Homeowners insurance companies calculate their costs based on the value of your property and the likelihood that something bad will happen to it. The more likely it is that a harmful event will occur, the more expensive your home insurance policy will be.
We call these potential disasters "risks” or “exposures.” Let’s take a look at how risky Connecticut is compared to the rest of the country.
The burglary rate in Connecticut is significantly lower than the national average.
- Average number of burglaries per 1,000 homes in CT: 2.81
- Average number of burglaries per 1,000 homes in the U.S.: 3.76
Of course, there are still some high-crime areas in this state. If your home is located in one of them, you can take steps to protect your property with preventive measures like deadbolt locks and home security systems. Doing so can often result in reduced prices on your homeowners insurance.
Residents of Connecticut are susceptible to occasional severe weather events, particularly during hurricane season when damaging storms can strike along the Atlantic coast.
Be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property in the event that a major disaster, like a fire, damages your house.
- Number of federally declared disasters since 1953: 36
- Most common causes of disasters in the state: Hurricanes, severe storms, snow
- Average number of tornados per year in the state: 1.6
- Amount paid in home insurance claims in CT in 2016: $536,638,000
Keep in mind that while homeowners insurance covers against hurricanes and storms, it will not cover flood damage even if the flood is the direct result of these storms. Fortunately, a local independent agent can help you supplement your home insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP) so that you are fully covered.
The size and value your home will play a large role in how much your home insurance costs. In Connecticut, the average home value is much higher than the national average.
- Average home value in CT: $273,100
- Average home value in the US: $188,900
You will want to be certain that your policy’s dwelling coverage is high enough to enable you to rebuild a house of comparable size in the even that your house is completely destroyed by a disaster like a hurricane or a fire.