Best Home Insurance Rates In Connecticut

Compare Homeowners Insurance In Connecticut

Monday, November 5 2018 By QuoteWizard

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.

Connecticut (CT) Average Annual Homeowners Insurance Rates

	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: Facts + Statistics: Homeowners 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.

Most Popular 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.

Best Homeowners Insurance Companies in Connecticut

The above list shows the most popular home insurers in Connecticut according to our users. But popular doesn’t always mean best.

Our study on the best homeowners insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

Top Connecticut Home Insurance Company Market Share

Source: Insurance Information Institute

Rank	Company	Financial Rating	Market Share
1	Liberty Mutual	A	12.9%
2	Travelers Companies	A+	10.5%
3	Chubb Corp.	A++	10.4%
4	Allstate	A+	8.3%
5	USAA Insurance	A++8	5.0%
6	Nationwide Mutual	A+	4.6%
7	Mutual Insurance	A++	4.6%
8	Hartford Financial Services	A+	4.5%
9	MetLife	A	3.4%

Connecticut Home Insurance Rate Factors

There are various factors that determine your homeowners insurance rate. Some vary from person to person while others apply to all Connecticut residents.

Your Personal Rate Factors

Your House

Everyone’s house is different. Size, quality of materials, structural style, and finish are going to vary from house to house. These elements will affect your rate:

Your home’s age: First, look at the age of the house. Normally, older houses cost more to insure. This comes down to older homes having a higher likelihood of needing a claim, especially if they haven’t been well taken care of. And Connecticut’s colonial history means many homes have been around for some time. 42 percent of CT houses were built between 1950 and 1979. And 22.4 percent of homes were built before 1940. Houses in this range can have higher rates.

Your roof quality: Having a well maintained and region-appropriate roof can lower your rates. Once winter hits in Connecticut, expect a lot of snow. Metal roofing is an excellent choice to protect your home. Snow has a difficult time staying on metal roofs, so most of it will slide right off. That lowers the chance of a collapsed roof from the weight of snow, which is a major insurance risk in snowy areas. Making sure your roof is solid is important, as it will affect your rates.

Your home’s replacement cost: A major part of your homeowners policy is your structure coverage. That amount should match your home’s replacement cost. This is the amount it would cost to rebuild your home from the ground up. Coming up with a rough ballpark figure for the replacement cost of your home isn’t too hard. Multiply your home’s square footage by the average per square foot construction cost in your city.

It’s important to know replacement cost and market value are different.  A $1.5 million home in Greenwich could cost less to replace than a $500,000 house in Stamford. This means a home with a cheaper market value isn’t necessarily cheaper to insure. Replacement cost usually figures in these factors

• Structure size and style
• Exterior features and finishes
• Interior features and finishes

Claims History

It’s a pretty sure thing that if you file a homeowners claim, it’s going to raise your rates. On average, a homeowners claim stays on your record for five to seven years. Any other claims made during this time will blow up your rates even more. As such, think long and hard before you file a claim. Fortunately, the average homeowner only files one claim every decade.

Pets

Connecticut is more cat than dog country according to the AVMA. CT ranks 23^rd nationwide for cat ownership but only 49^th for dog ownership. All the same, dog owners there should still know how certain dog breeds can raise your rates. Owning exotic pets can also hurt your rates.

Credit Score

Insurers will look at your credit score before they price your policy. Your amount of debt, credit card history, and limits will all affect how they rate you. If you have bad credit, you’ll pay more for insurance. Connecticut’s average credit score is 698, the 15^th best score in the country.

Connecticut Rate Factors

Weather

Weather in your area is a defining factor for your home insurance premium. If you live in a region prone to extreme weather, you’ll pay more. This raises rates across the state.

Fortunately, CT is one of the states with the lowest risk of natural disasters. But Connecticut does face considerable snowstorms, and its coastal location on the Atlantic can bring the occasional hurricane. Deductibles for hurricanes work differently than other insurance deductibles. Insurers who cover homes in states along the Atlantic will require a deductible based on a percentage of the home’s value rather than a dollar amount.

CT hurricane deductibles come into play when the National Weather Service (NWS) records winds of 74 miles an hour anywhere in the state. The deductible is in effect until 24 hours after the NWS issues the last hurricane warning anywhere in the state or downgrades the hurricane.

The hurricane deductible is a percentage of the total policy value instead of a fixed cash amount. For example, if the policy is for $200,000 and has a two percent hurricane deductible, you would have to pay the initial $4,000 towards repairs before the insurance coverage pays the rest.

If you are unable to find hurricane coverage in CT, the Connecticut FAIR Plan can help. It provides cash value coverage for a basic policy that includes hurricane damage.

Property Crime

Is theft or vandalism an issue in your neighborhood? Either of these will influence your rates. Property crime went down 2% statewide from 2016 to 2017, but it depends on exactly where you live. Some regions are less secure than others. Danbury has a property crime rate of 16.44 per 1,000 people, whereas Hartford has a property crime rate of 42.23 per 1,000 people.

There are steps you can take to protect your home much like protecting your car. Look into installing security cameras, deadbolt locks, and other defenses available. These steps can both protect your house and earn you an insurance discount.

Types of Home Insurance Policies

• HO-1: This is the basic form of homeowners insurance. It covers named perils such as fire, theft, and vehicle damage.
• HO-2: This is a broad form policy that covers named perils plus events such as falling ice, frozen pipes, water overflow, and falling objects
• HO-3: This is the most common type of homeowners insurance. It covers your home and attached structures such as garages and decks. It also covers your liability and belongings.
• HO-5: This premium policy covers everything the HO-3 does, as well as having fewer limitations for property claims.
• HO-6: This is a policy that provides possession and liability coverage for condos.
• HO-7: This is the HO-3 coverage for mobile and manufactured homes.
• HO-8: If you have an older home, this is the policy best suited for you. It carries special adaptions of the HO-3 better suited for historic and registered landmark homes.

Connecticut Insurance Department

Website:

Homepage

Insurance Commissioner:

Katharine L. Wade

Insurance Hotline:

(800) 203 – 3447

Office Hours:

Monday - Friday
8:00 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

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