How Much Protection do Connecticut Residents Need?

As one of the earliest states in the Union, Connecticut has a rich history and is a popular place to live. Just like any other state though, house insurance is a necessity in Connecticut. Fortunately for Connecticut's citizens, natural disasters and perils are not typically a major issue. Despite the occasional heavy storm, the state has been blessed with a fairly temperate climate compared to other states and its reasonable premiums reflect that. In this guide, we'll go over everything you need to know about protecting your dwelling.

One of the most difficult aspects about purchasing a policy in this state, or anywhere else for that matter, is deciding just how much you need. Obviously, you don't want to overspend on your policy, but you want to make sure you at least have sufficient coverage. If you're trying to decide how much protection you'll need, here's a couple of things you should keep in mind:

• Lender Requirements: If you're like most people, you're probably paying for your home through a mortgage. Depending on your lender, you may be required to maintain a specific amount of coverage. Contact your lender if you're not sure.
• Policy Requirements: Depending on which provider you purchase your policy from, there may be some minimum requirements. For instance, if you have replacement coverage, some may require that your policy limits meet at least 80% of replacement cost.
• Liability Coverage: Although it may not be necessary by law, any expert would tell you that liability coverage is a must. Liability coverage protects you should anyone ever get injured on your property and file a lawsuit against you. If you have anything that could potentially cause any harm to anyone, such as a pet, then liability coverage is even more important for you.

Why do Premiums Differ so Greatly?

In talking to one of your neighbors or hearing advertisements on the television, you might come to the realization that your policy's price is much higher or lower than other people's. Don't fret, this is completely natural among policies. There's a lot of different factors that go into determining your costs and minor differences can cause prices to shoot up or down. We'll explain some of the most important factors for residents here:

• Your home's location is a vital aspect in deciding rates. For instance, homes that are closer to a fire station tend to have slightly lower prices. On the other hand, homes that are located near the coast usually have higher costs since they're more at risk for disasters.
• The specific characteristics of your home are also important in premiums. Generally, the age of your home and the quality of it's build play a part in your rates. The state has quite a few older homes and despite their beauty, their rates can be much higher.
• Does you home have any protective services or devices? Alarm systems, advanced smoke detectors, and even dead bolts can play a factor in your policy's premiums. Generally, having more of these scrutiny devices can help lower your premiums.