Whether you are a first-time homeowner or have owned a property for many years, it is undeniable that owning your home has its perks. In Connecticut, the average annual cost of home insurance for a $250k dwelling is $1,076. Being a homeowner comes with a number of benefits you do not have as a renter, such as higher cost savings and more privacy. But owning a home comes with added responsibilities, like purchasing homeowners insurance to protect your property from damage and theft.
In Connecticut, the rate of homeownership is about 65.8%, which is slightly higher than the United States average of 63.9%. However, the median property value for a home in the state is about $277,400, a significant jump from the national average of $229,700. To protect your investment, it is recommended that homeowners purchase the best homeowners insurance in Connecticut to cover their property and personal belongings in the event of damage or destruction.
When shopping for Connecticut homeowners insurance policies, it is important to consider the value of your home, personal belongings, any additional coverages you need, your coverage limits and your deductible. These factors will determine how much you will pay in annual premiums.
Best home insurance in companies in Connecticut
There are a number of home insurance companies in Connecticut. To find the best home insurance, researching and comparing the different providers will help you find the best deals. To help you find the best one for your needs, Bankrate reviewed Connecticut homeowners insurance providers based on top performers in the 2020 J.D. Power U.S. Home Insurance Study, as well as a focus on price, coverage offerings, and discounts.
|Home insurance company||Average annual premium for $250K liability||J.D. Power score|
|Amica||$1,023||853 / 1,000|
|State Farm||$819||829 / 1,000|
|Farmers||$1,102||814 / 1,000|
|American Family||$2,023||821 / 1,000|
American Family is a reliable homeowners insurance provider that is ideal for homeowners who want to bundle their policies to save money. It has optional coverages including equipment breakdown, sump pump and credit theft protection that allow you to customize your policy for your own needs. This company also has other coverage options, including life, auto, farm, travel, business and flood insurance.
Amica consistently places high on listings for customer satisfaction and is in second place in the 2020 J.D. Power U.S. Home Insurance Study with 853 points for overall satisfaction, price and customer service. As a mutual company, Amica is able to offer dividend policies, where you can choose to receive a check each year for up to 20% of your premium payment. Amica also offers other insurance types such as auto, life, renters, small business and special event coverage.
Of the providers on our list, Farmers offers the best discounts to help you save money on your annual homeowners insurance premium. We like Farmers’ flexibility, which includes three tiers of coverage options: standard, enhanced and premier — the latter of which offers guaranteed replacement cost coverage and more. Farmers has various other insurance types such as auto, life, recreational, pet, renters, business and landlord.
The largest insurance company in the U.S., State Farm is well-known for offering a wide variety of coverage options at an affordable price. Discounts are available for bundling policies, installing home alert protection devices and using impact-resistant roofing products. This company offers insurance policies for businesses and cars and other vehicles like boats and motorcycles.
Vermont Mutual, founded in 1828, is one of the oldest property and casualty insurance companies in the U.S. It is also one of the cheapest homeowners insurance companies for New Englanders, with the average premium rate being $544 annually. Vermont Mutual offers three levels of coverage. Potential policyholders can choose between Enhanced Amendment, Advanced Amendment, and Elite Endorsement for a plan that meets their needs and budget. Business owners in Connecticut could also benefit from Vermont Mutual’s coverage offering for in-home business operations.
Average cost of homeowners insurance in Connecticut
In Connecticut, the average cost of homeowners insurance is $1,076 per year, which is $401 less than the national average of $1,477 per year. Connecticut homeowners may pay less than the national average due to reduced likelihood of experiencing higher category hurricanes that can leave devastating impacts on homes. Unlike other coastal states such as Florida and Mississippi, Connecticut homes are generally safer from natural disasters. In Florida, the average cost of home insurance is $1,736 per year and in Mississippi, the average cost is $1,713 per year.
However, homeowners insurance in Connecticut can still be expensive because of its location on the coast. Homes near the coastline tend to be more susceptible to damage from wind, rain and hurricanes, which could cause flooding. Additionally, Connecticut’s snowy winter climate could also increase the risk of cold-weather home damage, such as burst pipes or roof damage from heavy snow.
Home insurance considerations in Connecticut
Connecticut homeowners will want to evaluate and consider their state to understand their home insurance coverage needs. The common causes of loss in Connecticut and the recommended coverages for homeowners are listed below.
Connecticut common causes of loss
It is possible that your Connecticut home could be damaged by weather, fire, theft or other situations, so having homeowners insurance ensures that you do not have to pay fully out-of-pocket to repair damages or replace lost items. Specifically, Connecticut homeowners are at an increased risk of:
- Roof damage: Damage to the roof is a common cause of loss for homeowners in Connecticut due to the heavy snow and ice during the winter months.
- Property damage: Connecticut homeowners face property damage from trees that can fall on their homes. Other structures such as branches from trees and flying debris from heavy winds can also cause home damage.
- Wind damage to exterior structure: Connecticut homeowners must prepare for hurricanes and thunderstorms, which can cause wind damage.
- Flooding: Flooding is a common cause of damage due to Connecticut’s location near the Atlantic Ocean.
When shopping for homeowners insurance, make sure that your provider offers coverage for the most likely scenarios that could damage your home. It is also important that you have enough coverage to pay for the damages without requiring out-of-pocket costs.
Recommended coverages in Connecticut
If you are buying home insurance CT, there are a few types of coverage that are recommended in Connecticut and that you should know about:
- Flood insurance: Connecticut homeowners with property on the immediate coastline may consider purchasing flood insurance. Floods are not considered to be a covered peril under most insurance policies, so you will have to purchase a separate policy. You can use FEMA’s flood map to determine if your home is located in a high-risk flood zone.
- Extended dwelling coverage: Although Connecticut is generally safer from weather-related home disasters compared to other coastline states, you can never plan for when a major event might cause significant damage to homes in the state. In the case that multiple homes are impacted by the same event, you may want to consider purchasing extended dwelling coverage beforehand to ensure that your policy maintains adequate coverage limits for the extent of damage experienced.
What is the cheapest homeowners insurance in Connecticut?
The cheapest homeowners insurance in Connecticut is different for every person. Your annual premium is based on a number of factors, including the age of your home, the size of the home, where it’s located, the building materials used and more.
How do I get homeowners insurance in Connecticut?
Before purchasing homeowners insurance, it is a good idea to get your home appraised. That will give you an idea of what your home is worth and what it would cost to replace the home. To get an insurance quote, apply online with any of the providers we included on our list, or find a company that can best suit your needs and budget.
Is homeowners insurance required in Connecticut?
No, homeowners insurance is not legally required in any state. However, if you have a mortgage on your home, the lender may require that you have a minimum amount of insurance coverage.
What is covered under my homeowners insurance policy?
Most homeowners insurance policies cover damage to your home, structures on your property, the personal belongings in your home and liability for anyone injured on your property. Keep in mind that some damages are not covered under basic policies, like earthquake and flood damage, and you will need additional policies to cover those perils.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.