Need some great tips for getting a homeowner insurance quote for your condo, mobile home, or manufactured home in Connecticut? Although less prone to natural disasters and other basic perils, it is surprising that homeowner insurance in Connecticut is a bit costly, with annual premiums at a low of $683 to a high of $878.
It is because of the more expensive premiums in the state that Connecticut homeowners mull the question of how much insurance do they actually need.
When considering the amount of coverage that one should get when it comes to homeowner insurance coverage in Connecticut, there are certain factors that should be kept in mind…
· Lender Requirements – Homeowners who are paying for their homes through a mortgage should inquire with their lender what specific amounts of coverage they should get.
· Policy Requirements – Every homeowner should know the minimum requirements of their policy. For example, if replacement coverage is included in the policy, the insurance provider may require that the policy limit meet at least 80% of the replacement cost.
· Liability Coverage – One could not foresee someone getting injured on a homeowner’s property or there may be damage to another person’s dwelling because of a falling tree from the homeowner’s property.
This coverage provides protection against lawsuits if the court judges the homeowners to be responsible for the injury or damage.
It is important for Connecticut homeowners to remember that the state does get occasional heavy rain storms. Those who are contemplating on buying or building new homes in the state should make inquiries if the location of their properties is in a flood-prone area.
If so, it would be advisable to acquire flood coverage as a rider to the standard policy or to apply for flood insurance with the National Flood Insurance Program.
Condominium insurance is one of the easiest to avail because of its low cost. Excluding the condominium association policy which covers the entire condo building and the common areas (hallways, stairs, etc.), the condo insurance accords protection to the unit and the personal properties contained in its four walls.
Obviously, major consideration is how to lower the annual premiums of homeowner insurance in Connecticut. Homes that are near the coast and are far from fire stations naturally would have higher premiums.
Buying older homes, instead of having a new home built, would also result in higher insurance rates. One way to lower premiums is by comparing rates among insurance providers. One company may provide the coverage needed at a much lower price.
Another way to lower premiums is for the homeowner and his/her family members to be non-smokers. Smoking is considered a fire hazard, so if anyone in the family smokes, it is best to quit the habit if discounts on insurance premiums are desired.
A good way to get discounts on annual premiums is by having protective devices, such as smoke detectors, and security alarms installed in the home.
Homeowner insurance rates in Connecticut need not be a huge drain on the wallet. By exploring the rates among the many insurance providers and taking steps to lower premiums, one could be assured of security for their most valuable investment, namely their home.