Homeowners insurance is one of the most important protections for Connecticut homeowners. Many, however, aren’t sure exactly what it covers. Although coverage can vary among insurance companies in CT, and from one policy to another, most homeowners insurance policies share a range of standard protections.
Although carrying homeowners insurance in CT is not mandated by law, most banks require it when taking out a mortgage. As an insurance agency in CT, we highly recommend that all homeowners get the proper coverage required for their homes. Unexpected issues can lead to repair, replacement or liability costs that can be extremely costly.
Protecting Your Home’s Structure
When you’re looking to establish what homeowners insurance covers in CT, start with the structure. Coverages are broken out into lines. This specific line of coverage is known as dwelling coverage. It covers the physical structure of your home.
Standard policies typically cover elements such as the roof, siding, floors, walls and attached garages. Common hazards that are likely to be covered include fire, windstorms, hail and lightning.
It is always a good idea to review your dwelling coverage every few years to ensure you are not underinsured. Older policy limits may not accurately reflect the higher costs associated with today’s rising construction labor and material costs. Check with your insurance agency in CT to see if your existing policy is sufficient.
Personal Belongings
Homeowners insurance in CT will cover most of your personal belongings with some exceptions. Items such as furniture, clothing, electronics and appliances are typically covered under standard homeowners insurance policies. They are likely to be repaired or replaced if they are damaged or stolen, both while at home and travelling.
There are some restrictions, however. Standard policies are built with internal limits called sub-limits. These limits cap the total coverage quantity for personal property. Additional coverage is likely required for high value items. Expensive jewelry, fine artwork, firearms, and collectibles typically fall into this category. Luxury items carry a significantly higher risk of theft, loss, and high-dollar claims.
If you own high-value items it is wise to purchase additional protection, called a scheduled personal property endorsement. This separate coverage requires an official appraisal of the items.
Personal Liability Protection
House guests, delivery drivers, neighborhood kids, uninsured maintenance workers and even solicitors are potential subjects of personal injury when they are on your property. The personal liability protection line of your homeowners insurance in CT is designed to cover medical bills, repair costs to damaged property, and legal defense costs.
These types of claims are usually a result of a slip and fall, damage to an individual’s vehicle from a fallen tree limb or pet related claims.
Liability protection is extremely important, even though the chances of an issue occurring are low. Although personal liability claims are rare, they can be incredibly expensive compared to property damage claims.
Additional Living Expenses
This is a vital safety net and a standard feature built automatically into most traditional homeowners insurance policies in CT. Additional living expenses protect you in the event that a fire or severe wind event renders your home completely uninhabitable. The coverage will typically pay for hotel stays, short term apartment rentals, and other immediate housing needs during the repair of your home.
What Does Homeowners Insurance in CT Not Cover?
Standard homeowners insurance in CT provides broad protections against a wide range of incidents. It does not, however, cover every type of property damage. Catastrophic risks such as flood and earth movement require separate policies.
Flood insurance is typically purchased through the National Flood Insurance Program (NFIP). Earth movement, such as earthquake, landslides, or sinkholes, are covered under a separate homeowners insurance policy endorsement. Luckily, earth movement events are not common in CT. Flooding, however, can be an issue in certain parts of the state, particularly along the shoreline.
Look to Connecticut Casualty Company for Guidance
Understanding your policy details is one of the best ways to ensure your home and belongings are protected. If you’ve ever wondered, “What does homeowners insurance in CT cover?”, the answer depends on your specific policy, coverage limits, and endorsements, but the information that we covered here is a good place to start. For even more specifics, and to have a trained insurance professional answer your questions, reach out to our team at Connecticut Casualty Company.