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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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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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City | Cheapest Company | Average Annual Premium |
---|---|---|
Bridgeport, CT | Lemonade | $60 |
Bridgeport, CT | Allstate | $84 |
Bridgeport, CT | USAA | $86 |
Bridgeport, CT | Amica Mutual | $94 |
Bridgeport, CT | MetLife | $99 |
Bridgeport, CT | State Farm | $113 |
Bridgeport, CT | Farmers | $149 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
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.
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.
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.
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.
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.
renters insurance is equal to the average.
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:
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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:
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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