Connecticut Home Insurance - What You Need to Know

With the highest per capita and median household income in the country, Connecticut has a very strong marketplace for home insurance. Most of the state is considered to be suburbs of New York. Many of the dwellings here are occupied by people who commute to Manhattan jobs in finance and law. Numerous properties also serve as weekend homes during the summer, along with vacation accommodations for sublet year-round. About two out of every three homes in the state are owner occupied.

Buyer's Market

The property insurance industry has a long history of good customers in Connecticut, which in addition to enjoying the country's highest standard of living per capita also has some of the best-educated and longest-living people in the U.S. These demographics correspond with the kind of high credit ratings that inspire insurers to offer their lowest prices for policies because the perceived risks appear very low. Homes in this state offer strong returns on investments, and that gets passed on to customers in the form of big savings on insurance. You're really in a buyer's market when shopping for home insurance in Connecticut.

Low Sales Taxes

Connecticut residents don't need lots of convincing to be motivated to buy home insurance, but if you're analyzing how to fit the expenditure into a monthly budget, think of it as coming from money saved on taxes. The state has one of the lowest sales tax rates in the nation. The more you do your shopping near home, rather than during lunch hour in New York, the more money you can save and allocate toward insurance, among other things.

State Facts

• Connecticut is the fourth most densely populated state in the U.S.
• The state's land mass is the third smallest in the country.
• It has a population of 3.4 million residents.
• It's the 29th most populous state.

Climate Considerations

While the population is pretty consistently affluent, the climate varies a bit from one part of the state to another. Most of the variations have to do with temperature. The shoreline approaches subtropical temperatures and interior parts of Connecticut have a lower temperature range. The average highs in the summer range from 81 degrees to 87 degrees Fahrenheit and during the winter, the temperatures average from 23 to 31 degrees Fahrenheit. Precipitation averages just over 47 inches a year, about half of it rain and the rest snow. Thunderstorms happen most frequently during the summer, averaging about 30 times annually, and some of them can get quite severe. The state is vulnerable to tropical cyclones during hurricane season, and typically experiences about one tornado per year.

Credit Scores More Important Than Weather

The weather and geography are certainly reflected in the price of Connecticut home insurance, but the risks of damage from these acts of nature are no worse than what other parts of the nation experiences. So the premiums enjoyed by residents of this state have more to do with the strong creditworthiness than the typical state resident has. That makes you an ideal customer for any insurer that covers dwellings in Connecticut. All of the world's best insurers have offices nearby, given the state's proximity to the global capital of financial services, so you really have the maximum range of choices in shopping for coverage.