Figuring Out How Much CT Home Insurance You Need

The past couple of days we discussed new additions to auto policies offered here in Connecticut.  Well today, tomorrow, and Friday, we’re going to shift the conversation away from auto and towards home.  So buckle up folks, it’s going to be three days of CT home insurance!

To begin, we first need to look at what the basic CT home insurance policies offer for individuals and families for any home you could possibly imagine.  

-Dwelling: This covers the home’s structure from damage, as well as any attached structures like a garage or shed.

-Possession: Covers what’s inside your home, like your appliances, electronics, valuables, etc.

-Extra living costs: In the event of a CT home insurance claim, if you’re forced to live somewhere else while your home is being fixed, then the expenses associated with that move will be taken care of.

-Liability: This is a biggie.  Basically this provides coverage for you if someone injures themselves while in your home or on your property. It also provides financial protection if you ever get sued for something that happened on your property.

-Medical bills:  Again, if anything happens to someone on your property that requires medical attention, then the expenses and bills associated with that will be taken care of through your policy.

By far the biggest driver of the cost of your policy will come from the value of your dwelling and personal possessions. Now when we say ‘value,’ remember-we’re referring to the replacement cost of the home or possessions inside of it.  Just because your home may have a market value of $200k doesn’t mean it’ll cost $200k to fully rebuild it.  It may be more, it may be less.

So now that we have the basics down, we’ll dive a little deeper into good rules to live by when it comes to CT home insurance. We’ll see you tomorrow.