Compare Homeowners Insurance Quotes In Connecticut

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Best Home Insurance Rates 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

Connecticut has some of the highest home insurance premiums in the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Connecticut was $1,337, higher than the national average of $1,132. Only eight states have higher average home insurance rates than Connecticut.

Connecticut Average Annual Homeowners Insurance Rates
  2012 2013 2014
Connecticut Annual Average $1,160 $1,274 $1,337
Connecticut Price Per Month $96 $106 $111
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 9 9 9
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Connecticut should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. 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.

  1. Allstate Insurance
  2. Liberty Mutual
  3. Geico
  4. Nationwide
  5. Progressive Casualty
  6. MetLife
  7. Travelers Insurance
  8. AAA Insurance Co.
  9. Hartford Insurance Co.
  10. Safeco
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Why contact every individual company in Connecticut that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Connecticut Home Insurance Company Market Share

Source: Insurance Information Institute
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
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Rating Guide

Connecticut Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
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, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Connecticut’s average burglary rate was 358.5 per 100,000 people, which 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, causing a spike in energy use and trapping 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 and is 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, encouraging possible mold and mildew development, which can be seriously detrimental to your home.

Storms: While precipitation is fairly common year round, downpours with thunder and lightning are common during summer months, and 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, powerful storms that often affect the New England region. Nor’easters usually take the form of extreme blizzards with powerful winds, but can range from torrential downpour to a light sprinkle, as 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:

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