Connecticut Home Insurance

One of the challenges of living in Connecticut is finding affordable home insurance. Choosing the right balance between enough coverage and a reasonable premium can be tough, but that’s why Insurance-Rates-Online is here to help. Just spend a few minutes learning the basics and how to save money on Connecticut Home insurance, then just enter your zip code in the box below to receive free quotes from top home insurance companies.

The Basics of Connecticut Home Insurance

Home insurance is not required by law in Connecticut, but if you have a mortgage, your lender is sure to require it.

Four types of coverage are included in Connecticut home insurance policies:

1. Property damage – pays for damage to your home and personal property.
2. Additional Living Expenses – if covered damage prevents you from living in your home, this provides funds to pay for temporary arrangements.
3. Comprehensive Personal Liability – covers damage to property owned by someone else, caused by you or a member of your family (except due to auto accident)
4. Medical Payments – if someone is injured by you or your family, or on your property, this covers the medical bills.

Types of Connecticut Home Insurance

Different types of home insurance are available, based on the amount of protection you prefer.

• Actual Cash Value (ACV) offers the replacement value of the property, less depreciation. This is the least expensive form of home insurance in Connecticut. But it’s important to remember that you’ll have to make up the difference between the replacement cost and the depreciated value of anything that’s damaged.
• Replacement Coverage pays for the repair or replacement cost of damaged property up to the value of the policy. Here you don’t have to worry about depreciation, just that you have a big enough policy to cover everything.
• Guaranteed Replacement Coverage allows the Connecticut home insurance company to increase your coverage and premiums automatically to guarantee that you have full replacement coverage of property and contents, including rebuilding to the latest building codes. You are always fully protected.

Coastal Homeowners Insurance Policy

If you live within 2600 feet (about ½ mile) from the coastline, you face the added risk of both hurricanes and high winds. Every Connecticut Home insurance company offers an additional coast homeowners insurance policy which covers repairs due to storm damage. Usually this policy includes either a special hurricane deductible (not more than 2% of the home’s value), or imposes special windstorm mitigation requirements, like installation of approved storm shutters.

Home insurance policies don’t cover flooding, but it is available through the National Flood Insurance Program. Visit Floodsmart.gov for more details.

Calculating the Right Amount of Connecticut Home Insurance

Each insurance company has formulas to determine the value of your home and personal property. Remember this amount doesn’t include the value of the land. To make sure this amount is enough:

• Check the prices of comparable homes which recently sold in your area.
• Talk to local builders to find out what it would cost to rebuild your home at today’s lumber and labor prices.
• Consider having your home appraised every three to five years to be absolutely sure you have enough coverage.

Factors Affecting Connecticut Home Insurance

Insurance companies consider several different factors when determining premium rates. Some are controllable, others aren’t.

• Type of Construction – Frame house cost more to insure than brick homes because they are more likely to suffer damage during almost any event.
• Age of the House – New homes qualify for additional discounts because they have new heating, plumbing, wiring and roofs.
• Local Fire Protection – the quality of the local fire department, even the distance to the closest fire department, are all factors.
• Backyard Items – swing sets, trampolines, and swimming pools represent higher risk to insurance companies, and consequently higher premiums.

Saving Money on Home Insurance in Connecticut

There are things you can do to reduce the cost of home insurance premiums.

• Increase the deductible – Most policies come with a $250 deductible. If you’re comfortable with a $500 deductible or even a $1000 deductible, you’ll save money.
• Safety discounts – installing smoke detectors, burglar alarms, dead bolt locks and fire extinguishers reduce insurance rates.
• Combination discounts – Purchasing both home and auto insurance from the same company can save up to 15%.
• Non Smokers – Statistically non-smokers have fewer claims than smokers, so this can be a factor.
• Senior Citizens discount – since seniors tend to spend more time at home than younger people, they are more likely to prevent serious damage and theft, so their rates are lower.
• Good credit – insurance companies can use your credit history to help evaluate your risk, so having good credit will save you money.
• Previous claim history – Absorb smaller claims if possible; if you are prone to filing frequent claims it can lead to a rate increase.
• Shop around – Home insurance companies base rates on their experience in the area. Since each company will have different experiences, there will be differences in their rates. That’s why you should shop annually and get at least three different quotes on identical coverage.

For more ways to lower premiums, visit Saving Money on Home Insurance.

Time to Shop for Connecticut Home Insurance

Now that you know the ins and outs of homeowners insurance in Connecticut, it’s time to start comparing rates. Simply enter your zip code in the box below and you’ll be instantly matched with great home insurance companies offering coverage in your area. Click on the three or four that sound the best, and request a free quote. Before you know it, you’ll have great coverage at a price you like. Don’t wait, enter your zip code now!