Connecticut Condo Insurance

Condo Owners in Connecticut Need Suitable Insurance

Many residents of the Constitution State find co-operative living to be an ideal housing alternative. In a state where housing prices can be quite high, co-operative living enables many people to become homeowners at lower, more affordable costs. In addition, condo insurance rates in Connecticut are often significantly lower than insurance rates on traditional homes. If you have recently joined the ranks of condo owners in Connecticut or if you are merely considering doing so, you may want to compare the coverage options and quotes offered by different condo insurance carriers.

Cost of Condos vs. Single Family Homes, Jan. 2014

  • Bridgeport, CT, average list prices:
    • Single family home: $202,178
    • Condo/Co-op: $91,348
  • New Haven, CT, average list prices:
    • Single family home: $221,600
    • Condo/Co-op: $181,874
  • Hartford, CT, average list prices:
    • Single family home: $469.806
    • Condo/Co-op: $227,016
  • Stamford, CT, average list prices:
    • Single family home: $1,011,407
    • Condo/Co-op: $355,370
  • Waterbury, CT, average list prices:
    • Single family home: $117,563
    • Condo/Co-op: $82,269
  • Norwalk, CT, average list prices:
    • Single family home: $764,295
    • Condo/Co-op: $288,441
  • Danbury, CT, average list prices:
    • Single family home: $349,912
    • Condo/Co-op: $260,588

Prices of condominiums and townhomes in this state are significantly lower than traditional home prices. Nowhere is this more apparent than in Stamford, where co-operative living runs about one-third the price of a single family home.

Condos in Connecticut can vary greatly in size, price and the amenities offered, so be sure to take your time finding a unit that fits both your budget and your housing requirements. As with any large investment, it is important to protect your property with a suitable condo insurance policy.

What Is Condo Insurance?

Condo insurance, also known as H-06 insurance, is a type of homeowners insurance policy specifically designed to meet the unique needs of those who own units in co-operative living arrangements, such as condominium and townhouse communities. When you purchase this type of home, you are required to pay dues to a condo association. This money goes toward maintaining and insuring the on-site amenities and shared living spaces.

Your condo association should have a master insurance policy that provides coverage for the structure of your building, but you will be responsible covering everything within your unit, including interior walls, ceilings and floors. Some master policies provide coverage for damage to your windows, but most will not.

A condo insurance policy can cover you against these situations:

  • Loss or damage to your personal property
  • Liability charges

Condo Insurance in Connecticut Covers Your Personal Property

A quality condominium insurance policy can protect you from the financial difficulties associated with repairing or replacing the personal property you keep in your home if you lose the property because of a covered event. If you own any particularly valuable items such as family heirlooms, original artwork or even some high-tech electronics, you may need to purchase a separate rider, or endorsement, in order to ensure that these items are fully covered. When you request quotes for coverage, make sure you know how your belongings are covered. Based on the quotes you get, you may see that a cheaper policy gives you less protection for your items, and the riders you need to purchase make the savings a wash.

Residents of condominiums and townhomes live in close proximity to their neighbors, so the possibility of fire damage is a threat worth bearing in mind. A fire in your home can be extremely destructive, but even a fire that originates in a nearby unit can cause extensive damage to your own. Smoke or water could damage your property, even if fire does not, especially if your home is equipped with an automatic sprinkler system.

In addition to fires, Connecticut condo owners could also face property loss and damage due to weather and theft.

Connecticut Weather Statistics

  • Northwestern Connecticut averages about 80 inches of snowfall each year.
  • An average of one tornado touches down in this state each year.
  • Hurricanes and tropical storms can affect this East Coast state. Three category 3 hurricanes have struck Connecticut since 1851.
  • In 1929, a severe hailstorm caused more than $1 million in damage in Hartford.

Connecticut’s weather can play a significant role in causing damage to your personal property. As a condo owner, you are not responsible for covering damage to the structure of your building; however, if sub-zero temperatures cause pipes to burst or if an extremely heavy snowfall damages the roof of your building and causes water damage in your home, you will need to rely on your condo insurance to cover the damage.

Connecticut Burglary Statistics

  • Burglaries affect about 4.10 out of every 1,000 Connecticut residences each year.
  • Nationally, burglaries affect 6.70 out of 1,000 residences.
  • There are more than 14,500 reported burglaries in this state each year.

Burglary is the biggest threat facing condo owners. Property crimes such as vandalism and arson can also result in property loss and damage. Most condominium and townhouse communities have gates or high-tech entry-management system protection, but these security measures are not always enough to keep burglars away. Connecticut condo owners may gain a measure of relief knowing that their condo insurance policies will cover their losses.

Condo Insurance Shields You from Liability

As a condo owner, you have a low risk of liability. You are not responsible for damage or injuries that occur in common areas, including corridors, stairwells and walkways. However, if a guest sustains injuries while visiting your home and the injury was due to negligence on your part, you may find yourself responsible for medical bills and lost wages. This could happen if someone were to slip on a wet floor or trip over loose carpeting.

You may also find yourself held liable for injuries or damage caused by your pets or children, whether within or outside your home. Or someone could sue you for libel or slander. Most condo insurance policies in Connecticut provide coverage for all such instances and cover any related court costs or legal fees you may incur defending yourself.

Let an Agent Help You

Before shopping for a condo insurance policy in Connecticut, be sure that you are familiar with the details of your condominium’s master insurance policy. That way, you can be certain that the policy you choose is one that offers all the coverage you need and that does not charge you for coverage that you already have. An independent insurance agent in the Trusted Choice® network can answer any insurance-related questions you may have and can work with several different insurance companies to help you get quotes and find the policy that is right for you.

Contact an agent with an office near your home to learn more.

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