Paying Too Much for CT Home Insurance? Maybe Not
A question that our agents are getting a lot lately has to do with CT Homeowners Insurance. Clients are asking why, in this declining housing market, the coverage (and therefore the premium) on their CT Home Insurance policy is increasing: “If I can’t even sell my house for as much as my insurance policy covers it, why do I need to pay for that seemingly ‘extra’ coverage?”
Remember that the coverage on your Connecticut Homeowners Insurance policy is not meant to match the sale value of your home, but rather to match the cost of replacing your home, should tragedy strike. So, even though the sale value of your home may be decreasing, the cost to replace to replace your home is increasing, including the cost of the needed materials and labor. In order to adequately protect you from the financial loss of the destruction of your home, your CT Home Insurance policy needs to provide protection for rebuilding after the event of a tragedy.
Every situation is unique, so the best way to navigate the process of understanding your current CT Insurance policies is to speak with your Encharter Insurance agent. They are waiting to help you!
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