Home Insurance in Connecticut

WRITTEN BY: Amelia Ciffone

UPDATED: MAY 24, 2022 | 1 MIN READ

Connecticut is pretty middle-of-the-road as far as homeowners insurance is concerned, but it is in the top 15 most expensive states for a home insurance policy. Some of the most expensive perils to protect against – such as wind damage from hurricanes and nor’easters – contribute to this higher average price tag. But moderate housing prices and low property crime rates in the state can help make your annual premiums a little less burdensome. 

  • Fun fact – Connecticut has some funny rules and regulations on the books. For example, it’s illegal to walk around on your hands in Hartford, CT. Furthermore, a pickle cannot be legally considered a pickle as far as the state of Connecticut is concerned unless that pickle will bounce when dropped onto a hard surface. 

Average Rates in Connecticut

When you crunch the numbers, the average price for an annual homeowners insurance premium in the United States is $1,211. How does Connecticut compare to this? Unfortunately, it’s more expensive. Out of all 50 states, Connecticut ranks #11 on the list of most expensive states for homeowners insurance. This is because average annual premiums for homeowners in Connecticut are as high as $1,479. Nebraska is one rank higher on that list, while Alabama is one rank lower.

Unfortunately, even renters are facing a price hike when it comes to renters insurance in Connecticut. While the national average for securing your belongings in a rented domicile is $180, in Connecticut, it’s $192. Granted, that’s only an extra dollar per month if you decide not to pay annually. But for some people on a tight budget, it could make a bit of a difference.

Connecticut Legal Insurance Requirements

So many Insurance products are required by either state or federal law, that you would think homeowners insurance would be the same. Contrary to popular belief, it’s not legally required. But that doesn’t mean it isn’t required in a different way. If your home is still under a mortgage, then the vast majority of banks and lenders will require you to take out homeowners insurance to protect that investment. Once you finish paying off your mortgage, you are free to discontinue or reduce your coverage as you see fit. But while you are still making payments on your home, the average lender will require you to carry fairly comprehensive coverage that will pay out at least 80% of the replacement cost of your structure. 

Common Risk Factors in Connecticut

In general, the top three threats to homeowners in Connecticut are:

  • Nor’easters
  • Hurricanes
  • Flooding

Lots of standard homeowners insurance policies cover perils such as wind damage, although in high-risk areas, you may have to pay a separate and more expensive deductible in order to get repairs made. Flooding, on the other hand, is a different story. There may be some local insurance providers in your area that will sell you private coverage for flood damage, but most homeowners end up going with the National Flood Insurance Program insurance that is offered by FEMA. You can find out more information by visiting their website.

Even more unfortunate still, there’s some homeowners who are living in such high risk areas that conventional insurance companies will refuse them coverage. There’s a government-sponsored program called the FAIR program designed to take care of this problem. While it does give certain homeowners a last resort, it isn’t a cheap one. Furthermore, this coverage is usually Limited to named perils, structural damage, limited personal property coverage, actual cash value replacement, and doesn’t always cover liability. So make sure you do your due diligence and try as hard as you can to get a standard form of insurance coverage before you visit the Connecticut FAIR Plan website. 

Insurance Demographics/Statistics in Connecticut

There are many different factors that go into calculating what you will pay for your annual homeowners insurance premium. We’ve already discussed the most important ones. Your specific location and the risks that exist in that location can make or break your annual costs. But there are other important factors that you should be made aware of so that you get the best understanding of why your insurance company is charging you the price they are.

  • Home Values – Average home values are just under $270,000 in Connecticut. This is around $20,000 more expensive than the national average. This might be responsible for a very slight increase in your annual premiums, but it is not a huge contributing factor.
  • Crime Rates – The most recent data shows a 16.81 for 1000 residence chance of becoming a victim of property crime in the state of Connecticut. In case you were wondering, that’s a 1 in 59 chance that something bad will happen to your home, the property inside your home, or your car. This is much less frequent than the national average of 1 in 43, which actually puts Connecticut in a better position than most areas.
  • Household Income – The average household income in Connecticut is $62,055. that’s a few thousand dollars lower than the national average. Usually, higher incomes let an insurance company know that you will have an easier time paying your premiums, and might get you a small discount. But the difference is so slight that it might not have much of an impact for Connecticut residents, either.
  • Education – The higher the level of education your area, the more likely you are to get a better deal on your homeowners insurance. The national average of homeowners with a bachelor’s degree is 32%, and Connecticut is faring substantially better at 39%. This can help make your annual homeowners insurance premiums less expensive than they would otherwise be.

Where To Purchase Home Insurance in Connecticut

You have plenty of options when it comes to purchasing an affordable, comprehensive home insurance policy from a reputable company. But most people don’t shop around and try to find the policy that works best for them because when you’re doing it by yourself, it can be a tedious and complicated process. That’s why we’re here to help. Shopping around on Agile Rates can help you find your dream policy in a fraction of the time it would take to find it on your own.

Just look at the statistics: 44% of homeowners – that’s less than half – are shopping around online and comparing prices and companies right now. If you’re in the 56% of homeowners who aren’t doing this, you’re leaving money on the table and paying more for your homeowners insurance then you need to. Comparison shop with us today, and we can get you a more affordable rate in a matter of minutes. Our customer service representatives are standing by to take your call.