Connecticut Homeowners Insurance Guide
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The Constitution State is the southernmost state in the New England region. As part of the original Thirteen Colonies of the United States, Connecticut is immersed in American history. Both European and Native American roots are reflected in many museums and historical sites located in the state. Connecticut is unique in that it houses large cities on its coast, as well as its rural inland.
The State’s proximity to the Atlantic coast makes it susceptible to several natural disasters. Not only are property owners in the Constitution State at risk of hurricanes and other severe storms, often called Nor’easters, but also blizzards. All of which can cause severe damage.
Connecticut’s vulnerability to natural disasters places upwards pressure on the homeowners and renters insurance rates property owners in the state receive. The winds and resulting flooding from hurricanes and Nor’easters, as well as the ice and snow damage from blizzards, batters homes and other property. As a result, those that call the Constitution State home, pay significantly higher for their homeowners and renters insurance than the rest of the country.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2017)
The standard homeowners and renters policy will cover resulting damage from wind, snow or severe cold; as well as normal perils such as theft, vandalism, liability, and a host of others. Many of the severe storms and hurricanes that batter Connecticut result in flooding, which is excluded on the standard homeowners and renters insurance policy. As such, property owners in the state should seek to add a flood policy from the National Flood Insurance Program (NFIP) to their overall property coverage package.
The Connecticut property insurance market is highly competitive. Only two percentage points separate the first and third largest insurance carrier as measured by market share. The market is also dominated by national carriers. When comparing carriers and packages, make sure to place an emphasis on the financial stability of the carrier. Given the level of risk of enduring property loss from a natural disaster, you want to make sure that the carrier you ultimately choose to partner with is financially stable and has a good history of settling claims fairly and in a timely manner. Unfortunately, the catastrophic nature of disasters can some times place homeowners insurance carriers in financial straits.
Top 5 Home Insurance Carriers in Connecticut
|Travelers Companies Inc.||8.0%|
|USAA Insurance Group||5.3%|
Source: Insurance Information Institute (2019)
As one of the original colonies, Connecticut has a rich history, and is a cornerstone in the formation of the United States. Besides its historical significance, the Constitution State also provides property owners and visitors the chance to enjoy the peaceful sounds of waves along its coastline, as well as the bright lights of a city inland. If you’re lucky enough to own property within the state, make sure that you’re properly covered given the state is prone to endure natural disasters.
Connecticut Department of Insurance
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