Getting a Condo Insurance Quote in Connecticut
Many residents of Connecticut choose the convenience of living in condos. Choosing the right condo insurance in Connecticut can be confusing, so we're here to assist you. We have outlined a few important elements to keep in mind while negotiating the final cost of the insurance plan, so you can find the right coverage for your needs at the right cost. Many aspects affect the yearly price of your Connecticut condo insurance quote, so we’ve made it our goal to keep the process of buying condo insurance as simple as possible.
Connecticut Condo Insurance Statistics at a Glance
Given both the various factors that affect the purchase price of condo insurance and how property values are rising, condo insurance policies in Connecticut can be costly. Connecticut is rated the 27th most expensive state in the country for condo insurance. Connecticut residents pay an average of $89 a month (or $1,070.00 yearly) for condo insurance premiums. Although people in Connecticut pay more for condo insurance, trends demonstrate rates are getting cheaper, which is good news. Most cities in Connecticut have similar average monthly rates overall, but New Milford, CT was found to be the cheapest city at $478.50 per year, or $39.88 a month. On the other end, Groton, CT has the highest rates for condo insurance in the state at $918.00 per year, or $76.50 every month. There are significant variations in rates at different companies, so it is important to compare prices when looking for condo insurance in Connecticut.
$574
Average Annual Cost of Condo Insurance in Connecticut
The average cost of condo insurance in Connecticut on an annual basis is $574.
$48
Average Monthly Cost of Condo Insurance in Connecticut
The cost of condo insurance in Connecticut is roughly $48 per month.
23%
Percentage of Income on Ownership for Condos in Connecticut
Residents of Connecticut spend an average of 23% of their income on condo ownership.
33 years
Median Age of a Property Which Requires Connecticut Condo Insurance
The average age of a property requiring condo insurance in Connecticut is roughly 33 years.
What Affects the Costs of Your Condo Insurance in Connecticut
There are several variables that cause inconsistent condominium insurance policies in Connecticut. Insurance companies use these variables to determine your individual risk and coverage needs, as well as to give you a precise quote for condo insurance coverage. Many of the variables affecting the purchase price of your condo insurance in Connecticut may be out of your control. These include things such as the positioning of the condo, the era of your Connecticut condo, and the quality of the construction. It's important to note that condos located in flood-prone areas are mandated to have flood insurance to qualify for a mortgage.
Your local agent can also see if you are entitled to discounts. You can control some factors that can either help or hurt the final pricing of condo insurance prices in Connecticut, like your credit history, your claims history with other condo insurance providers, your driving record, the sum of personal property in the condo, the number of residents, and if the condo is rented or owned. We strongly recommend that you have most of this information prepared before obtaining a condo insurance quote for the Connecticut property in order to acquire the best possible insurance rate.
Your local agent can also see if you are entitled to discounts. You can control some factors that can either help or hurt the final pricing of condo insurance prices in Connecticut, like your credit history, your claims history with other condo insurance providers, your driving record, the sum of personal property in the condo, the number of residents, and if the condo is rented or owned. We strongly recommend that you have most of this information prepared before obtaining a condo insurance quote for the Connecticut property in order to acquire the best possible insurance rate.
Average Cost of Condo Insurance in Connecticut by City
The most common type of condo insurance in Connecticut is the H06 insurance policy. Whether you like the city life in Bridgeport or New Haven, or you own a condo in large town such as Groton, you will probably need H06 insurance for your condo in Connecticut. We’ve provided a complete list of estimated insurance quotes from your city to give you an idea of how much it may cost to cover your condo. Your final cost could differ drastically from the quote below, since these averages are based on all insurance prices in your respective Connecticut city or town and where your condo is in your neighborhood.
| City in Connecticut | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Bloomfield, CT | $44 | $525 |
| Branford, CT | $61 | $726 |
| Bridgeport, CT | $60 | $723 |
| Bristol, CT | $42 | $507 |
| Cheshire, CT | $52 | $619 |
| Danbury, CT | $43 | $520 |
| Darien, CT | $50 | $605 |
| East Hartford, CT | $43 | $511 |
| East Haven, CT | $61 | $738 |
| Enfield, CT | $41 | $497 |
Choosing the Best Condo Insurance Company in Connecticut for Your Needs
To gain peace of mind in the long term, setting time aside to find the ideal condo insurance provider for your needs in Connecticut is essential. Insuring yourself and your possessions is worth spending the extra time to search for the best coverage. Don't shortchange your Connecticut condo or the possessions inside it by settling for the least expensive plan on the market. It is ideal to look at and compare many companies before deciding, so you can choose the condo insurance provider in Connecticut that best suits your needs. Remember that a dependable company will not force you to make a quick decision or pay a rate that you simply don't want to pay. Keep looking for condo insurance companies that reward long-term customers of theirs with discounts and loyalty benefits, or who also supply insurance reductions for bundles. Finally, make sure that your chosen provider is accredited. Check the Connecticut Department of Insurance website to learn the status of their license, fiscal stability, and criticism history of your chosen insurer.
