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Use homeowners insurance to secure your family’s future
There are several benefits to owning a home in Connecticut and many of them contribute to the long-term health and wealth of your family. Owning a home builds equity and wealth through increasing property value, helps you develop a strong credit history as you pay off the mortgage and gives you more control over your monthly expenses. By choosing to settle down in Connecticut, you can enjoy low crime rates, highly ranked schools and a highly ranked quality of life. When you buy a home, protect this investment as well as your future with Connecticut homeowners insurance.
Low cost of living
Homeowners in Connecticut enjoy a cost of living that is much lower than their Northern neighbors. Housing costs in the state are 50% lower than what you’d find in New York City, with the average home in Connecticut having a price tag of around $361,501. While you could purchase a dream home that costs well over $1 million, you will still find Connecticut more affordable than many other states in the nation. It’s estimated that 66% of Connecticut residents own their own homes.
Financial security
Owning a home can give you financial savings for the future, as you can sell the place for a profit when you are ready to move. Homes sell quickly in Connecticut, with the average home spending only 42 days on the market. Over the last 10 years, Connecticut has seen a 29% reduction in property crime, encouraging residents to stay and newcomers to plant their roots. You can live with financial peace of mind in Connecticut by purchasing adequate homeowners insurance.
How to afford Connecticut homeowners insurance
There are a lot of factors that go into a home insurance quote, but the average annual cost of homeowners insurance in Connecticut is $1,150. When compared to the national average annual cost of about $1,450, Connecticut residents can get great deals on coverage. Use the tools offered by VIU by HUB to find affordable homeowners insurance today.
How to adjust cost-impacting factors for homeowners insurance
There are several factors that will impact your insurance rates, but you have control over some of them. By knowing how you can adjust your lifestyle or make changes to your coverage, you can get more coverage for your money.
Location
Insurance companies use location to help determine a risk profile, so living near a particular city could see a higher rate. The following variables will impact insurance rates:
• Local crime rates
• Claims history in the area
• Weather trends
• Property values
• Type of construction
• Distance to fire station
Connecticut homeowners insurance can be more or less affordable depending on where you live and the value of your home. The higher the value of your home, the higher the premium is likely to be.
Credit score
Your credit score relates to an insurer’s perception of your risk. The higher your credit score, the more likely you are to receive a better insurance rate. Insured people with poor credit scores can expect anywhere from a 5% to 60% increase in their quotes for homeowners insurance.
Age and construction of the home
Older homes are more costly to insure, as many of the materials are often more susceptible to damage and increase the risk of wearing out. If it features unique craftsmanship or expensive construction materials, your home’s coverage could also cost more. In some cases, an older or custom-built home could cost double the average insurance rate. The average insurance for a newer home is around $1,255, while a home constructed prior to 2000 could cost $1,610 per year.
Policy limits
The risks you face should be addressed by your insurance policy, but many homeowners choose to take the minimum required coverage. Although Connecticut state law doesn’t require coverage, your mortgage holder could have a minimum coverage requirement. By increasing your deductible to pay more out of pocket during an incident, you can help lower your costs. If you raise your coverage limits to address the cost of your structure, personal property and other expenses, you could see your cost go higher.
How to recognize your homeownership risks
Residents of Connecticut face specific risks that their insurance coverage should address. A standard Connecticut homeowners insurance policy will often cover the Dwelling, Personal Property, Personal Liability, Other structures and Loss of Use under covered perils. In most policies, a covered peril is an incident that involves fire, theft, vandalism, wind, hail or lightning strike. Unfortunately, these aren’t the only risks that threaten a Connecticut home.
Flood or Windstorm Insurance
Since Connecticut is located along the Atlantic Coast, there is an increased risk for occasional tropical cyclones and serious windstorms. The severe rains and winds that can accompany these weather incidents can also cause storm surges and flooding, but homeowners insurance policies aren’t written to include hurricane or flood-related damage. These are separate coverages to consider adding and are recommended if you live near a floodplain or a beach.
Roof Damage or Replacement Coverage
Heavy winds can cause debris or other items to bring destruction to your roof, but living in Connecticut increases the risk of damage from heavy snowfall and ice accumulation during winter months. With some policies, you can have the replacement or repair costs paid out rather than receiving a depreciation through the settlement.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
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Home insurance in Connecticut by city
Understand risks, minimum state coverage requirements, average costs and other specifics that can impact home insurance policies and premium rates in your city.