Whether you rent a townhome in Hartford or an apartment unit in Manchester, you have probably filled your rental home with things you value such as your flat-screen TV, computer, furniture, jewelry and books. The average renter has $20,000 to $30,000 worth of personal belongings. Only a renters insurance policy can protect you from having to use savings to replace all of your belongings in the event of a disaster. Before you search for quotes on renters insurance policies, however, there are a few things to consider.
Connecticut has a lot of appealing attributes for such a small state. The population density (ranked 4th in the nation) and the lack of square miles (ranked 48th) make renting in the Nutmeg State more popular than elsewhere. More than 30 percent of CT households rent their home, condo or dorm room.
The average CT tenant pays little more than $1,000 a month in rent, about 18 percent of their annual income. That makes renting here more affordable than in most places. However, too few renters take advantage of a renters insurance policy, making those cost savings disappear in the event of a catastrophe.
Your landlord more than likely carries an insurance policy on the building itself, but not on the personal belongings of renters. If a storm or fire strikes your rental home, you could lose everything. If you don't have the protection of renters insurance, a disaster could leave you without clothing and furniture, and with no recourse to replace them.
Connecticut is also at risk of nor'easters and hurricanes, which can destroy a home's contents and completely wipe the structure off the map. A comprehensive renters insurance policy would help pay for other living arrangements until your apartment or townhome is rebuilt.
A renters insurance policy that covers contents will replace or repair items damaged from these perils:
Your Connecticut insurance company will most likely give you quotes based on one of two types of contents coverage:
Renters insurance can not only protect your personal belongings, but it can protect your personal finances as well. A policy with liability coverage can save you the cost of court and legal fees should someone sue you in the event a guest or delivery person suffers injuries while in your rental unit, your dog or cat attacks the neighbor, or you cause damage to another person's property while the property is in your home.
Despite renters insurance costing less than $200 per year on average, fewer than half of Connecticut tenants opt for renters insurance. It's unclear why so many choose to forgo these important protections, but after disaster strikes, most regret not having a comprehensive renters insurance policy.
The Connecticut insurance company you choose to purchase a policy from will consider the following when determining your insurance premium costs:
When searching for renters insurance policy quotes, it's a good idea to gather at least three samples from various insurance companies. That can take a lot of effort and research. A knowledgeable, independent insurance agent in the Trusted Choice® network can do that work for you.
Contact one of our experienced agents to find out how they can help you find the perfect renters insurance policy to meet your needs, lifestyle and budget.