While insuring your home may be required by a mortgage lender, maintaining coverage is always a good idea. Connecticut home insurance might be considered a bargain, since costs are about 25 percent lower than in other areas of the country.
Homeowners insurance is intended to cover the cost of replacing the structure you live in if it sustains major damage. The cost of replacing your home may not be the same as the home’s appraised value. Online calculators can help you determine the replacement figure. You can also talk with local contractors to get a rough idea of cost since replacement will involve things like electrical, plumbing, and heating and cooling equipment.
Personal property and personal liability coverages are also important parts of your homeowners insurance. Look for calculators online to help you determine the levels of coverage appropriate for your situation. Coverage for any expenses incurred if you have to live elsewhere is also generally included.
Be aware that most homeowners policies don’t cover flooding from sewers or drains, though such coverage can be added through an endorsement. Always know what your policy does and does not cover before filing a claim.
Taking advantage of the protections offered by Connecticut home insurance is an easy way to protect your biggest investment.