Whether thinking about residential or commercial needs, most people understand the importance of carrying insurance. Even though it can be a costly addition to your budget, the benefit of a quality insurance plan can minimize long-term financial damage in the event of a claim made against you or your business. Some states have established requirements for coverage, and there are a few areas where insurance for CT residents might need to meet state laws.
Motor vehicle insurance is required in the state of CT, and all owners must meet minimum liability requirements. For bodily injury, there must be coverage of $25,000 per person per accident, with $50,000 established for bodily injury as a minimum total per accident. Property damage must have a minimum of $25,000 per accident.
Although CT does not have a law requiring a homeowners’ policy, if you carry a mortgage or some kind of financing on your home, it is a safe bet that your lender will require an insurance policy. Lenders have their own obligations to state and federal requirements, making them more selective in their lending criteria.
By speaking to an agent about state requirements concerning insurance for CT residents, you will be able to make a wise investment into the right protection plan. You should remain compliant with laws while protecting your assets.