The Best and Cheapest Renters Insurance in Connecticut for 2021: Rankings, Reviews and Rates
Individuals who want protection for their personal property against unexpected damage and theft can benefit from having renters insurance. The average cost of renters insurance in Connecticut ranges between $5 and $12 per month, depending on the company, so shopping around can help a renter looking for cheap insurance save almost $90 per year.
MoneyGeek also ranked renters insurance in Connecticut using a unique scoring system that considers affordability, customer service and financial strength. MoneyGeek aims to help Connecticut renters find the most accurate coverage and best price.
Renters insurance companies will often offer similar coverage at different price levels. On average, the two cheapest companies in Connecticut are Lemonade and Allstate. A Lemonade policy for the average renter typically costs $60 annually, or $5 monthly. Meanwhile, a similar policy from Allstate costs an average of $84 per year, or $7 per month.
Annual and monthly quotes were calculated using a diverse set of ZIP codes in Connecticut. The average for renters insurance in Connecticut was taken from policies with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Connecticut
Aside from the cost of renters insurance in Connecticut, there are many other important factors that renters consider when choosing a policy. By weighing these additional factors, you can be assured that your policy provides the best possible protection for your needs.
MoneyGeek used three factors to rank insurance carriers in the state and find the best renters insurance providers: overall affordability, JD Power and Associates’ customer service scores and AM Best’s financial stability ratings. Based on these factors, MoneyGeek found that the best renters insurance in Connecticut is from USAA, but only eligible military members can get a policy with USAA. Amica ranked second, scoring an 89, making it the best option for most renters.
More About USAA
USAA offers the best renters insurance in Connecticut. Along with great coverage and prices, its mobile app and customer portal allows for easy communication for customer service assistance and claim filing.
However, it is important to note that USAA policies are exclusively available to current and former military members and their families.
More About Amica Mutual
Amica offers a great combination of affordability, customer service and financial strength. If you own a lot of smart devices and electronics, Amica makes it easy to increase coverages for those items.
More About Allstate
Allstate offers great service and is affordable, too.
Allstate is known for having online resources that help policyholders assess the value of their property. The Allstate app also makes it easy for policyholders to create a photo log of their possessions, which can serve as proof of possessions.
More About Lemonade
Lemonade’s policies are fairly standard in Connecticut. Its online quote platform makes it easy to quickly get a quote yourself and compare it against other insurers.
More About MetLife
MetLife offers basic coverage for most policyholders. Those who purchase the valuables package enjoy bonus coverage that includes identity protection for lost and broken items.
If you maintain a claims-free history, purchase several policies or bundle multiple insurance products, you can receive significant savings.
Additionally, reporting damages and applying for claims is made easy with MetLife’s 24/7 phone claims service.
Largest Renters Insurance Companies in Connecticut
The biggest renters insurance companies in Connecticut in terms of market share are Liberty Mutual (10%), Chubb (10%), Travelers (8%), State Farm (6%) and USAA (5%). Together, these companies make up almost 40% of all renters insurance in Connecticut. In most cases, larger companies are more financially stable than their smaller counterparts. More financial stability means that renters have increased assurance that the company can pay out legitimate claims.
Average Cost of Renters Insurance in Connecticut
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On average, renters insurance in Connecticut costs $100 per year, or $59 less than the national average of $159. Rates are based on the average policyholder with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Comparing quotes from various carriers can help you find the most affordable option specific to your needs. For instance, the annual cost of a policy with the sample coverage level from Lemonade is $89 cheaper than that of Farmers, the most expensive option.
What Factors Impact Renters Insurance Cost in Connecticut
There are several factors that affect the cost of renters insurance in Connecticut, including:
Location: Where you live has an impact on your premium. Each ZIP code has different crime rates, accident statistics and weather patterns that can increase the risk of property damage while living there.
Coverage Amount: What you include in your renters insurance policy will also determine the cost. Purchasing additional coverage will increase your premium.
Deductible: When buying a renters insurance policy, you’re required to determine how much deductible you’ll pay in the case of a claim for item replacement. If you have a higher deductible, your monthly premium will be lower. On the other hand, those with lower deductibles will have higher monthly rates.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): There are two ways for an insurance company to reimburse a policyholder after a covered accident: ACV and RCV. Renters with ACV policies may receive less pay for their possessions because these policies account for the fact that property loses value over time. Meanwhile, an RCV policy pays for the cost of a new item of similar kind and quality to your covered belongings. While ACV policies help save on monthly premiums, they mean you’ll get less back when you make a claim. RCV policies have more expensive rates, but you will receive more compensation when you make a claim.
Credit Score: Depending on where you live, providers may use your credit score to determine the cost of your renters insurance. Individuals with high credit scores may receive lower rates, as they’re seen as lower-risk policyholders than people with poor credit scores.
Renters Insurance in Connecticut: What You Need to Know
Purchasing renters insurance is an easy, affordable way to protect valuable assets from unexpected events and disasters. It is a low-cost way to help you financially in case of fire, theft or destruction due to severe weather conditions.
Around 31.2% of Connecticut’s population are renters. The average price that they pay for monthly rent is $1,177. To get a standard renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible policy, renters in the state pay an average monthly premium of $8, or 0.71% of the average cost of rent.
What Renters Insurance Typically Covers in Connecticut
When choosing renters insurance in Connecticut, it’s important to check the coverage of each policy carefully to see if it covers these common risks. Almost all renters insurance policies have four basic coverage types: personal property, additional living expenses, liability insurance and medical payments.
Different areas in Connecticut face different risk factors for personal property coverage. For instance, coastal areas may be more at risk of hurricane damage.
What Renters Insurance Typically Does Not Cover in Connecticut
Checking the risk factors in your area can help you find appropriate coverage for the emergency situations you might experience. Some issues may not be covered by standard renters insurance policies, including:
Flooding: Connecticut can experience hurricanes and other flood-inducing weather events. However, most standard policies don’t include flood coverage. Coverage for these types of disasters can be purchased through the National Flood Insurance Program (NFIP).
Earthquake Damage: Earthquakes are not usually covered by renters insurance in Connecticut.
Structural Damage: Renters insurance does not include coverage of the home frame and structure, as these are the responsibility of the landlord.
Roommate Property: The possessions of your roommate will not be covered in your renters insurance policy. They will have to purchase a policy for themselves.
Expensive Items: Expensive items, such as jewelry, are usually not covered in most renters insurance plans. Additional coverage may be necessary for these items.
Getting insurance for your valuables can help protect you. However, it is important to read the fine print to better understand the coverage level of your policy. If you have any questions, your insurance agent can help you better understand what’s covered under your current plan.
FAQs About Renters Insurance in Connecticut
The state does not require renters insurance to lease a home. In most cases, the landlord is the one that requires it.
While having renters insurance is not a requirement in Connecticut, getting a policy is highly advisable, as it gives you additional protection against unwanted incidents.
Yes, a landlord can include a rule that requires renters insurance as a condition of a lease.
MoneyGeek determined that the average cost of an insurance policy with personal property coverage of $20,000 and liability coverage of $100,000 in Connecticut is $8 per month.
Based on average premium rates, the cheapest renters insurance option in Connecticut is from USAA. However, only former or current members of the military and their families qualify for membership with USAA. If you don’t meet these requirements, Allstate and Lemonade also offer affordable policies.
Renters Insurance in Connecticut Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Connecticut that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Connecticut. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About the Author
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