The Best and Cheapest Renters Insurance in Connecticut for 2021: Rankings, Reviews and Rates

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:

$20,000

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Company

Amountper year

1. Lemonade

In 2021, Lemonade ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$60

2. Allstate

In 2021, Allstate ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$84

3. USAA

In 2021, USAA ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$86

4. Amica Mutual

In 2021, Amica Mutual ranked #4 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$94

5. MetLife

In 2021, MetLife ranked #5 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$99

6. State Farm

In 2021, State Farm ranked #6 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$113

7. Farmers

In 2021, Farmers ranked #7 for the cheapest renters insurance with $20,000 in personal property coverage in Connecticut.

$149

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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.

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.

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.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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.

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.

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.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

COMPARE QUOTES