Best Condo Insurance In Connecticut 2024

Nationwide offers the premier condo insurance policy in the state of Connecticut.

We’ve saved shoppers an average of $450 per year on their home insurance.

Offers from America's top insurance carriers
Free. Secure. No Spam.
min read -
Published:
Written by Bob Phillips
On this page Open

Welcome to your definitive guide on the best condo insurance in Connecticut. With 13 years of experience as a licensed insurance agent, I assure you that you’ve found the right place for crucial information. The importance of securing proper condo insurance cannot be overstated—it protects your investment and gives you peace of mind.

In my 13 years in the insurance industry, I’ve witnessed many condo owners face substantial financial losses due to insufficient insurance coverage.

Don’t let this be your story. Instead, let’s explore condo insurance in Connecticut, evaluate your options, and make sure you’re well-protected.

Best Condo Insurance Companies In Connecticut, 2024

Best Condo Insurance, Connecticut 2024

Compare The Best Condo Insurance Companies In Connecticut

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$876

Instant Quote
Travelers

Discounts

4.6

A

794

$848

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,561

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,429

Instant Quote
Scroll to see comparisons

Our Methodology

I determined the best condo insurance companies in Connecticut by reviewing objective data from AM Best for financial strength and J.D. Power for customer satisfaction. I also took into account consumer feedback and my own experience as a former licensed property and casualty agent specializing in condo insurance in Connecticut.

138

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Connecticut


Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

When it comes to securing thorough condo coverage in Connecticut, Amica excels. Celebrated for its top-notch customer service and extensive coverage options, Amica offers a seamless insurance experience. Bundling your condo and car insurance can result in savings of up to 20%.

Amica provides competitive rates, notably lower than Allstate’s monthly premiums. Additionally, Amica enjoys a low complaint rate, indicating high levels of customer satisfaction. Its Platinum Choice Home Coverage integrates multiple coverage types to deliver comprehensive protection for your condo.

Benefits & Drawbacks

Benefits
  • Extensive selection of coverage options. . . . . .
  • Customers report high satisfaction
  • Financially sound insurer
Drawbacks
  • Charges above-average premiums
  • Does not distribute dividends.
  • AM Best rating is strong, despite a 2017 downgrade

Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Nationwide stands out as a superior option for condo insurance in Connecticut. They offer comprehensive and tailored coverage to meet the specific needs of condo owners, ensuring you are covered effectively.

With Nationwide, condo owners receive extensive protection, including coverage for furniture, clothing, and personal items against covered losses, as well as reimbursement for additional living expenses when a covered loss makes your home unlivable.

Nationwide’s superior claims service sets it apart. In times of need, you need an insurer who provides prompt and fair service. Nationwide excels with a seamless claims process and a dedicated team ready to assist you at any time.

Their focus on customer needs extends beyond basic insurance. Nationwide offers coverage options for additions, alterations, fixtures, improvements, and installations, making sure your investment is thoroughly protected.

Benefits & Drawbacks

Benefits
  • Comprehensive protection
  • Affordable premiums
  • First-rate client support
Drawbacks
  • Not great for inexpensive homes
  • May result in additional costs
  • Limited availability of specific discounts

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance is now a top pick for condo insurance in Connecticut, particularly for those in search of significant discounts. They offer multiple opportunities for savings, ensuring their policies remain economical while still providing adequate coverage.

One of their most enticing discount opportunities is the multi-policy deal. When homeowners bundle their condo insurance with a Travelers auto policy, they can pocket savings of up to 15%. This approach simplifies insurance administration and provides substantial discounts.

Travelers also extends additional discount options for those who have suitable smart or connected home technology. This underscores the company’s commitment to motivating and acknowledging proactive steps in maintaining and securing homes.

Travelers is an outstanding option for Connecticut condo owners because of its comprehensive coverage options and available discounts. Moreover, Travelers has received accolades for providing more affordable home insurance rates than many competitors, with comparable coverage options.

Benefits & Drawbacks

Benefits
  • Low-cost premiums
  • Financial reliability
  • Bundle opportunities
Drawbacks
  • Few available selections
  • Dog breed restrictions possible
  • Higher complaint levels than some competitors

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

High-value condo owners in Connecticut will find Chubb to be an outstanding insurance provider. Chubb is celebrated for its exceptional service and coverage designed for wealthy clients, offering broad coverage limits and a range of perks.

Their Masterpiece policy caters to high net-worth families, featuring extended replacement cost options that provide full coverage for your valuable property.

Chubb’s reputation includes not only its wide-ranging coverage but also its special features like cyber protection and identity theft coverage. Dedicated to addressing the needs of high-net-worth households, Chubb offers premium insurance solutions for affluent condo owners in Connecticut.

Benefits & Drawbacks

Benefits
  • Superior client service
  • Extended coverage available
  • Few customer complaints
Drawbacks
  • Higher-than-average costs
  • No BBB accreditation
  • May not fit average-priced condos

How Much Is Condo Insurance In Connecticut?

For your convenience in making an informed decision, here are several extensive comparison charts:

Average Cost Of Condo Insurance By City

Here is a table that provides a quick look at the average annual and monthly condo insurance costs in the ten largest cities in Connecticut:

City Average Annual Rate Average Monthly Rate
Bridgeport $600 $50
New Haven $540 $45
Stamford $559 $46
Hartford $613 $51
Waterbury $650 $54
Norwalk $554 $46
Danbury $640 $53
New Britain $570 $47
West Hartford $500 $41
Greenwich $704 $146

These rates are estimated and can vary depending on factors such as your condo’s specific location, its structural attributes, and the coverage amount required.

