Homeowners insurance in Milford, CT

How much is home insurance in Milford, CT?

The average cost of homeowners insurance in Milford varies depending on the coverage level you choose. Homeowners insurance costs $1,887 per year for dwelling coverage of $200,000 and $2,523 for $300,000 of dwelling coverage.

Below are the average annual and monthly Milford home insurance rates for different amounts of dwelling coverage.

Coverage level	Average annual rate	Average monthly rate
$200,000	$1,887	$157
$300,000	$2,523	$210
$400,000	$3,124	$260
$600,000	$4,419	$368
$1,000,000	$5,981	$498

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Note: For the above rates, the deductible amount is $1,000 and liability protection is $100,000.

How do deductibles affect home insurance rates in Milford?

Home insurance rates in Milford vary based on the deductible you choose. If you pick a higher deductible, your monthly insurance premium will be lower, while a lower deductible, means lower premiums because the insurance company will pay more if you file a claim, and the odds of you filing a smaller claim are higher.

The table below lists the home insurance rates by deductible in Milford.

Deductible	Company	Average annual premium	Average monthly premium
$500	Progressive	$1,860	$155
$500	Amica	$1,971	$164
$500	National General	$2,100	$175
$500	State Farm	$2,674	$223
$500	Farmers	$3,523	$294
$500	Chubb	$4,173	$348
$500	American Family	$4,572	$381
$500	Travelers	$6,800	$567
$2,000	Progressive	$1,652	$138
$2,000	Amica	$1,751	$146
$2,000	National General	$1,792	$149
$2,000	State Farm	$2,235	$186
$2,000	Chubb	$3,028	$252
$2,000	Farmers	$3,145	$262
$2,000	American Family	$3,364	$280
$2,000	Travelers	$6,407	$534
$2,500	Progressive	$1,652	$138
$2,500	Amica	$1,690	$141
$2,500	National General	$1,792	$149
$2,500	State Farm	$2,235	$186
$2,500	Chubb	$3,028	$252
$2,500	Farmers	$3,145	$262
$2,500	American Family	$3,364	$280
$2,500	Travelers	$6,243	$520
$3,000	Progressive	$1,652	$138
$3,000	Amica	$1,690	$141
$3,000	National General	$1,792	$149
$3,000	State Farm	$2,123	$177
$3,000	Chubb	$3,028	$252
$3,000	Farmers	$3,060	$255
$3,000	American Family	$3,364	$280
$3,000	Travelers	$6,203	$517
$4,000	Amica	$1,490	$124
$4,000	Progressive	$1,612	$134
$4,000	National General	$1,633	$136
$4,000	State Farm	$2,037	$170
$4,000	Farmers	$2,887	$241
$4,000	Chubb	$2,913	$243
$4,000	American Family	$2,923	$244
$4,000	Travelers	$5,692	$474
$5,000	Amica	$1,490	$124
$5,000	Progressive	$1,612	$134
$5,000	National General	$1,633	$136
$5,000	State Farm	$2,037	$170
$5,000	Farmers	$2,829	$236
$5,000	Chubb	$2,913	$243
$5,000	American Family	$2,923	$244
$5,000	Travelers	$5,692	$474
$500	USAA	$2,293	$191
$2,000	USAA	$2,003	$167
$2,500	USAA	$2,003	$167
$3,000	USAA	$1,913	$159
$4,000	USAA	$1,792	$149
$5,000	USAA	$1,792	$149

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Who has the cheapest homeowners insurance in Milford?

According to Insurance.com analysis, Amica is the most affordable home insurance provider in Milford, with an average yearly cost of $1,880.

Price is a big factor when choosing home insurance, and costs in Milford can vary a lot between companies. While saving money is important, it’s also a good idea to consider each company’s reputation before making a decision.

The table below lists the cheapest home insurance companies in Milford.

Company	Average annual cost
Amica	$1,880
Progressive	$1,944
National General	$1,995
Travelers	$2,006
State Farm	$2,499
Chubb	$3,140
Farmers	$3,676
American Family	$4,139
USAA	$2,159

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How does credit affect homeowners insurance in Milford?

The average home insurance cost for homeowners with an excellent credit score is $2,176; that’s $3,322 less expensive than the average cost of the same insurance for policyholders with a poor credit score. The table below shows the average annual insurance cost for homeowners with different credit levels.

Credit score	Average annual cost
Excellent	$2,176
Fair	$3,111
Good	$2,523
Poor	$5,498

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How can you save on homeowners insurance in Milford?

If you’re looking to save on your homeowners insurance, the best way is comparing quotes from multiple insurers. Homeowners insurance companies offer a variety of different discounts to help you lower insurance costs. Here are a few common ones.

Home and auto bundle discount (multi-policy)

One of the easiest ways to get cheaper home insurance in Milford is the multi-policy discount, also known as bundling. If you purchase your home and auto insurance from the same company, you can save an average of $236 a year.

"It’s not always the better option, but more times than not it is because if you bundle usually, you get a 10-20% discount on both policies," says Josiah Hatch, owner and CEO at Bender Hatch Insurance in Boston.

Loyalty discount

Staying with the same insurance company can earn you a loyalty discount, which could save you around $131 annually on your home insurance in Milford.

Security equipment discounts

Insurance companies offer discounts to homeowners for installing safety and security equipment, like a fire alarm or burglar alarm. If you install a fire alarm at your home, you can get a discount of $34 a year on average from your insurer.