Connecticut Reports Major Carriers Lowering Rates for Auto, Home Insurance

A number of major insurance carriers are lowering personal auto and homeowners insurance rates in Connecticut, according to a review of recent rate filings by the state’s insurance department.

The Connecticut Insurance Department (CID) identified 19 personal auto insurance filings from 14 companies and 19 homeowners insurance filings from 16 companies that include rate decreases for certain consumers. The decreases are from insurers including Liberty Mutual, Nationwide, Merrimack, Utica, State Farm, and Farmers.

Insurance Commissioner Josh Hershman noted that rate changes vary by insurer, coverage, and other rating factors, so not everyone will see lower premiums.

“Connecticut families continue to face challenges with insurance affordability, so it’s encouraging to see filings that include rate decreases for some policyholders,” said Hershman. “These filings are a positive development.”

Hershman encouraged consumers to ask questions about their coverage and premiums.

Personal Auto

• In personal auto insurance, major insurers with filings showing rate decreases for some drivers include State Farm, Travelers, Liberty Mutual, Farmers, Hanover, and Utica. Examples include:
• State Farm: Two affiliated companies reported an overall average rate decrease of approximately 8.4%.
• Farmers: Farmers Casualty Insurance Co. reported an average rate decrease of approximately 14%.
• Liberty Mutual: A filing for Liberty Mutual Personal Insurance Co. reported an average rate decrease of approximately 6% affecting about 11,500 policyholders.

Homeowners

Several recent homeowners insurance filings also reflected rate decreases. Liberty Mutual and affiliated companies reduced rates for more than 30,000 homeowners policies, with reported decreases of approximately 5%. Other insurers filing decreases included Nationwide, Merrimack, and Utica.

Topics Carriers Auto Homeowners Connecticut