Connecticut Homeowners Insurance

Connecticut Homeowners Insurance

Nutmeggers pay an average of $118 per month or $1,411 per year in home insurance premiums. 


There are over 1.5 million homes in The Constitution State, sixty-seven percent of which are owner-occupied.

The average ​monthly cost for a homeowner with a mortgage in Connecticut is $2,055.

Nutmeggers pay an average of $118 per month or $1,411 per year in home insurance premiums.


There are over 1.5 million homes in The Constitution State, sixty-seven percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Connecticut is $2,055.

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Connecticut Statistics

3,588,184

Population

$269,300

Average value of owner-occupied housing units

1,354,713

Households

$71,755

Average household income

90%

Highschool grad or higher, percent of people age 25 years +

25.7 min

Average travel time to work


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Connecticut is home to idyllic seashores and contemporary urban areas. Moreover, the state is known to have the highest per-capita median incomes across the nation. Most homes in Connecticut also have higher property values as compared to other states. Because the state is so diverse, the values of properties vary greatly from urban resorts to New York commuters.


Connecticut experiences fluctuations in weather conditions. Coastal floods and nor’easters are frequent.  Seasonally, homeowners experience challenges which include winds brought by hurricanes, frozen pipes and water damage. All these factors along with inflation have led to high cost of home insurance premiums in Connecticut.


Apart from natural disasters, the location of a home also affects the rate of premium to be paid. In Connecticut, homes that are close to the coast pay higher premiums. In addition, the age of your home also influence the amount you will pay for home insurance. Despite the location of where you live, it is important to find an insurance policy that will cover your home in the untimely event that a disaster strikes.

Average Connecticut and nationwide home insurance premiums 


According to Insurance Information Institute (III), there was a 0.6% increase in home insurance losses all over the United States from 2012 to 2016. The losses was partly due to high property damage claims, liability and credit card cases. The increase in homeowners insurance losses also reflected the cost of repairs and replacements. 


III revealed that in 2017, the total amount of direct premiums written came to almost $635 billion. Connecticut wrote $8.6 billion in direct insurance premiums that same year. The total direct premiums written for homeowners multiple peril policies amounted to almost $1.5 billion in the state. Interestingly, federal flooding direct premiums written totaled to $46.5 million in Connecticut. During 2012-2016, 6 percent of all insured homes nationwide reported a claim. A study by the National Association of Insurance Commissioners (NAIC) in January 2018, showed that the average premium of homeowners insurance increased by 0.3% from 2014 -2015. 


Homeowners in the United States paid an average premium of $1,132 in 2014 and $1,173 in 2015 (latest available data). The same study showed an average increase of $369 in home insurance premium from 2006-2015 nationally. Homeowners in Connecticut, on the other hand, paid an average premium of $1,411 in the year 2015 (latest available data).


Connecticut ranked 8th most expensive, out of the 50 states whose average home insurance premiums were studied. Making the average homeowners insurance premiums in Connecticut fall above the national average. Insurance rates are highly individualized though, so use these numbers only as a reference. You may get quoted below or above CT's average depending on your location, condition of home and other factors. It's important to know conditions specific to you that's making your rates fall above the average range. Look into other providers to check if they can provide you with lower rates.

Average Connecticut home insurance premiums

 20142015
Monthly average$111$118
Annual average$1,337$1,411
National annual average$1,132$1,173
Rank98
Source: Insurance Information Institute

The best homeowners insurance companies in CT


How do you decide if a company is one of the best in its sector? We've compiled the top insurers that hold the largest percentage of the homeowners insurance market share in the state. We'll dive deeper into the companies' financial workings through reviewing independent and trusted organizations that rate businesses based on their performance.


Organizations such as AM Best and JD Power study and rate a company's financial standing. Moreover, they look at how a company handles and payout claims. They rate the quality of service based on their own study of consumer satisfaction and/or look at company trends. Though we are highlighting companies that are already popular in CT and are most likely reliable, it is by no means that we are endorsing or promoting any of our readers to sign on with the companies mentioned below. 


We find it's important to give you a head start and do a little research for you, but it may very well be that smaller and lesser known companies will give you better rates or better coverage. No matter who you chose to insure your home, do a little digging and find out as much as you can about the company, outside of their official website before committing. The amount of time spent learning may eventually pay off in the event of filing a claim.


