Best Home Insurance Rates In Connecticut
On average, your neighbors pay $111 a month.
See Your RatesCompare Homeowners Insurance In Connecticut
The Constitution State is the birthplace of Katharine Hepburn, Jackie Robinson, Noah Webster, and former President George W. Bush. Moreover, Connecticut boasts the highest per-capita income in the US. Despite all this, there are some important homeowners insurance risks to be aware of.
Average Connecticut Homeowners Insurance Rates
How much is home insurance in Connecticut? Some of the highest homeowners insurance premiums in the country are in Connecticut. The average cost of homeowners insurance in the state of Connecticut is $1,411. That's quite a bit higher than the national average of $1,173. Only seven states have higher average home insurance rates than Connecticut.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Connecticut Annual Average | $1,274 | $1,337 | $1,411 |
| Connecticut Price Per Month | $106 | $111 | $117 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 9 | 9 | 8 |
| Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance | |||
The graph below shows the change in average Connecticut home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Connecticut homeowners insurance rates increased from $1,096 in 2011 to $1,411 in 2015, a jump of $315 dollars, or 28.74 percent.
Choosing a homeowners insurance company in Connecticut should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance quotes comparison in Connecticut from multiple companies.
Best Connecticut Home Insurance Companies
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Connecticut. Out of the 8,222 Connecticut homeowners that used QuoteWizard to request insurance quotes last year, 296 had no home insurance.
- Allstate Insurance
- Liberty Mutual
- Geico
- Nationwide
- Progressive Casualty
- MetLife
- Travelers Insurance
- AAA Insurance Co.
- Hartford Insurance Co.
- Safeco
Why contact every insurer in Connecticut you want a homeowners quote from? You can just answer a few questions about your home and desired coverage, and get competing quotes. Save time and money with QuoteWizard.
Top 10 Connecticut Home Insurance Company Market Share
| Rank | Company | Direct Premiums Written (in thousands) | Market Share |
|---|---|---|---|
| 1 | Liberty Mutual | $164,993 | 12.9% |
| 2 | Travelers Companies Inc. | $133,926 | 10.5% |
| 3 | Chubb Corp. | $132,329 | 10.4% |
| 4 | Allstate | $105,582 | 8.3% |
| 5 | USAA Insurance Group | $63,668 | 5.0% |
| 6 | Nationwide Mutual Group | $58,526 | 4.6% |
| 7 | Mutual Insurance Co. | $58,461 | 4.6% |
| 8 | Hartford Financial Services | $57,402 | 4.5% |
| 9 | MetLife, Inc. | $43,702 | 3.4% |
Financial Strength Ratings of Top Connecticut Home Insurers
Source: A.M. Best (Ratings as of 8/21/2015)
- Liberty Mutual: A
- Travelers Companies Inc.: A+
- Chubb Corp.: A++
- Allstate: A+
- USAA Insurance Group: A++
- Nationwide Mutual Group: A+
- Mutual Insurance Co.: A++
- Hartford Financial Services: A+
- MetLife Inc.: A
Connecticut Property & Casualty* Insurance Company Market Share
| Rank | Company | Direct Premiums Written (in thousands) | Market Share |
|---|---|---|---|
| 1 | Liberty Mutual | $742,910 | 9.7% |
| 2 | Travelers Companies Inc. | $641,400 | 8.3% |
| 3 | Geico | $448,581 | 5.8% |
| 4 | Allstate | $437,415 | 5.7% |
| 5 | Hartford Fire & Casualty Group | $434,441 | 5.6% |
| 6 | Chubb Corp. | $359,318 | 4.7% |
| 7 | Nationwide Mutual Group | $289,924 | 3.8% |
| 8 | American International Group | $274,644 | 3.6% |
| 9 | Progressive Group | $236,148 | 3.1% |
| *Represents both home and auto insurance | |||
Home Insurance Rate Factors
Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Connecticut.
Average Home Listing Prices
Home prices can greatly affect the cost of insurance in a state. A higher average home price generally means higher premiums in that state. For Connecticut, the average listing price is $399,422 as of July 2015, quite a bit higher than the national average of $284,748.
Average Burglary Rates
Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Connecticut’s average burglary rate was 358.5 per 100,000 people. This is much lower than the national average of 610.0 per 100,000.
States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Connecticut, there are 43.4 law enforcement personnel per 100,000 total citizens, which is slightly higher than the national median of 32 per 100,000.
Home Insurance Hazards
As is typical of the New England region, Connecticut’s weather is relatively mild. However, occasionally extreme weather does occur, serving as an important reminder of the region’s homeowners insurance hazards.
Cold winters: Connecticut averages about 21 days of snow per year, and winter temperatures are usually below freezing. January is the coldest month of the year in Connecticut, with average highs around 36 degrees and average lows around 18 degrees. Snowfall is more variable in Connecticut, and inland areas receive more snow than coastal cities. For example, the coastal city of Bridgeport averages about 16 days of snow per year, and about 28 inches of snow. By comparison, Norfolk averages about 40 days of snow per year, and 78 inches of snow annually.
Exceptionally cold and snowy winters can bring about a number of home insurance risks, affecting both yourself and your home. People crank the furnace up when temperatures drop. This causes a spike in energy use and traps in moisture that may lead to mold and mildew development. In freezing temperatures, pipes can crack and leak. And other structures can become stiff and brittle as the cold forces them to contract.
Hot summers: Also typical of the region is occasional hot, humid summer weather. Average temperatures are above 80 degrees, often with heavy, thick humidity in the air. July, the hottest month of the year, sees an average high of 83 degrees, and average humidity levels around 80%. This combination makes it feel even hotter, and the human body has a hard time cooling itself down. During exceptionally hot summers, power outages may occur as many people turn the air conditioning up. Humid heat can cause bodily harm. It's especially taxing for young children and adults over 65, which may force people to stay inside. What’s more, humidity can get trapped inside when air conditioning is used heavily. This encourages mold and mildew, which can make your home unlivable.
Storms: Precipitation is fairly common year round. Downpours with thunder and lightning are common during summer months. Lightning can lead to fires. Thunderstorms can knock down street signs and cause damage to homes. In severe cases, when the rain is especially heavy, thunderstorms can cause flooding. The only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.
Between September and April, Connecticut is susceptible to nor’easters. These are powerful storms that often affect the New England region. Nor’easters usually take the form of extreme blizzards with powerful winds. But they can range from torrential downpour to a light sprinkle. That's because they are made up of several storms coming together at once.
Connecticut Office of the Insurance Commissioner
- Website:
- Homepage
- Insurance Commissioner:
- Katharine L. Wade
- Insurance Hotline:
- (800) 203 – 3447
- Office Hours:
- Monday - Friday
4:00 am to 4:30 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Connecticut
- NAIC--Home Insurance Market Share in Connecticut
- Average Home Insurance Rates in Connecticut
- Average Home Listing Price in Connecticut
- Precipitation and Temperature Data: Connecticut
- NOAA Data on Nor’easters
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