For most people, their home is their biggest investment. Usually, it is also their greatest financial asset. Therefore, it stands to reason that when you are choosing Connecticut home insurance, it is important to know not only what type of coverage you need but also the amount of coverage that will adequately protect you and your investment.
When people are considering Connecticut home insurance, most probably think of natural occurrences which can happen unexpectedly- thunderstorms with damaging hail and wind, tornadoes and earthquakes.
It is important to remember that many times, unless specified in your Connecticut home insurance policy, coverage for floods and earthquakes are considered “extra”. This means that you have to add them to normal policy coverage (and at additional cost).
Additionally, people want damage protection from fire, smoke, and other related problems. But there are other circumstances which can warrant having a sound Connecticut home insurance policy. It’s important to have protection from possible theft and also from personal liability claims (which can arise from someone injuring themselves while on your property).
There are also some simple things you can do to reduce your risk of loss and minimize the chance of damages. These include installing and maintaining smoke detectors throughout your home, installing a security system, and placing fire extinguishers in high-risk areas.
Also, remember that the better home insurance coverage you have in effect, the less financial obligation you will have in the event of a claim. Additionally, if you have a mortgage, you may want to check with your lender as many mortgage companies have certain coverage requirements that they expect you to include in your policy.
Once you have looked over the information outlined in this article, you will be able to put together a policy which is right for your needs and resources. You can rely on insuranceUSA.com to help guide you through these facts and offer you straight-forward, affordable Connecticut home insurance quotes.
Choosing Your Connecticut Home Insurance Policy
Connecticut home insurance policies vary according to individual needs and requirements. Generally speaking, there are two types of Connecticut home insurance policy options to choose from – monoline and package policies. A monoline Connecticut home insurance policy only has one specific type of coverage, such as liability.
A package Connecticut home insurance policy offers several different types of coverage. The package policy may include property and liability insurance together, for example. For most people, it is more cost effective to buy a package policy instead of a monoline Connecticut home insurance policy. InsuranceUSA.com can help you decide just which Connecticut home insurance policy is right for you!
There are seven standard types of Connecticut home insurance policy options to choose from, depending on your personal needs. Each is described in brief below. For more information on these Connecticut home insurance policy options available, contact insuranceUSA.com.
Homeowner-1 (HO-1): Offered by very few Connecticut home insurance policy companies, this policy option has very narrow coverage. It usually covers damage from fires, lightning, smoke, wind, hail, burglary, theft, explosion, glass breakage, vehicle damage, riot and civil unrest, as well as civil judgments, medical payments, personal property, and expenses if forced to live away from home for a short period of time.
Homeowner-2 (HO-2): This Connecticut home insurance policy covers everything listed in HO-1, as well as falling objects, damage from the weight of ice or snow, damage from leaks or freezing in the plumbing system, electrical damage to appliances, and damage cause by a rupture in the water heater.
Homeowner-3 (HO-3): Also called a Special Form Policy, this is the most common type of Connecticut home insurance policy in use. It covers all physical losses, except for those that are specified in the policy. Exceptions often include floods, earthquakes, war and other disasters, natural and man-made.
Tenant/Cooperative Owner (HO-4): This Connecticut home insurance policy is for renters or owners of cooperative units. This is used to insure against damage to the tenant’s possessions, and personal liability for physical damage suffered while in the unit.
Homeowner-5 (HO-5): This Connecticut home insurance policy covers everything listed in HO-3, plus personal possessions against loss, except for specific exclusions listed in the policy.
Condominium Unit Owner (HO-6): This particular Connecticut home insurance policy offers the same coverage as HO-4, but is used only for condominiums.
Homeowner-8 (HO-8): This Connecticut home insurance policy option is similar to the HO-1 policy. The difference though is that it provides an actual cash payment instead of replacement cost coverage. This Connecticut home insurance policy is usually only used in the case of older homes where the property exceeds the market value.
No matter what type of Connecticut home insurance policy you need, InsuranceUSA.com is ready to help you get all the information you need to make the right choice!
How Much Connecticut Home Insurance Do you Need?
Buying Connecticut home insurance means you will need to know your home’s value, which entails determining how much it would cost to replace it if totally destroyed. Many insurance companies require a physical inspection to determine the home’s appraised value.
When applying for Connecticut home insurance, you should compile an inventory of your most valuable possessions. Save your receipts from any major purchases, take photographs of things such as furniture and appliances, and make sure you update your inventory yearly or whenever you make a major new purchase.
Buy enough Connecticut home insurance to cover any loss you may incur, but not so much that you can’t afford the premiums. Make sure you talk to your insurer if you have any questions.
Feel free to use InsuranceUSA.com to research Connecticut home insurance and request a free quote.
Non-Renewals and Policy Cancellations
Once you enter your Connecticut home insurance policy “term period”, it cannot be simply cancelled or not renewed. In most cases, an insurance company must provide coverage for the entire term period regardless of the risk.
However, if the policy-holder fails to pay his premiums or files a false claim, the insurer can legally cancel a policy during the term period. Also, a felony conviction will usually warrant cancellation, or if unsafe conditions exist at the property or it is altered or made uninsurable.
In most cases, once the policy term period ends, the policy-holder will continue to enjoy uninterrupted coverage. If an insurance company does decide to cancel or not renew a policy, they can do so for any legal reason so long as they provide adequate notice.
Purchasing Connecticut Home Insurance
The first thing to do when you decide to buy Connecticut home insurance is make sure that you are working with a company that is appropriately licensed. To find out if they are licensed to sell Connecticut home insurance just ask for a copy of their Connecticut license number.
Your next step will be to answer a list of questions that will give the insurer enough information to make sure that you are sold the appropriate Connecticut home insurance. It is vital that you answer the questions carefully and don’t leave anything out.
When you are looking around for an insurer make sure that you find out about the level of service that they provide. This is equally as important as the cost. The lowest price isn’t always good value.
Purchasing Connecticut Home Insurance via the Internet
Shopping around for good quality Connecticut home insurance is very important. You should get a minimum of three quotes. To gather the quotes you can use either the phone or the internet. The internet is a fast and easy way to do your home insurance research and to find the best deals without having to leave your house. The internet has become a key part of the home insurance sector. Insurance agents provide quotes over a growing number of comparison websites. All you need to do is fill in the online questionnaires and a quote will be returned to you at the click of a button. InsuranceUSA.com is a great place to start your search.
Remember that price is not the only thing to keep in mind when purchasing Connecticut home insurance. Companies that answer questions and deal with claims quickly and efficiently will be your best choice when buying Connecticut home insurance.
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