Connecticut homeowners whose credit scores drop from “excellent” to “poor” see an average homeowner’s insurance price increase of 109 percent, according to an analysis by InsuranceQuotes.com.
The average annual price of insurance for those with excellent credit in Connecticut was $1,096, which jumped to an average of $2,234 after a credit score downgrade, the website said.
While the seemingly big increase is above the national average of 91 percent, it is not especially high compared other states. The gap in insurance costs ranks the state 33rd, according to the website. West Virginia had the highest jump of 208 percent.
However, Connecticut has some of the most expensive homeowner’s insurance in the country. For those with excellent credit, only Florida, Louisiana, Oklahoma and New York had higher annual premiums.
The analysis used data from six major carriers with approximately 60 percent market share in each state. The averages are based on a 40-year-old single woman who owns a two-story, single-family home built in 1978, with $144,000 dwelling coverage, $100,000 liability coverage and a $500 deductible.