Liberty Mutual


Nationally, Liberty Mutual controls 7 percent of the total market share according to the NAIC 2017 study. In Connecticut however, Liberty Mutual has the highest market share controlling 11.2 percent of CT's homeowners insurance sector. Compared to other companies, Liberty Mutual scores some of the highest ratings, according to Consumer Reports.


It is a top-rated company. AM Best gave Liberty Mutual an A (Excellent) rating. This means that the company has shown excellent performance in meeting their financial and contract responsibilities. Efficient customer service earned Liberty Mutual a 3 out of 5 Power Circles Rating from JD Power. A 3 rating means consumers scored the company about average in their ability to perform and fulfill their services.


Through a mobile app, Liberty Mutual provides an easy avenue to make payments and insurance claims. Straight through the app, customers can learn about discount options available to homeowners in Connecticut. Moreover, Liberty Mutual has an informative website. The website provides a quote tool that gives details on utilities, lifestyle issues and improvements around the home. The level of efficiency within this organization has made customers confident in their prices and services.


Chubb 


Chubb comes in a very close second, holding 10.9 percent of the market share in Connecticut, according to III. Chubb’s policy is quite diverse.  The home insurance policy they offer covers jewelry, fine arts and other items. In addition to all these, the policy gives liability and standard property coverage. Liability coverage ensures that a homeowner is protected from losses around their home.


Chubb has a website with information on discount options and coverages. Apart from the website, agents are also distributed all over Connecticut and they give information about the company’s offers. Contacting them is easy and they have a fast rate response.


Finally, the company has superior ratings. It earned an A++ (Superior), the highest possible rating from AM Best. JD Power awarded with a 3 (About average) when they did the U.S. Home Insurance Study this year. Their customer service is exceptional. Its services can be compared to those of larger companies such as All State, Travelers and Liberty Mutual. 


Travelers


Travelers is popular in Connecticut. Travelers, just like Chubb has a 3 (About average) Power Circle Rating from JD Power. This means the company was given a score of about average by consumers on customer service, claims payout, coverage options, and how they handled billing. AM Best rated Travelers with A++ (Superior) for their outstanding financial performance. 


Travelers offer endorsements that homeowners can appreciate. The company provides special home insurance for green homes. Green homes use environmentally friendly materials that are in-line with  LEED (Leadership in Energy and Environmental Design) standards. Environmentally friendly materials reduce on wastage of energy. The overall effect provides cheaper costs of repair and replacement of green homes.


The company has a Prepare and Prevent online platform that provides learning resources and important information for homeowners. The website educates individuals on simple first aid, to dealing with the aftermath of a natural disaster.


Travelers homeowners policy cover sewer overflow and sewer damage. Most companies do not include sewage systems in their policies. In addition to amazing coverage, Travelers stay competitive with their rates in Connecticut. Many homeowners who find Chubb and Liberty Mutual expensive still have an affordable option whose services are also exceptional.

Connecticut home insurance companies: Market share and summary of ratings

RankInsurerMarket share %AM BestS&PJD Power
1Liberty Mutual11.2AA3
2Chubb10.9A++AA3
3Travelers8.7AA3
4Allstate6.0A+AA3
5State Farm5.6A++AA3
6USAA5.1A++AA+5
7Amica4.9A+NR5
8Nationwide4.3A+A+3
9Hartford Financial3.8AA3
10MAPFRE3.5AANR

NR: Not rated
Source: Insurance Information Institute

In summary


Choosing the right company for your home insurance needs can feel overwhelming. We touched upon three companies that hold the largest percentage in market shares in CT, hoping to give you an insight into the companies' financial condition and payout abilities. The reviews are meant to serve as a guide only and it may very well be that a company we haven't reviewed would be better suited for your needs. The important thing to take away is do the research and compare rates from multiple providers before making a decision. 


Connecticut homeowners insurance policy covers all basics. The policy is inclusive of injuries that occur around the property and all personal belongings. Unfortunately, the same coastal beaches that make Connecticut a beautiful place to live in, predispose homeowners to dangerous floods. Most companies do not include flood insurance in their policy forcing customers to buy flood insurance from the National Flood Insurance. 


