood damage.
Protection class of home. Every home has a protection class that ranges from 1 to 10. The class your home is in is determined by how far your property is located from the nearest fire department. Or if there is a fire hydrant located near you. Homes that have a classification of 1 will usually have a lower premium than those with a protection class closer to 10.
Top Picks for Connecticut
- Ratings, price and customization
1. Lemonade
Lemonade provides a top-rated homeowners insurance experience that’s easy and hassle free. Award-winning customer service and digital, super-fast everything from just $25 a month.
Leveraging insurtech to rewrite the traditional insurance model, Lemonade offers home insurance for the tech-savvy consumer.
Why you should choose Lemonade:
- Using the Lemonade app you can get insurance in 90 seconds.
- It takes about 3 minutes to get paid for a claim.
- Lemonade takes a flat fee, pays claims quickly and donates what’s leftover to causes close to your heart.
- Coverage includes theft, fire, water damage, storm damage and extra living expenses.
Lemonade Home is available in the following states: Arizona, Colorado, Connecticut, District Of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin
- Tailored coverage
2. Liberty Mutual
Liberty Mutual has been around since 1912 and has evolved with the ever-changing needs of its customers. The company offers a wide range of affordable insurance options. The company is now the third-largest insurance provider in the nation.
Why you should choose Liberty Mutual:
- Liberty Mutual offers a broad range of policies and multi-policy discounts so that you can take care of all your insurance needs at once. The company has affordable plans for life, home, auto, renters, condominium, and motorcycle insurance plans.
- Liberty Mutual offers modern options for filing a claim or paying your premium. Customers may file a claim online if they prefer, or they can keep up with their policy by downloading the company’s mobile app on their smartphone device.
3. Chubb
Chubb Insurance has operations in 54 countries and is the world’s largest publicly traded insurance company. It is also the largest commercial insurer in the nation. Chubb offers policies for personal property, personal accident and casualty, supplemental health insurance and life insurance.
Why you should choose Chubb Insurance:
- Chubb Insurance covers a broad range of properties, including rentals, condominiums, and co-ops. Its home insurance options include family protection, which will cover expenses if a family member is a victim of a crime.
- Chubb offers flood insurance options, including personal and excess flood insurance, which is a better option than the National Flood Insurance Program.
- Claims free policyholders
4. Travelers
Travelers Insurance has been in business for more than 160 years. The company has managed to grow with the changing times and the many different needs of its customers. Travelers has earned a great reputation for being a leader in the insurance industry and for putting customers first.
Why you should choose Travelers Insurance:
- Travelers Insurance offers a broad range of insurance options for home, auto, and life; it has agencies available all throughout the nation so that you can have an agent on hand whenever you need one for assistance with your claim.
- Travelers offers umbrella insurance, which is liability coverage that can go beyond your home insurance policy to protect you from life’s unexpected casualties.
- No Recent Claims
5. Allstate
Allstate is a well-known leader in the insurance industry. The company offers policies for home, life, auto and more. Allstate also offers retirement plans, which provide great incentives for seniors who choose to take out insurance with them.
Allstate has been around since 1931 and was started by General Robert E. Wood. After all this time, the company remains one of the top-rated insurance providers in the country.
Why you should choose Allstate Insurance:
- Allstate has offices and agents located in every major city. You can rely on Allstate to be available any time you need assistance with a claim. Unlike other insurance companies, a representative is always on hand 24 hours a day, 7 days a week.
- Allstate offers a wide range of policies to its customers and multi-policy discounts so that you can save more with each new policy you take out. There is no need to go anywhere else for your insurance needs if you already have a policy with the company.
- Customizable policies
6. Nationwide
Nationwide has been involved in the insurance industry since the company was founded in 1925. The company has grown from a small auto insurance provider to one of the top-ranked insurance companies in the nation. Nationwide currently has more than $158 billion in statutory assets.
Why you should choose Nationwide Insurance:
- Nationwide offers many insurance options for individuals and families. The company provides policies for home, auto, and life, as well as small business insurance, motorcycle insurance, and renters insurance.
- Customers can also take advantage of the banking options through Nationwide. The company provides various types of loans for mortgages and auto as well as credit cards and savings accounts.
Take Action
Anytime you’re in the market for a new homeowners insurance policy, it’s important to get the facts about your new plan. Many times, homeowners are left paying for damages out of pocket even when they have home insurance coverage, all because they weren’t sure what type of damage was covered.
The agent you meet with to discuss your homeowners insurance plans is there to help and answer any question that you may have. Be sure to consider all the factors that will affect your premium cost when taking out a new policy so that you will receive the maximum amount of benefits at the best price.
Frequently Asked Questions
1) Q: If I drop my computer, will home insurance cover the cost of replacement?
Home insurance policies usually cover personal property for a specific list of risks, called named perils. These perils might include fire, theft, burst pipes, and more, but dropping your laptop or TV or spilling soda on your new game console isn’t covered. See the best home insurance providers for a custom quote.
2) Q: How does home insurance liability coverage work?
Most home insurance policies provide liability coverage that can help protect you and your family against several types of lawsuits or liability claims. Coverage limit options usually begin at $100,000 and can go as high as $1 million. Your liability coverage provides coverage for common mishaps, like slip and fall accidents or animal bites and can protect you even when you are away from home. However, home insurance liability coverage does not provide coverage for automobile-related liability or liability related to business activity. Get the best home coverage and policy through our top providers today.
3) Q: If my home is destroyed due to fire or weather, how long will it take for my insurance claim to be settled and my home to be repaired?
From start to finish, the process could take anywhere from 12 to 24 months. The variables that play the largest role are the size of the loss and the insurance company you choose. Check her for the cheapest homeowners insurance quote.
About Maurice Draine
Maurice Draine is a former insurance agent, broker, underwriter tech, and agent sales support rep with over 15 years of professional writing experience. Maurice helps insurance, financial, and various online and ad agencies, create the words that drive customers to their websites and keeps them there.