The homeowner market remains strong for homeowner insurance on the Connecticut coastline, according to a recent report from Commissioner Katharine L. Wade.
“We wanted to make sure that carriers were writing policies in all corners of the state and that the impacts of storms such as Irene and Sandy as well as recent damaging winters did not have an adverse impact on insurance options for homeowners, particularly for coastal homeowners,” Wade said in a statement.
The “Study of the Connecticut Homeowner Insurance Market and Coastal Affordability and Availability” examined data from 2013 through June 2015. The Connecticut Insurance Department worked with the National Association of Insurance Commissioners to compile information from 94 homeowner insurance companies.
Some highlights of the report include:
- 65 percent of all new business written in 2014 was in the coastal counties.
- Average Connecticut premium for new coastal policies decreased by 1.4 percent between 2013 and mid-2015.
- Average Connecticut premium for new policies increased by 6.5 percent since 2013.
- 19 new licensed insurers have begun or expanded their homeowners business in Connecticut since 2010.
“All homeowners benefit when there is a competitive insurance market in the state,” Wade said in a statement. “Competition means more consumer choices that fit different needs and different budgets.”