All over Connecticut, homeowners have wide optional coverage possibilities. The extra privileges are known as endorsements. Some examples of available options include: insurance on LEED homes, identity theft, sump backup and many more. It is good to ask for these endorsements from companies that provide them.

3 mistakes to avoid while lodging home insurance claims

Connecticut is the home to 1,354,713 households. The rate of owner occupied housing in the state is 66.5 percent. Though you are not required by state laws to acquire home insurance, your mortgage lender will most likely include it as a requirement in the contract agreement with you.


Homeowners have been found to commit a set of common mistakes while lodging homeowners insurance claims. Such mistakes not only lead to inadequate reimbursements but also sometimes lead to even higher premium rates. We'll reveal our top 3 common mistakes to avoid while lodging your homeowners insurance claim in Connecticut.


Not informing the insurer immediately


This is the most devastating mistake observed among policyholders while filing a claim. You should absolutely call your insurer as soon as possible when you have incurred a loss or accident in your property. It is important that your insurer be notified as soon as possible to help assess the claim properly. If you waste time, it would be more challenging to keep the evidence fresh.


Moreover, eyewitnesses may also forget important things that they witnessed, if the proper documentation is delayed. Such situations may turn the entire situation against you, putting you in further trouble. It’s to stress here claims will be more convenient to adjust when the mishap has just occurred. More importantly, the insurer will question why they were not notified sooner, giving them grounds to deny your claim.


Lodging unnecessary claims


The main purpose of homeowners insurance, in our opinion, is to have protection against high costs associated with repairing damages caused by extreme weather events. Any other reason may not be so economical. If the deductible costs more than the price to pay for the repair work, it’s only wiser not to file a claim.


There's also a high chance that your insurer will pose higher premiums next time you go to update or renew your policy, if they see a history of frequent claim filing. The insurance companies tend to deem clients risky who are often filing claims. Thus, these firms generally rake up premiums for them.


Even if the claim is valid, carefully consider if it's worth it to file a claim or will it be cheaper to just pay for the repairs out of pocket and continue to be in good standing with your insurer.


Not keeping proper documentation


This is one of the worst mistakes one can make while lodging a claim. The insurance company will look for proof while you ask for reimbursement for damages and loss incurred at your property. If you can’t provide documented proof, you won’t receive adequate compensation.


Thus, it’s always important to ensure proper documentation before filing a claim. It's wise to document all the communications between you and your insurer in regards to the claim. It’s advised to keep record of content, date & time of every verbal conversation between you two. All the documents must be stored safely in an easily accessible place. You should also keep receipts of items insured under your homeowners insurance in Connecticut. It will help to determine the actual cash value of these items while asking for reimbursements. Another tip is to take pictures of the scene in question as proof of documentation that the event really did happen.

What do typical homeowners insurance policies cover?

Every home has its unique features that require coverage and every insurer has its own way of calculating risks in a home. For example, an urban condo or suburban house will definitely have different risks and coverage needs as compared to a seashore cottage. Here is an outline of the home damage claims to guide you in understanding some of the reasons your Connecticut insurance agent may make certain suggestions about the policy you're interested in purchasing.


The national number of catastrophes is averaged at 19,033 while that of Connecticut is 35. The national number of tornadoes is averaged at 1,233 while that of Connecticut is 0. The national worth of property damage due to bad weather is estimated at $5,511,270,000, while that of Connecticut is at $510,000. It's also critical to note that unless you have an endorsement from the National Flood Insurance Program, many homeowners insurance plans don't cover flooding. Hence, the standard homeowners insurance policy exclude floods that your property faces due to sewer breakages or storm surges.


Connecticut burglary claims


In 2016, 5.3 percent of homeowners filed a claim, according to ISO. Property damage (theft included) accounted for 97 percent of those claims. According to Statista, the burglary rate in Connecticut in 2017 was 247.8 incidences per 100,000 residents. The Statista list puts CT as the 4th state with the least amount of burglaries nationwide. Although Connecticut has a lower number of burglaries as compared to other states, it's prudent to install security alarms and purchase a policy that can protect your valuable assets against theft. The III reported that in 2017, a total of $5 million was written in direct premiums for burglary and theft in Connecticut. In other words, the policy should protect your home against more than just natural risks.

For more assistance, please contact your local state department of insurance:

Connecticut Department of Insurance

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