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Getting an affordable home insurance policy is very important to many homeowners. Comparing multiple insurance companies is the best way to find the coverage you need at a reasonable cost. We’ve analyzed the average rates of the major home insurance companies in Connecticut to help you find a home policy at a good price.
Comparison of Cheap Home Insurance Costs in Connecticut
Related: Best Home Insurance Companies
Home insurance cost factors
Your potential for getting cheap home insurance in Connecticut will depend on a variety of factors, such as:
- The materials used to build the house
- The cost to rebuild
- How old is the house
- The fire classification of the location of your house
- Your credit
- The loss history of the location of your home
- Your location
- Your personal claims history
- The amount of coverage and the limits of the policy
- The amount of the deductible you have chosen
Related: 10 Ways To Get Cheap Home Insurance
What does home insurance cover?
A typical home insurance policy (called HO-3 in insurance jargon) covers your home for any issues that the policy does not exclude. Standard exclusions include negligence, intentional acts, vermin, rodent or insect infestations, war, power outages, earthquakes, sinkholes and wear and tear.
Your personal belongings are protected against specific “risks” in a standard home insurance policy. Perils or incidents such as fires, theft, tornadoes, explosions and vandalism are just a few of the events covered by home insurance.
Your standard home insurance policy can be broken down into these main types of coverage:
- Lodging: Your primary structural coverage pays to repair or rebuild your home if it is damaged. It also covers adjoining structures, such as a garage or porch.
- Other structures: It pays to repair or replace structures that aren’t attached to your home, like a fence or shed.
- Personal property: This type of home insurance pays to repair or replace your personal effects after a covered event such as theft or fire. Protected assets include items such as your clothing, appliances, electronics, furniture, and jewelry.
- Responsibility: It pays for property damage or injury that you accidentally cause to others. For example, if a guest trips on a loose carpet and badly spills over on your stairs, liability may pay for a settlement or court judgment against you, including your legal defense costs.
- Medical payments to third parties: This coverage helps pay for minor injuries that guests suffer while in your home, regardless of the fault. For example, if a visitor opens their hand while helping prepare dinner, medical coverage could allow them to get emergency care. The coverage amounts are reasonably low, like $ 1,000.
- Additional living expenses: If you can’t stay home due to a covered event, such as a fire, Additional Living Coverage covers any additional costs you accumulate. This may include items such as a hotel bill, restaurant meals, and other necessary services, such as a laundry service.
Related: How Much Home Insurance Do You Need?
What is not covered by home insurance?
Common exclusions found in a standard home insurance policy include issues such as flooding, earthquakes, mudslides, mudslides, sinkholes, power outages, neglect, wear and tear, pest and insect infestations, warfare and intentional losses.
We recommend that you read your policy to understand and be aware of what is excluded from coverage.
Most common disasters in Connecticut
Connecticut residents don’t see a wide variety of major disasters. Hurricanes, severe storms and snow are the most common disasters reported in the state.
In August 2020, Connecticut was hit by Tropical Storm Isaias. The storm was unusual as it held its strength on dry land instead of slowing down like most storms do. This resulted in wind gusts of 60 to 70 mph in Connecticut, knocking down trees and power lines – nearly 9,000 trees fell into power lines. The storm also produced Connecticut’s first tornado related to a hurricane or tropical storm. More than 90 national roads have been closed due to damage.
Disasters per month in Connecticut
March, August and October have historically been the busiest months for reported disasters in Connecticut.
Connecticut Disasters by Year
The people of Connecticut face, on average, about one declared disaster per year. In 2011, one of the busiest years for disasters, Hurricane Irene burst into the state on August 28, inundating the coastline, triggering evacuations in about 30 cities and causing a loss of electricity of 800,000. residents, some without electricity for nine days.
But the Nor’easter Halloween that hit the state on October 29, 2011 also took its toll. Heavy, wet snow stuck to the leaves still on the trees, causing downed power lines and the power outage of about 900,000 homes, some for two weeks. Up to 18 inches of snow has been dumped over the state.
Connecticut Flood Insurance
Your standard home insurance policy does not cover damage caused by flooding. And with more and more persistent flooding, you should consider flood insurance if your property is at risk.
In September 2021, Connecticut was inundated by massive amounts of rain from the remnants of Hurricane Irene. Connecticut received its first-ever flash flood emergency, which warns the threat level of damage is catastrophic, and is a step up from a regular flash flood warning.
Many areas of the state saw between four and eight inches of rain in just a few hours. This quantity of water causes the flooding of roads and houses. In fact, a section of I-395 in Waterford was impassable due to flooding and rail service was suspended.
Many areas of the United States experience destructive and costly flooding, but it may not have been declared a federal disaster. Here’s a look at the number of recent floods in Connecticut.
Government financial assistance may be limited after a flood. It is really better to have your own flood insurance. Most people who have flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program; however, private flood insurance is also available.
FEMA’s Individuals and Households (IHP) program can provide direct and financial assistance after a major disaster or emergency if you qualify. IHP can help you find accommodation after a problem directly related to a disaster if you are not covered by insurance or other sources.
Connecticut earthquake insurance
According to the Connecticut Division of Emergency Management and Homeland Security, earthquakes in the state are rare but do occur from time to time. The areas most likely to have an earthquake are East Haddam and Plainfield.
A small magnitude 1.9 earthquake occurred in Connecticut in early March 2021. Additionally, in November 2020, a magnitude 3.6 earthquake in Massachusetts was felt in Connecticut. So while it’s unusual for earthquakes to occur here, Connecticut residents can experience them, and if it’s a big enough shake, it could cause damage to your property.
If you were worried and wanted coverage for earthquake damage, you will need to purchase a separate earthquake insurance policy. A standard home insurance policy does not cover earthquakes.
Earthquake insurance generally covers:
- Other structures
- Personal property
- Additional living expenses
Earthquake insurance usually has a separate deductible from your home insurance, usually between 10% and 25% of the housing policy limit.
Tips for buying home insurance
It doesn’t matter if you’re a first-time buyer or changing insurance companies, you want to purchase a reasonably priced home insurance policy without sacrificing coverage. Here are some tips for newcomers and longtime owners:
- Determine your rebuilding costs. You want the amount of your home coverage to be at least equal to what it would cost to rebuild your home with similar materials. Remember to include the labor costs in your area to get the job done. Ask a trusted insurance agent or local contractor to help you estimate the number and get your home coverage to match the amount.
- Consider the benefits of replacement cost over actual cash value. Consider covering the cost of replacing your property as it will get you the amount you need to replace your items with newer versions, while the actual cash value pays only a diminished value.
- Evaluate the liability coverage you need. You want an amount that matches the value of your assets that could be taken from you in a lawsuit. We recommend at least $ 300,000.
- Consider additional coverage for your belongings. If you have expensive possessions, such as heirlooms, antiques, expensive jewelry, or musical equipment, consider planning your personal possessions to make sure you have sufficient coverage for them.
- Look for gaps in coverage. If you find any deficiencies, most insurance companies offer additional benefits that you can take advantage of, such as water or sewer back-up coverage.
- Research financial ratings. Look at the financial strength ratings of vendors like AM Best or Standard & Poor’s. Some banking institutions may not accept your mortgage unless your insurance company has at least an “A” financial strength rating.
- Ask for discounts. Make sure you receive all the discounts you are entitled to. For example, see if you qualify for a discount for your home security features or smart home systems.
- Compare quotes from several insurance companies. The premium for the same policy can vary considerably from one insurer to another. If you don’t take the time to shop around, you won’t know how much you can potentially save.
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with home coverage of $ 300,000 and liability coverage of $ 100,000.