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Choosing the Right Home Insurance for New Canaan

You may have recently spent many weeks or even months putting a lot of thought into building or purchasing the right home for you and your family. And although excited for this new change in your life, the careful decisions do not stop there…buying home insurance for your new dwelling is a must!

If your new house happens to be in New Canaan, Connecticut, you are very fortunate because this particular area has amazing insurance rates, and is actually 11th in the entire country for having some of the best rates. When deciding on an insurance plan, there are a few things you need to know and do that will help choose the best coverage
for your home and also make sure you receive as many discounts as possible. 

One of the first things you need to know about your home is the cost per square foot. The average cost per square foot in New Canaan is $350. This is important for the insurance company to know because if you were to purchase even the standard homeowner’s insurance, the policy will cover the replacement cost of your home due to a fire or other events. You must have enough square foot coverage in your policy to rebuild your home if that should ever need to happen. 

Policy Discounts

There are several things to think about having in your home or you already have in your home that will give you a discount on your home insurance policy. There are several discounts that are possible to get but here are some of the more general ones to be aware of:

Home and Auto Insurance combo

Bundling your auto and home insurance can save you between 20-25%. This basically means you hold your auto and home insurance policies from the same provider. 

New Home Purchase

It’s possible to save 15%-20% when your home is new. It does not need to be brand new but should be within five years old. Insurance companies know there isn’t as much of a risk because everything is new. 

Security Alarm:

Installing a home security system can save you between 10%-15%. They help reduce the risk of theft and burglary and often times come with a smoke alarm which can provide even more of a discount.  

Impact-resistant Roof:

Depending on the type of impact-resistant roof you have, the highest level can provide up to 35%! With hail and wind able to cause so much damage companies feel more comfortable if the roof doesn’t need to be replaced in the first five years. 

Loyalty discount: customers who have been long-time members will receive a discount between five and ten percent. 

There are many more discounts that you can get, and some may seem very minor, but they all add up. The key is knowing what’s out there and knowing as much as you can about your home. 

Types of Policies

It’s important to know what types of policies there are for your home when getting a quote and finding the best home insurance coverage. 

HO-2

The most basic of policies. This actually has reduced coverage levels for your home. 

HO-3

This is the most standard type of coverage and will protect you against most events except earthquake and flood damage. There are separate policies for that type of damage. 

HO-5

This option is for high-end, luxury homes. Having a luxury home insurance policy offers additional coverage and increased protection. 

All in all the best thing you can do when finding a New Canaan home insurance policy is to know your home. It will be very beneficial in finding the best policy and also to save the most money.