The relatively high property values and inclement weather conditions make homeowners insurance Connecticut packages fairly expensive. If you can save money on insurance in Connecticut, then you are smart to do it. Here are a few of the best ways to find a top deal on homeowners insurance in the Nutmeg State.
What Kind of Insurance Do I Need in Connecticut?
Residents in Connecticut should expect at least one tornado per year. Summer thunderstorms can be quite severe and numerous as well, and tropical cyclones may show themselves during hurricane season throughout the small state. The bottom line is that you need the proper protection from these hazards as well as protection for any expensive items that you may have in your house. You will also need to protect against any accidents that occur in your home, as these claims are delineated separately from damage that occurs from weather conditions.
Does Basic Homeowners Insurance Cover the Weather Conditions in Connecticut?Â
The basic HO-2 homeowners policy, also known as the named perils policy, lists 16 different hazards that the policy protects. HO-2 insurances covers these 16 conditions and no others. In order to expand your protection, you need to invest in HO-3 coverage. The majority of homeowners in Connecticut invest in the HO-3 policy, also known as an open perils policy, because the situations that are not covered are explicitly stated. Homeowners with expensive single assets in the home usually invest in an HO-5 policy, which covers everything that the HO-3 policy does including personal possessions.
You may invest in an HO-8 policy if you have an older home in Connecticut. The major difference between an HO-8 policy and those mentioned above is that HO-8 policies pay out in cash instead of trying to repair anything that is damaged in an insured hazard. Because older houses will likely have older appliances, furnishings, and infrastructure, the insurance company would much rather pay cash instead of trying to repair broken items. The HO-8 policy may benefit the homeowner in some cases as well, who can use that money to simply buy a newer replacement for whatever is broken.
In short, you will likely need more than basic insurance in Connecticut because of the weather, but the extra protection will be more than worth it.
Is There a State Agency in Connecticut to Help Me?
The Connecticut Insurance Department is a state sponsored resource that can help you determine the best type of homeowners insurance for you. The website is full of links to frequently asked questions about Connecticut insurance, definitions of common terms, how to make a claim after a storm, consumers guides to homeowners insurance, and specific coverages for especially damaging situations that need insurance such as tree damage or Connecticut’s sometimes harsh winter weather.
If you are unsure of where to start when you are looking for a homeowners insurance package, you can always start here before you start taking or making calls to individual companies.
How Should I Choose My Insurance Company?
Because there are so many hazards that are unique to the state of Connecticut, you should choose your insurance company based on the resources available to that company in an unexpected emergency situation. Most of the reputable companies in Connecticut have immediate access to power generators and emergency vehicles. No matter the type of insurance you pick, there is a difference between companies with mobile resources and without them. They are a great investment for an insurance company as well as a great convenience for the homeowner: Mobile power sources often limit the damage that a house takes after a storm.
Your Connecticut insurance company should also have a good record from its previous clients. It is easier than ever to look up the history of a company and whether it keeps its word on policy or not. Check the public review sites as well as A.M. Best ratings. Standard and Poor and Moody’s are two other rating systems that are well received and trusted in the mainstream. Once you have narrowed down your list by checking these watchdog agencies, you can begin making calls to individual companies to compare rates and ask about features.
How Do I Know That I Have the Best Policy?
Nearly every insurance pro in the business will tell you the same thing: Reevaluate your homeowners insurance policy at least twice a year. Because of the constant competition that goes on in the market, the company with the best policy this year may not have the best policy next year. If you keep one foot in the market, you will make sure not to miss out on any deals. As long as the policy you choose has the basic protections that you determine from the criteria above, you will always come out ahead by remaining vigilant.
Use the Internet to your advantage. No longer do you have to call every company individually unless you prefer speaking to people over the phone. You now have the ability to conduct the entire process of selecting a homeownership policy without all of the hard sell tactics of a live salesman. You can also compare policies side by side using one of many comparison websites that are based around Connecticut homeowners insurance policies. Keep in mind that your needs may change as you move up in the real estate market and amass more assets; you may need more specific coverage in ten years than you need right now.
2 Point Highlight
In short, you will likely need more than basic insurance in Connecticut because of the weather, but the extra protection will be more than worth it.
Once you have narrowed down your list by checking these watchdog agencies, you can begin making calls to individual companies to compare rates and ask about features.
