Homeowners Insurance in New Canaan, CT

Experts break down home insurance costs, coverages, companies, and more for property owners in New Canaan, CT.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Modern House Exterior. Find New Canaan, Connecticut home insurance.

More than 20,000 people live in New Canaan. Whether you are a lifelong resident or just recently moved to this affluent Connecticut town because of its great schools and low crime rate, you can protect the investment you have made in your house with a good homeowners insurance policy.

Local independent agents are free to work with some of New Canaan’s most highly rated insurance companies as they search for the best and most affordable coverage. Contact an independent insurance agent near you to start comparing a selection of customized homeowners insurance quotes.

What Is Homeowners Insurance and Is It Required in New Canaan?

Homeowners insurance is a personal insurance policy that covers your home and property and protects your finances in times of trouble.

Although this insurance is not required by law, your lender will want you to carry it if you still make payments on a mortgage or a home equity loan. Whether or not you are required to have it, homeowners insurance is beneficial since it can protect the investment you have made in your house.

How Much Does Homeowners Insurance Cost in New Canaan, CT?

Overall, homeowners insurance rates in Connecticut are higher than the national average.

  • National average yearly premium: $1,211
  • Connecticut average yearly premium: $1,479

In New Canaan, where the house prices are among the highest in the state, average rates are even higher. It costs about $4,000 a year to cover a $1 million house. Shopping around for the best rate can save you hundreds of dollars a year.

Insurance companies base your home insurance premiums on factors like:

  • Your home’s age, rebuild value, and size in square feet
  • The type of home you are insuring (e.g., primary residence, second home, condo, townhouse, etc.)
  • The estimated value of your personal property
  • Your insurance claims history
  • Whether you are bundling your coverage with other policies like car insurance or boat insurance

Every insurance company you contact for quotes will likely offer you coverage at a different price. Comparing customized quotes from a few competing insurance providers lets you choose the policy that provides the coverage you want at the most competitive rate.

Independent insurance agents in New Canaan make comparison shopping easy because they do the legwork for you.

What Does Homeowners Insurance Cover in New Canaan?

Homeowners insurance protects your property and finances in three ways:

  • By covering your house and personal property
  • By covering costs related to displacement
  • By covering against liability lawsuits

How Does Homeowners Insurance Cover Your House and Personal Property?

Your home insurance can pay to repair, rebuild, or replace your property if it is lost or damaged by a covered event. Some of the covered risks that may affect property owners in New Canaan include:

  • Fires: Your policy can cover damage caused by flames, smoke, and firefighting efforts if your house catches on fire.
  • Property crimes: Your policy can cover the cost of replacing stolen property and repairing damage caused by vandalism.
  • Falling objects: Your policy can pay for repair costs if your house or property is damaged by falling objects like hailstones or uprooted trees.
  • Severe weather: Your policy covers damage caused by lightning strikes, windstorms, thunderstorms, tropical storms, hurricanes, tornadoes, heavy snows, ice accumulation, and prolonged freezing temperatures.

You will want to be sure you have enough dwelling insurance to cover the cost of rebuilding your home and enough contents insurance to cover all of your personal property. If a catastrophic event like a fire destroys your house, you will have the funds needed to start over where you left off.

How Does Loss of Use Insurance Cover New Canaan Homeowners against Displacement?

Loss of use insurance is a standard part of every home insurance policy. It can cover your extra living expenses if you must acquire alternate accommodations because damage from a covered event has left your home unsafe for habitation.

While your house is being brought back up to code, your loss of use coverage can pay for things like:

  • A hotel or other reasonable accommodations
  • A meal allowance, if your accommodations do not include a kitchen
  • Moving and storage fees
  • Mileage reimbursement if you have to drive further to get to work
  • Boarding fees for your pets, if needed

Your coverage can continue until it is safe to return to your house or until you have built or purchased a new home.

Why Do Homeowners in New Canaan Need Personal Liability Coverage?

Accidents, negligence, and errors in judgment can sometimes cause others to suffer financial losses, injuries, property damage, or other harm. The injured party may then file an expensive lawsuit against you.

Fortunately, your homeowners insurance safeguards your property and assets by providing you with a significant amount of personal liability coverage as a standard part of its coverage.

Homeowners liability insurance is designed to cover the expenses related to personal liability lawsuits such as legal defense fees, mediation costs, settlements, and judgments if you or someone in your household unintentionally causes harm to others.

If you want to have even more liability coverage than your homeowners insurance can provide, you can also purchase an umbrella insurance policy. This is an affordable way to boost all of your personal liability coverage significantly.


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What about Flood Damage in New Canaan?

An estimated 4% of properties in Fairfield County have at least a 26% chance of sustaining significant flood damage over the next 30 years. However, standard homeowners insurance policies do not cover flood damage, so you may want to buy a flood insurance policy if your home is at risk.

There is one exception. If you purchase high-value home insurance, your policy may cover floods. Most homeowners in New Canaan would qualify for high-value home coverage, which offers a broader range of coverage than a standard home policy.

Talk to a local independent insurance agent to learn more about how you can ensure that your valuable property is covered against flood damage.

What Is the Burglary Rate in New Canaan, CT?

The burglary rate in Connecticut is lower than the national rate, and in New Canaan, it is even lower. Residents of the city report fewer than 20 burglaries in a typical year.

  • Number of burglaries per 1,000 people in the US: 3.76
  • Number of burglaries per 1,000 people in Connecticut: 2.23
  • Number of burglaries per 1,000 people in New Canaan: 0.69 

The low property crime rate is one of the many things that make life in New Canaan desirable, but burglaries are not unheard of in this city. Residents of New Canaan report around 15 burglaries a year.

If you are the victim of a property crime, it may give you some peace of mind to know that your homeowners insurance can compensate you for your losses. You will need a copy of a police report when you file your claim.

What Are the Best Homeowners Insurance Companies in New Canaan?

The insurance companies that stand out above the rest are the ones that have consistently proven themselves with responsive customer service, reliable coverage, and competitive rates.

Local independent insurance agents have teamed up with some of the best homeowners insurance companies in Connecticut. When your agent presents you with a selection of policies and quotes, you can be confident that they are all coming from trustworthy insurers.

How Can an Independent Agent Help Me Find the Best Home Insurance in New Canaan, CT?

Independent agents are ready to help you with all your insurance coverage needs. You can turn to one of these local agents for knowledgeable answers to your coverage-related questions, trustworthy advice, and help with finding the best and most affordable homeowners insurance policy.

Arrange an obligation-free consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to compare customized homeowners insurance quotes from multiple providers.

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