Renters Insurance Connecticut

The short answer is no; renters in Connecticut aren’t required by law to take out a renters insurance policy and are free to do so at their discretion. However, many landlords nowadays require their tenants to carry valid renters insurance, and a clause on renters insurance has even become somewhat of a standard on modern lease agreements. Even though it’s not a legal requirement and your landlord might not require you to purchase it, carrying renters insurance is still a good idea. Renters in Connecticut are entitled to withhold rent and have the right to “repair and deduct” if a landlord refuses to make any necessary repairs; however, this doesn’t cover damage to your possessions. For example, if a pipe bursts in your living room and ruins your TV, your landlord will only be responsible for fixing the pipe, and you’ll be left shouldering the costs for a replacement TV — which can be significantly higher than a month’s, or even a year’s worth of renters insurance. Renters insurance protects your personal belongings, liability, and any additional living costs in cases like this, so unless you’re happy to take your chances with damages, it’s definitely worth it in the long run.

Renters insurance in Connecticut essentially covers three things: your personal belongings, loss of use of the property, and personal liability. Coverage for your personal belongings can be further broken down into two types, actual value and replacement cost. While both actual value and replacement cost offer coverage up to a specified limit, actual cost coverage takes the current market value of any belongings listed in the claim into consideration, while replacement cost doesn’t. For instance, say you purchased a laptop that set you back $1,000 four years ago and lost it in a fire last week. Having actual value coverage would mean that your insurance company will only cover what it deems to be the laptop’s current market value after factoring in depreciation, while replacement cost coverage will compensate you for its full cost. Loss of use coverage protects you against any additional living expenses if your home is rendered uninhabitable after a covered event and includes coverage for things like hotel or motel bills until you can move back into your home. Last but not least, renters insurance companies in Connecticut will cover at least $100,000 in personal liability damages should you be found liable for building damage or if someone is injured while inside your home. All of this is included as standard coverage provided by practically all renters insurance companies, though if you live in an area prone to severe weather, like flooding or tornadoes, then you might want to consider purchasing additional coverage.