Renters Insurance Connecticut
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In 2013, the average estimated cost of renters insurance in Connecticut was $152 a year. Compared to that the average homeowners insurance is $860 a year in Connecticut, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Connecticut
The landlord's policy does not cover renter's damages like burglary. There were 14711 burglaries reported in Connecticut in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. An example of this is – a $8820 LCD TV might be worth only $4410 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in Connecticut:
- By means of the same example, the insurance need not necessarily pay for the LCD TV, but it will get you enough to buy another laptop of the same kind. In Connecticut, the replacement cost insurance costs around $38.0 more than the actual cash value policy.
- Considering the median rent of $1350 per month in Connecticut, the average renters insurance of $10 per month is 0.74% of median monthly rent.
Estimated Renters Insurance for Different House Types in Connecticut
| House Type |
Median Rent |
Estimated Renters Insurance |
|---|
| Single Fam |
$1,700 |
$187 |
| Condo |
$1,450 |
$159 |
| Duplex |
$1,200 |
$132 |
| One Bed |
$1,050 |
$115 |
| Two Bed |
$1,330 |
$146 |
| Three Bed |
$1,650 |
$181 |
| Four Bed |
$1,800 |
$198 |
| Many Bed |
$1,230 |
$135 |
Deductibles in Connecticut:
An average of $16.72 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.