The Basics of Connecticut Insurance Rates

The beauty and charm of the East Coast, excellent schools, and high quality of life ratings are just a few of the perks residents of Connecticut enjoy. But all of this comes with a price. Connecticut recently ranked the 11th costliest state to insure a home, in part due to a higher cost of living and higher median home values. Other factors, including crime (Hartford, the capital of Connecticut, consistently ranks one of the highest in crime in the nation) can also influence your Connecticut insurance rates.

Insuring Your Connecticut Home
Knowing what to insure and for how much can be a daunting task. A standard homeowners policy in Connecticut includes the following coverage:

• Dwelling: Your policy will cover costs associated with the structure of your home in the event of a peril.
• Other structures: This includes garages and sheds
• Contents: Your personal belongings, including clothing and furniture, are also covered under certain Connecticut insurance policies
• Loss of use: This will cover hotel or rental costs incurred if your home is damaged so badly you need to move while it is being repaired or rebuilt
• Personal Liability Protection: Should anyone be injured on your property (for example, bitten by your dog or injured in a fall) and sue you, this coverage will cover litigation costs
• Connecticut MedPay: This includes reimbursement for medical bills when a lawsuit is not involved.

But homeowners insurance in any state is infamous for exclusions, so it's important to note that the following are not covered by your insurance policy:

• Flood and earthquake. These policies will have to be purchased separately if you think you are at risk for them.
• Watercraft and automobiles. Auto and boat insurance will cover these things, but not homeowners.
• Water damage that is not sudden and accidental. For example, if your sink has had a slow leak for years and you suddenly find out that it has caused extensive damage to your flooring, it will not be covered.
• Your personal belongings if you rent. If you rent your home, personal belongings are not covered under your landlord's policy. Make sure you fully insure the contents of your home, as replacing these can sometimes be as much as replacing a home.

Saving on Your Connecticut Insurance Rates
There are many ways to save on your Connecticut insurance rates, including:

• Increase your deductible. Your deductible (the out of pocket amount you pay before insurance kicks in) should be as high as you can reasonably afford. This will lower your overall rates.
• Take advantage of discounts. Whether it's installing a burglar alarm, updating wiring and plumbing systems, or insuring your home from the same company as your car, there are many discounts to help you save money.
• Shop around and compare rates. This is the best way to ensure you are getting the best deal. Localinsurance.com is a great resource for finding multiple quotes for Connecticut insurance rates. You can also research insurance requirements, facts, and information for your area.