Whether you’re a first-time homeowner, or have owned a property for many years, it’s undeniable that owning your home has its perks. Being a homeowner comes with a number of benefits you don’t have as a renter, such as greater flexibility, 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 66.2 percent, which is slightly higher than the United States average of 63.9 percent. However, the median property value for a home in the state is about $273,100, a significant jump from the national average of $231,000, according to Zillow. To protect their investment, Connecticut residents should purchase homeowners insurance to cover their property and personal belongings in the event of damage or destruction.
A homeowners insurance policy covers perils (qualifying events) that cause damage to their home, their belongings inside the home and structures on the property. Some of the most common perils covered include fire, theft, weather-related damage, and explosions. Keep in mind that some destructive events, like earthquakes or floods, are usually not covered under basic homeowners insurance plans, and require separate policies.
When shopping for homeowners insurance, it’s important to consider the value of your home, the value of your personal belongings, any additional coverages you need, your coverage limits and your deductible. These factors will determine how much you’ll pay in annual premiums.
Best home insurance in companies in Connecticut
There are a number of homeowners insurance companies available to Connecticut residents. To help you find the best one for your needs, we reviewed the top-rated Connecticut homeowners insurance providers from J.D. Power 2019 U.S. Home Insurance Study and focused on price, coverage offerings, discounts and customer service.
- Amica: Amica is the top-rated insurance provider in J.D. Power’s Home Insurance Study, and earned 5 out of 5 stars for overall satisfaction, price and customer service. Amica also offers other insurance types such as auto, life, renters, small business and special event coverage.
- State Farm: State Farm is well-known for offering a wide variety of coverage options at an affordable price. This company offers insurance policies for businesses and cars and other vehicles like boats and motorcycles.
- Farmers: Of the providers on our list, Farmers offers the best discounts to help you save money on your annual homeowners insurance premium. Farmers has a variety of other insurance types such as auto, life, recreational, pet, renters, business and landlord.
- American Family: American Family is a reliable homeowners insurance provider that is ideal for homeowners that want to bundle their policies to save money. This company also has other coverage options including life, auto, farm, travel, business and flood insurance.
- Connecticut Farm Bureau: Although not ranked by J.D. Power, Connecticut Farm Bureau provides Connecticut homeowners with discounted insurance through Nationwide. It’s a great option for people that want to get affordable insurance while giving back to their community. They offer a full range of other insurance types too.
|J.D. Power Rating||A.M. Best||BBB Rating|
|Amica||5 out of 5 stars||A+||A+|
|State Farm||4 out of 5 stars||A++||A|
|Farmers||3 out of 5 stars||A-||A+|
|American Family||3 out of 5 stars||A||A|
|Farm Bureau||Not rated||Not rated||Not rated|
Average homeowners insurance cost in Connecticut
In Connecticut, the average cost of homeowners insurance is about $1,455 per year. To calculate the average homeowners insurance costs for the providers on our list, we received quotes for a 33 year old homeowner with a $300,000 home and $200,000 in liability coverage. Our sample home was built in 2000, is two stories, 2,500 square feet and is located in the state Capitol of Hartford.
- Amica — $1,364
- State Farm — $1,762
- Farmers — $1,811
- American Family — $1,689
- Connecticut Farm Bureau — Yearly membership fee required before obtaining an insurance quote
According to the Insurance Information Institute, Connecticut is the 8th most expensive state for purchasing homeowners insurance. Here’s a look at how the insurance rates in Connecticut compare to its neighboring states.
|Connecticut||New York||Massachusetts||Rhode Island|
Buying homeowners insurance in Connecticut can be expensive because the state is located on the coast. Homes near the coast tend to be more susceptible to damage from wind, rain and hurricanes, which could cause flooding. Additionally, Connecticut’s snowy winter climate can also increase the risk of cold-weather home damage, such as burst pipes or roof damage from heavy snow.
Home insurance coverage options in Connecticut
If you’re buying homeowners insurance in Connecticut, there are a few different types of coverage you should know about:
- Dwelling Coverage: Dwelling coverage pays to repair your home and certain detached structures in the event of covered damage.
- Personal Property Coverage: Personal property coverage protects the valuables inside your home from damage or theft.
- Liability Protection: Liability protection offers coverage in the event that someone on your property gets injured, or if you cause damage to another person’s property.
- Guest Medical Protection: Guest medical protection specifically covers medical costs if someone on your property gets hurt.
In addition to these basic coverages, Connecticut homeowners should also consider getting flood insurance, especially for homes on the immediate coastline. Floods are not considered to be a covered peril under most insurance policies, so you’ll 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.
Common causes of home insurance losses in Connecticut
Although unlikely, it’s possible that your home could be damaged by weather, fire, theft or other situations, so having homeowners insurance ensures that you don’t have to pay fully out-of-pocket to repair damages or replace lost items. Specifically, Connecticut homeowners are at an increased risk of:
- Snow and ice, which can cause roof damage
- Property damage from downed trees that can fall on your home or other structures
- Wind damage, from hurricanes and thunderstorms
- Flood damage, from rising sea levels and coastal rain
When shopping for homeowners insurance, make sure that your provider offers coverage for the most likely scenarios that could damage your home. It’s also important that you have enough coverage to pay for the damages without having to dip into out-of-pocket costs.
Frequently asked questions
What is the cheapest homeowners insurance in Connecticut?
The cheapest homeowners insurance 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’s 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 isn’t 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.