The Top Rated Condo Insurance Companies in Connecticut Based off Consumer Ratings
The top spot as the largest insurance provider for condos in the USA has been held by State Farm for more than five decades. In Connecticut, a study done by JD Power gave State Farm 4 out of 5 stars, a higher than average rating which included policy offerings, billing and payment, customer service, and claims. In Connecticut, State Farm also obtained a NAIC complaint ratio of 0.2. Like many condo insurance providers in the state, they give premium discounts on condos that have renovated or improved to withstand any natural disasters that occur in The Constitution State. When looking at pure metrics of insurance companies in Connecticut, the greatest JD Power score (5) in the state goes to USAA, and CSAA has the lowest rating at 0. The condo insurance provider with the lowest NAIC complaint rating in Connecticut is PURE at 0.04, while CSAA has the highest NAIC complaint ratio at 1.27.
| Connecticut Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| AIG Ratings for Condo Insurance in Connecticut | 2/5 | 0.09 |
| Allstate Ratings for Condo Insurance in Connecticut | 3/5 | 0.6 |
| American Commerce Ratings for Condo Insurance in Connecticut | N/A | 0.72 |
| American Family Ratings for Condo Insurance in Connecticut | 3/5 | 0.62 |
| Amica Ratings for Condo Insurance in Connecticut | 5/5 | 0.24 |
| Andover Companies Ratings for Condo Insurance in Connecticut | N/A | 0.39 |
| Chubb Ratings for Condo Insurance in Connecticut | 2/5 | 0.14 |
| CSAA Ratings for Condo Insurance in Connecticut | 0/5 | 1.27 |
| Farmers Ratings for Condo Insurance in Connecticut | 3/5 | 0.16 |
| Hartford Ratings for Condo Insurance in Connecticut | 3/5 | 0.78 |
Connecticut Condo Insurance Requirements
Beneath the Condominium Act, condo unit owners in Connecticut may use insurance for their own benefit, but they are not required to do so. The Act states that if the condo owner has an insurance policy that covers the same risk as the policy of the condo’s institution (or association) at the time of loss, the institution’s policy will take precedence and will serve as the primary insurance. Condominium institutions in Connecticut are required by law to obtain insurance for the condominium construction as a whole. However, condo unit owners still may want to consider buying an insurance policy that covers loss or items not covered by the institution’s insurance, such as personal possessions and/or any items that are personally installed.
What's Covered with Your Condo Insurance in Connecticut
When looking for condo insurance coverage, you may notice that Connecticut condo insurance providers typically offer standard coverage, which might include construction property coverage, private property coverage, loss of use coverage, and liability coverage. Building property coverage protects you financially from harm to the interior of your condo (like floors, walls, and tiles) and against the loss of permanent fixtures caused by fire or other covered events. Personal property coverage protects your personal belongings (clothing, furniture, electronic equipment, etc.) that are lost due to a covered event. Liability coverage offers protection if you are found responsible for injury or property damage. Typically, a condo insurance policy in Connecticut insures $100,000 in liability compensation. Loss of use coverage helps with increased living expenses, in the event that the Connecticut condo becomes uninhabitable due to a covered event, and you are paying higher living expenses at the new place of residence than you did at your condo.
| Average Costs of Condo Insurance in Connecticut by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Fairfield County, CT | $50.17 | $604.83 |
| New Haven County, CT | $57.20 | $688.60 |
| Hartford County, CT | $46.33 | $559.67 |
| New London County, CT | $66.67 | $796.33 |
| Middlesex County, CT | $50.00 | $599.00 |
| Litchfield County, CT | $40.00 | $479.00 |
How to Get Connecticut Condo Insurance Discounts
Each insurance provider in Connecticut has its own discount or loyalty program. Make sure to inquire about any discounts that may be available to you or your family when you are shopping for condo insurance quotes. There are typically many discounts offered on Connecticut condo insurance policies. Some of these are new customer discounts, while others are multi-policy and bundled discounts, or loyalty discounts.
| Condo Insurance Deductible | Average Connecticut Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $116 |
| $1,000 | $101 |
| $1,500 | $97 |
| $2,000 | $88 |
| $5,000 | $78 |
Getting the Best Connecticut Condo Insurance Rates
When seeing if you can obtain sufficient savings on your Connecticut condo insurance policy, comparing options is vital. Call us to determine if any other insurers offer a better price than what you are paying. You might be amazed by the savings that are easy to access. You could qualify for a referral discount by asking a friend to refer you to their current condo insurance provider. Also, consider increasing your deductible, in order to lower the price of your insurance. However, make sure that your deductible is not too high because you're responsible for paying any total that costs up to the deductible in the event of a loss. See if bundling many types of insurance policies together is an option at your provider because many carriers offer discounts to customers who bundle insurance policies with them. For instance, ask your car insurance provider if they are willing to reduce your premium if you also buy condo insurance from them. Staying with the same insurer for years could result in longevity reductions for long-time customers. Some of these discounts can save you around 10% on your premiums. Make sure your credit score stays high and pay attention to it, as insurance providers look at this when setting your condo insurance premium. Boost it or maintain a high score to find a reduced insurance premium.
For additional information, we suggest visiting the Insurance Information Institute (III), a non-profit organization that provides the public with information, research, and education on insurance and risk management.
For additional information, we suggest visiting the Insurance Information Institute (III), a non-profit organization that provides the public with information, research, and education on insurance and risk management.