Home insurance needs for a Connecticut Homeowner will vary according to where they live in the state. The Connecticut Insurance Department. provides plenty of helpful information about homeowner’s insurance, what it is, and how to purchase it.
How Much Does Home Insurance Cost?
In 2010, according to the Insurance Information Institute, the average annual premium for homeowners insurance in Connecticut was $1,052. The premium will vary based on things like your home’s age, condition, its construction materials, and location. Older homes may be more expensive to insure, and some companies may not insure a house in poor condition.
In general, older homes cost more to insure than newer homes, and wood homes cost more to insure than brick homes. Other factors that affect overall cost are crime statistics in your area, your credit history, and claims history. You may not think home insurance and dogs have anything to do with each other, but if you own a dog breed that is known for being aggressive, you might see your premium go up.
What Does It Cover?
The typical homeowner’s policy covers damage to your home, damage to other structures on your property, damage or loss of personal property, additional living expenses, liability, and medical payments. Liability coverage protects you from lawsuits if someone other than the insured gets injured on your property and you are found to be at fault s an essential component of most standard homeowner’s insurance policies in Connecticut. However, this doesn’t mean liability is included in all policies or that it’s not limited in its scope.
Do I Have to Get Home Insurance?
Home insurance is not required by law in Connecticut. But buying insurance can help protect your house and property against damage from unforeseen circumstances, and liability for accidents that injure other people or damage their property.
Optional Coverage to Consider
- Flood. Many homeowners are unaware that flood damage is not covered in a standard homeowner’s insurance policy, and most mortgage lenders do not require homeowners to purchase flood insurance unless they live in an area that is at high risk for floods. This leads some homeowners to believe their home is more or less safe from flooding when no home is truly immune. Flood insurance can be purchased as an endorsement or separate policy, and many Connecticut residents choose to become insured through the National Flood Insurance Program (NFIP).
- Fire and Lightning. Fire and lightning coverage is included in most standard policies, but it’s important to read your policy carefully to make sure this important coverage is not excluded. You should also ask your agent or broker if damage caused by perils associated with fire, such as smoke or damage caused by fire extinguishing agents, is covered under your policy.
- Hazard. The words hazard insurance and homeowner’s insurance are often used interchangeably. Hazard insurance may refer to the portion of your insurance that protects your dwelling, its contents, and any outbuildings, such as a tool shed or detached garage. Keep in mind that the minimum amount of home insurance Connecticut mortgage lenders require you to have may not be enough to fully cover you in the event that your home is destroyed. Consider purchasing enough hazard insurance to cover your home’s full replacement value, rather than actual cash value.
- Windstorm. While windstorm and hail coverage is included in most standard homeowner’s insurance policies, this coverage may be excluded from some policies, particularly if you live along the Connecticut coastline and are exposed to a greater amount of high winds and even hurricanes. Often, insurance companies will require a separate deductible for damage that results from windstorms, particularly hurricanes.
- Scheduled Personal Property Endorsement. Scheduled personal property endorsements, also known as personal article floaters, protect certain valuables you own that need a greater amount of coverage than the rest of your belongings. Such valuables might include rare coins and stamps, a collection of antiques, or fine furs, jewelry, or silverware. Each article is itemized and described in detail in the event that the item is stolen, damaged, or lost to various perils. By scheduling your valuables, you can make sure you will fully recoup the potential loss of these precious items.
Mobile Home Insurance
Mobile policies are similar to homeowner’s insurance policies in that they protect against damage to or loss of your mobile or manufactured home and its contents. Mobile home policies take into account the different and often greater risks that mobile homes face from perils like windstorms because of their unique construction. Mobile policies may also include liability coverage as well as loss of use coverage, which helps pay for your hotel, food, and lodging expenses if you cannot inhabit your mobile home while it is being repaired or replaced after a claim.