Property Insurance in CT
What's up y'all,
What is the market rate you are being quoted for property insurance in CT?
I have a 3 unit in Hartford, CT that I'm currently shopping for. So far the average is around $250/SF. Also if you have any brokers to recommend would be greatly appreciated!
For agents: Curious to see the ranges based on CT Counties and or insights as to what makes a difference when evaluating a property or investor.
Thank you in advance!
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Andres,
We are one of the largest agencies in CT (Main office is Norwalk). We have been seeing a lot of policies increase the Replacement Cost on renewal. The companies are catching up on the increases that have happened over the past couple of years. I would say, that $200-$250 a sq ft is not unusual for CT. The location does impact the rebuilding costs. Materials to some extent but mostly labor.
We have been remarketing many policies in that situation. Not so much for increase in value but rather to see if the current carrier is still the best at the new limits. Finding that many homeowners and investors are considering increases in the deductibles to offset the higher costs. I would suggest that you shop it based on the higher Replacement Cost and see what the best coverage is at that level. You will want to look to one or more Independent agents (represent multiple companies) so that many markets are quoted.
Thanks for the insight @John Mocker
Sent a PM
