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Getting an affordable home insurance policy is very important for many homeowners. Comparison shopping among multiple insurance companies is the best way to find the coverage you need at a reasonable cost. We analyzed average rates for large home insurance companies in Connecticut to help you find a home policy for a good price.
Cheap Home Insurance in Connecticut Cost Comparison
Related: Best home insurance companies
Homeowners Insurance Cost Factors
Your potential to get cheap home insurance in Connecticut will depend on various factors, such as:
- The materials used to build the home
- The cost to rebuild
- How old the house is
- The fire rating of your home’s location
- Your credit
- The claims history of your home’s location
- Your location
- Your personal claims history
- The coverage amount and policy limits
- Your chosen deductible amount
Related: Cheapest Homeowners Insurance Companies Of 2022
What Does Homeowners Insurance Cover?
A typical home insurance policy (called an HO-3 in insurance jargon) covers your home for any problem that the policy doesn’t exclude. Standard exclusions include neglect, intentional acts, vermin, rodents or insect infestations, war, power failure, earthquakes, sinkholes and wear and tear.
Your personal property is protected for specific “perils” in a standard homeowners insurance policy. Perils, or incidents, such as fires, theft, tornadoes, explosions and vandalism are just some of the events covered by home insurance.
Your standard home insurance policy can be broken down into these primary coverage types:
- Dwelling: Your primary structure coverage pays to repair or rebuild your home if it’s damaged. It also covers attached structures, like a garage or porch.
- Other structures: This pays to repair or replace structures that are unattached to your home, like a fence or shed.
- Personal property: This type of homeowners insurance pays to repair or replace your personal belongings after a covered event like theft or fire. Protected belongings include items such as your clothes, appliances, electronics, furniture and jewelry.
- Liability: This pays for property damage or injuries you accidentally do to others. For example, if a guest trips on a loose rug and takes a serious spill down your stairs, liability can pay for a settlement or court judgment against you, including your legal defense fees.
- Medical payments to others: This coverage helps pay for minor injuries guests get while in your home, regardless of fault. For example, if a visitor slices their hand open while helping to make dinner, medical payments coverage could pay for them to get urgent care. Coverage amounts are reasonably small, such as $1,000.
- Additional living expenses: If you’re unable to stay at your home due to a covered event, such as a fire, additional living expenses coverage pays for extra costs you rack up. This can include items such as a hotel bill, meals at restaurants and other necessary services, like a laundry service.
Related: How much home insurance do you need?
What’s Not Covered by Homeowners Insurance?
Common exclusions found in a standard home insurance policy include problems like floods, earthquakes, mudslides, mudflows, sinkholes, power failure, neglect, wear and tear, vermin and insect infestations, war and intentional loss.
We recommend reading through 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 large disasters. Hurricanes, severe storms and snow are the most common disasters declared in the state.
In August 2020, Connecticut was slammed by Tropical Storm Isaias. The storm was unusual because it maintained its strength over land instead of slowing, as most storms do. That resulted in wind gusts of 60 to 70 mph across Connecticut, downing trees and power lines—nearly 9,000 trees fell into power lines. The storm also produced the first tornado in Connecticut connected to a hurricane or tropical storm. Over 90 state roads were closed due to damage.
Disasters by Month in Connecticut
March, August and October have historically been the busiest months for declared disasters in Connecticut.
Disasters in Connecticut by Year
Residents of Connecticut cope with an average of about one declared disaster a year. In 2011, one of the busiest years for disasters, Hurricane Irene stormed into the state on Aug. 28, flooding the coastline, triggering evacuations in approximately 30 towns and resulting in 800,000 residents losing power, some going without electricity for nine days.
But the Halloween Nor’easter that slammed the state on Oct. 29, 2011, also wreaked havoc. Wet, heavy snow stuck to leaves still on the trees, resulting in downed power lines and the loss of power for about 900,000 homes, some for two weeks. Up to 18 inches of snow was dumped on the state.
Flood Insurance in Connecticut
Your standard home insurance policy won’t cover flood water damage. And with flooding becoming more persistent, you should consider flood insurance if your property is at risk.
In September 2021, Connecticut was drenched by massive amounts of rain from the remnants of Hurricane Irene. Connecticut received its first-ever flash flood emergency, which warns the damage threat level is catastrophic, and is a step up from a regular flash flood warning.
Many parts of the state saw between four and eight inches of rain in just a handful of hours. That amount of water leads to flooding of roads and homes. In fact, a section of I-395 in Waterford was impassable due to flooding, and rail service was suspended.
Many areas in the U.S. experience destructive and costly flooding, but that may not have been declared a federal disaster. Here’s a look at the number of recent floods in Connecticut.
Financial help from the government can be limited after a flood. It really is best to have your own flood insurance to rely on. 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 Program (IHP) can provide direct and financial assistance after a major disaster or emergency if you qualify. The IHP may help you find housing after a problem directly related to a disaster if you’re not covered by insurance or other sources.
Earthquake Insurance in Connecticut
According to Connecticut’s Division of Emergency Management and Homeland Security, earthquakes in the state are rare but do happen now and then. The areas most likely to have a shake are East Haddam and Plainfield.
A small 1.9 magnitude earthquake occurred in Connecticut in early March 2021. Also, in November 2020, a 3.6 magnitude quake in Massachusetts was felt in Connecticut. So while it’s unusual for earthquakes to occur here, residents of Connecticut may experience them, and if it’s a big enough shake, it could cause some damage to your property.
If you were concerned and wanted coverage for earthquake damage, you’d need to buy a separate earthquake insurance policy. A standard home insurance policy doesn’t cover earthquakes.
Earthquake insurance typically covers:
- Other structures
- Personal property
- Additional living expenses
Earthquake insurance typically has a separate deductible from your home insurance, usually between 10% to 25% of the dwelling’s policy limit.
Tips for Buying Homeowners Insurance
It doesn’t matter if you’re a first-time buyer or switching insurance companies, you want to purchase a home policy at a reasonable price without sacrificing coverage. Here are some tips for both newcomers and longtime homeowners:
- Determine your rebuilding costs. You want your dwelling coverage amount to be at least equal to what the cost would be to rebuild your home with similar materials. Don’t forget to include the labor costs in your area to get the work done. Ask an insurance agent or trusted local contractor to help you estimate the number and have your dwelling coverage match the amount.
- Review the benefits of replacement cost compared to actual cash value. Contemplate replacement cost coverage for your property, as it will get you the amount you need to replace your items with new versions while actual cash value only pays a diminished value.
- Assess how much 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’d recommend at least $300,000.
- Consider add-on coverage for your belongings. If you have pricey possessions, such as heirlooms, antiques, expensive jewelry or musical equipment, look into scheduling personal property to make certain you have enough coverage for them.
- Look for coverage gaps. If you find gaps, most insurance companies offer add-on benefits you can take advantage of, for instance, water or sewer backup coverage.
- Research financial ratings. Examine financial strength ratings from providers like A.M. 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 certain you’re receiving all the discounts that you’re entitled to. For example, see if you qualify for a discount because of your home’s security features or smart home systems.
- Compare quotes from multiple insurance companies. The premium for the same policy can vary greatly among insurance providers. 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 dwelling coverage of $300,000 and liability coverage of $100,000.