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CheapRenters InsuranceConnecticutThe Best and Cheapest Renters Insurance Companies in Connecticut for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceConnecticutThe Cheapest Renters Insurance in Connecticut
Cheap Renters Insurance Companies in Connecticut
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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MoneyGeek ranked renters insurance in Connecticut using a unique scoring system that considers affordability, customer service and financial strength. Our analysis aims to help Connecticut renters find the right coverage for their needs at the best price.
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Best Renters Insurance Companies in Connecticut
Lemonade offers the best renters insurance in Connecticut, earning a MoneyGeek score of 94.80 out of 100. MoneyGeek used three factors to rank the best insurance carriers in the state, including affordability, J.D. Power and Associates customer service scores and AM Best’s financial stability ratings.
The best insurers in Connecticut might not always be the most affordable, but they do strike a balance between affordability and service. This is important because you want to know that not only is your policy within your budget, but you’ll also get the support you need if you ever have to file a claim.
1
Lemonade
Score:95
Lemonade ranks first and earns the title of best renters insurance company in Connecticut. While it scores highly in customer satisfaction and affordability, it ranked lower in terms of stability. Policyholders can take advantage of Lemonade’s unique Landlord Property Damage coverage.
More About Lemonade
Lemonade has six coverage options and three discount opportunities for renters. This is lower than the average extra coverage and discount options offered by most insurers. However, among their coverages, half are unique. Lemonade offers Landlord Property Damage coverage, equipment breakdown coverage and flood coverage. Lemonade’s discounts are also easy to qualify for, as they have discounts for making annual payments, having protective devices and bundling policies.
Lemonade lets customers get a quote online and manage their accounts, pay bills and file claims through their online portal or mobile app. However, policies from Lemonade are only available in 32 states.
2
USAA
Score:93
Available only for military members and their eligible family members, USAA ranks second as the best renters insurance provider in Connecticut due to its perfect ratings in stability and customer satisfaction. Policyholders can benefit from a number of unique protection coverages, including identity theft protection.
More About USAA
USAA policies are available in every state, but they are only available to active-duty military members, veterans and their eligible family members. The company offers six add-on coverages and four discount opportunities. This is below the average of seven and five that most insurers offer. Customers can access valuable personal property Insurance as well as discounts for remaining claims-free.
Eligible renters can get a price estimate online and take advantage of their financial calculators for savings, retirement and debt management. They also have a mobile app and online portal to make managing your policies easier.
3
Allstate
Score:90
Allstate is the third-best renters insurance company in Connecticut, earning high scores in customer satisfaction, financial stability and affordability. Renters living in flood-prone areas can add Allstate’s flood coverage to their policies. This type of protection is not often offered by other providers.
More About Allstate
Most insurers offer seven add-on coverages and five discount options. Allstate offers fewer coverages but does provide five discount options. Allstate policyholders can choose from four add-ons to supplement their policies. These include options like flood coverage and personal injury coverage, which are more unique offerings. The company also offers autopay and protective device discounts.
Renters in every state can purchase an Allstate policy and get a quote online to quickly get an estimate of their costs. Managing your account with Allstate is also easy to do given their Allstate® mobile app and online account portal.
4
Amica Mutual
Score:89
Amica Mutual scores highly in customer satisfaction and financial stability, earning fourth place amongst Connecticut’s best renters insurance providers. However, it ranked a bit lower in terms of affordability. Renters who have expensive computer setups can benefit the most from their Special Computer Coverage, which is a rare add-on coverage.
More About Amica Mutual
Amica Mutual offers eight optional add-ons and five discounts. This means that they offer more add-ons than the average insurance provider and match the average amount of discounts as most other insurers. Policyholders can get flood coverage and protection for their computers. They can also take advantage of discounts, including an e-discount and a loyalty discount.
Interested renters can get a price estimate on their website, while current policyholders can easily manage their account through the free Amica mobile app or their online portal. Even better, Amica Mutual is available in 49 states.
5
State Farm
Score:85
State Farm earned a perfect score in financial stability and a high score in customer satisfaction. However, they aren’t known to be particularly affordable. Customers can benefit from State Farm's optional personal injury coverage, which adds liability protection at a reasonable price.
More About State Farm
State Farm is available in every state, and renters can add any of their three coverage options for more protection. However, this is lower than the average of seven add-ons that most insurance companies offer. Fortunately, State Farm offers coverages, including identity theft and earthquake. While State Farm does not offer many discount opportunities — two versus the national average of five — policyholders receive a great customer experience.
The company offers personalized quotes and account management through their online portal, while the State Farm mobile app lets you make changes to your account with ease.
MONEYGEEK EXPERT TIP
Affordable policies can be great for your pocket. However, sometimes it might not be great for your experience. Opt for one of the best renters insurance providers instead. Aside from helping you save more in the long run, they can ensure your claim is handled efficiently and reliably when needed.
Largest Renters Insurance Companies in Connecticut
If you want to ensure that you choose a stable insurer, don’t shy away from larger companies. Big-name companies often tend to be more financially stable and invest more in customer service. This can give you peace of mind that your claim will be handled efficiently.
Company | Market Share | |
|---|---|---|
1. | Liberty Mutual | 10.1% |
2. | Chubb | 10.0% |
3. | Travelers | 8.0% |
4. | State Farm | 6.2% |
5. | USAA | 5.3% |
6. | Allstate | 5.1% |
7. | Amica Mutual | 5.0% |
8. | American Family | 4.5% |
9. | National General | 3.8% |
10. | Nationwide | 3.6% |
Average Cost of Renters Insurance in Connecticut
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The average cost of renters insurance in Connecticut is $100 per year, which is about $60 less than the national average. Rates are based on the average policyholder with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Note that rates can change significantly based on your personal property limits. The higher your limits, the higher your premium will be. To figure out how much insurance you’ll need based on your personal property value, use our calculator below.
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MONEYGEEK EXPERT TIP
In order to save money on your premiums, make sure to compare quotes from different renters insurance companies in Connecticut. This way, you can find an affordable option that meets your needs. For example, the annual cost of a policy from Lemonade can be $89 cheaper than Farmers, which is 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:
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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
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.
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:
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If you want to learn more about renters or any other type of insurance in your state, contact the State of Connecticut’s Insurance Department. This agency can help you understand and find a suitable insurance company for your needs.
The State of Connecticut’s Insurance Department can be contacted through the following channels:
- Office Address: 153 Market St., 7th Floor, Hartford, CT 06103
- Consumer Helpline: (860) 297-3800
- Toll-Free Helpline: (800) 203-3447
- Email: insurance@ct.gov
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FAQs About Renters Insurance in Connecticut
Finding the best renters insurance companies in Connecticut requires research. To save you some time, MoneyGeek answered the most commonly asked questions about renters insurance in Connecticut.
Lemonade offers the cheapest renters insurance in Connecticut at an average of $5 per month or $60 per year.
With a MoneyGeek score of 94.80 out of 100, Lemonade ranked as the best renters insurance company in Connecticut based on our analysis.
On average, renters insurance in Connecticut costs $8 per month or $100 per year.
The state of Connecticut does not require renters insurance to rent a home. In most cases, the landlord will be the one who requires it. Regardless of whether it’s required or not, buying renters insurance is essential to ensure your personal property is protected.
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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 Mark Fitzpatrick
sources
- State of Connecticut Insurance Department. "Home Page." Accessed March 29, 2022.