Average Cost Of Condo Insurance By Building Property Limits

Condo insurance varies based on individual needs. The amount of coverage necessary depends on the value of your property and possessions. To aid your decision-making, here’s a comparison chart with average monthly rates for condo insurance in Connecticut by building property limits:

Building Property Limit Average Annual Rate
$40,000 $756
$60,000 $910
$80,000 $1,135
$100,000 $1,314

These rates are estimates and will differ depending on factors such as the location of your condo, its structural attributes, and the coverage amount you need.

Average Cost Of Condo Insurance By Company

This table provides a look at the average monthly rates from ten prominent national insurance companies offering condo insurance in Connecticut:

Insurance Company Average Annual Rate
State Farm $751
Allstate $802
Liberty Mutual $853
USAA $704
Progressive $905
Nationwide $886
Farmers $1007
Travelers $828
Erie $769
American Family $510

Note that these rates are estimates and can change based on factors such as your condo’s location, structural characteristics, and the amount of coverage you need. The lowest rate isn’t necessarily the best value. Aim for a policy that offers a balance of affordable rates, comprehensive coverage, superior customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

Taking the time to find quality condo insurance that suits your needs is important. Your condo is likely your most valuable asset, so ensuring its protection along with your belongings is key to your family’s long-term financial security.

Here are five easy steps to help you find the best policy:

  1. Look up condo insurers online and shortlist three companies that you trust.
  2. Establish the coverage limits you need.
  3. Get coverage quotes from the three chosen insurers.
  4. Select a carrier by comparing coverage, customer reviews, financial stability, discounts, and rates.
  5. Submit your application for coverage.

Comparing multiple quotes side-by-side is the most effective way to find quality condo insurance in Connecticut. Turn to Insuranceopedia for multiple quotes now.

How To Get An Online Condo Insurance Quote In Connecticut

To streamline the process of obtaining an online insurance quote in Connecticut, leverage a website that can deliver multiple quotes at once, facilitating side-by-side comparison, such as Insuranceopedia.

When requesting an online quote, certain information will be required:

  • Condo replacement cost: refers to the expense of rebuilding your condominium with similar materials in the event of damage.
  • Personal property value: The value of your personal items dictates the maximum coverage you’ll receive for personal property.
  • Personal information: Required information includes your name, address, insurance history, the number of condo residents, and other specifics.
  • Details about your condo: The construction date of your condo, its size in square footage, the exterior materials used, any security devices installed, and more details.

What Does Condo Insurance Cover In Connecticut?

An HO6 insurance policy for a Connecticut condo primarily insures the interior of the unit, covering items such as fixtures, appliances, and personal belongings. It offers protection against damage to internal structures like walls, floors, and cabinets.

This coverage also includes personal property, ensuring your belongings are protected from theft or damage. Most policies feature loss assessment coverage starting at $1,000, which you can enhance with an optional endorsement.

How Much Condo Insurance Is Required In Connecticut?

Connecticut doesn’t legally require condo insurance, but mortgage lenders or condo associations usually do. Coverage amounts usually range from $100,000 to $500,000. However, Connecticut law stipulates that condo insurance must include at least $2,000 for loss assessment to address shared area losses.

How Much Condo Insurance Do I Need In Connecticut?

The amount of condo insurance you need in Connecticut is influenced by the value of your personal property, the internal structures of your unit, and your HOA’s master insurance policy. State law in Connecticut reccommends that your policy include a minimum of $2,000 in loss assessment coverage for shared areas.

How To Save Money On Connecticut Condo Insurance

For Connecticut condo owners, one way to save on insurance is by opting for a higher deductible. This will decrease your premium, though you’ll have to cover more costs if a claim arises. Finding a balance that suits your budget is essential.

In Connecticut, making your condo more resistant to natural disasters can help reduce insurance expenses. Improvements like installing storm shutters or upgrading your security system can protect your home and lead to lower insurance premiums.

Factors That Impact The Cost Of Your Condo Insurance Policy

These four key factors play a significant role in the cost of your condo insurance in Connecticut:

Location of Your Condo

Where your condo is located significantly impacts insurance costs. Condos in areas prone to natural disasters like hurricanes, floods, or wildfires will have higher premiums. Connecticut’s high hurricane risk results in generally higher condo insurance rates.

Age and Construction Type of Your Condo

Your condo’s age and construction type significantly impact insurance costs. Older condos often have outdated systems that increase the risk of damage and insurance costs. Condos built with less resistant materials also tend to attract higher premiums.

Replacement Cost of Your Condo

Your condo’s replacement cost, or the expense to rebuild it from scratch, impacts your insurance rates. As the replacement cost increases, so does your insurance premium.

Claims History

Your condo insurance premiums can be influenced by your claims history. A record of numerous claims can make insurers see you as a high-risk client, increasing your premiums. However, having few or no claims can lower your insurance costs.

FAQs

How much is condo insurance in Connecticut?

On average, condo insurance in Connecticut costs approximately $477 a year, or $40 a month. Rates can vary significantly depending on factors such as location, the level of coverage chosen, and the insured’s claims history.

How does condo insurance work?

Condo insurance offers protection for your personal belongings, the interior of your unit, and liability claims. It acts as a safety net by covering areas not included in your condo association’s master policy, helping to prevent unexpected financial losses.

Sources

Go back to top