Vermont Homeowners Insurance
Vermont homeowners insurance covers four primary sections, including the structure of your home, other structures on the property, personal belongings, and loss of use costs in the event you have to stay elsewhere while your home is being repaired. Enter your ZIP code below to start comparing Vermont home insurance quotes for free.
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UPDATED: Nov 6, 2020
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Home owners in Vermont are faced with a number of possible perils every year, and you need to be aware of what they are and how they can impact your life.
The average cost of Vermont homeowners insurance premiums will be around $650, and includes four primary sections of coverage, along with additional coverages such as liability insurance to pay for injuries people outside your immediate family may suffer while on the property.
The dwelling is where your family lives on the insured property. This is typically the largest structure on the property, but it doesn’t have to be, it only has to be the place where your family and the majority of your personal effects are located. The dwelling includes any structures that permanently attached, such as a Sun room or built-in garage.
- Other Structures
Any other buildings or manmade constructions on the property are classified as other structures for insurance purposes. This could include a workshop, pump house, or even a boat dock. If you have a fence around all or part of the property, that would be considered an “other” structure as well.
- Personal Property
All of your family’s personal possessions are part of the personal property portion of your home insurance policy. For the best protection, make a video recording that includes everything, inside the home, other structures, or elsewhere on the property. This is called a home inventory, and along with your receipts will serve as proof what you owned in the event of a burglary or the destruction of the home.
- Loss of Use
When you are not able to use some or all of the property, you can file a claim for any out of pocket expenses through the loss of use portion of your insurance policy. This is not limited to renting a hotel room, either, as it can also include other losses of use, such as having to dine out or even doing your laundry at a local coin Laundromat.
Average Vermont Homeowner Insurance Rates vs. US
Cheaper Vermont Home Insurance
A common misconception about home insurance is that you have to settle for less if you want to save money. The fact is, you can do things around the home that bring down your insurance prices, both now and in the future. You can also play an active part in lowering your insurance costs by reducing your personal financial risk, such as improving your credit score or having multiple policies with the same insurer.
- Home Security
One of the factors involved in calculating your insurance premiums is the home burglary rate where you live, which is 5.38 per 1000 homes in Vermont. To reduce the risk for your home, you can install deadbolt locks, burglar bars, or put up a fence around the property. But the best discount in this area comes from having a professional alarm system installed, specifically one that is monitored off the premises 24 hours a day.
- Reduce Insurance Risks
You can reduce other risks to the home as well, such as clearing leaves and debris from your roof, or removing dead trees and tree limbs around the property. Keep in mind that your insurance covers your home as well as the danger of damages to neighboring property, so making sure that your trees will not endanger your neighbors is as important as removing the risk to your own house.
- Personal Insurance Risk
A credit score of 650 or higher is one way to get cheaper home insurance, because insurance companies look at your credit score as a way to determine your personal financial risk. And it might surprise you, but carrying multiple insurance policies with the same insurer is another way to reduce risks because the odds of two policies having valid claim at the same time are unlikely to occur.
Home Characteristics Affecting Vermont Insurance Rates
In Vermont the average age of homes is 38 years, and that age is used to help the insurance company determine what your premiums will be. Similarly, the average cost of homes is $216,300, serving as the major factor for home insurance rates. Other important factors include the materials the home is built from and the number and frequency of natural disasters in your specific location.
Local Natural Disasters Vermont Homeowners Should Consider Protecting Against
Natural disasters happen in all parts of the country, in greater or lesser degree. Since the standard homeowners policy does not protect you against all of those perils, it is important that you know what dangers can be expected, allowing you to purchase additional coverage if necessary, or drop coverage for perils that are not a major concern in Vermont.
Ranked at 50 out of 51, Vermont is one of the least likely places in the country to experience an earthquake. You could purchase earthquake coverage just to be on the safe side, but you probably do not need to have it.
Vermont residents filed 7 claims in 2009, which was an extraordinarily low number, but experienced widespread flooding during the hurricane season of 2011. Flooding is a serious peril that is not covered under a standard homeowner’s policy and must be purchased separately; usually through high risk insurers or government monitored insurance pools.
Hail is usually considered to be wind damage, but make sure that it has not been specifically excluded from your policy. Another, similar concern that you should be aware of is the possibility of strong winter storms. Check your policy for exclusions that limit the insurance company’s responsibility for these storms and pick up additional coverage as necessary.
Hurricanes do hit Vermont and hurricane coverage is probably a good idea to have. If your policy does not include hurricanes, you can add coverage by purchasing a separate policy through a high risk insurer or state monitored insurance pool such as the FAIR plan.
Tornadoes are a rare occurrence in Vermont and probably not something you will have to worry about excessively. In most cases, tornado damage is already covered under the wind damage portion of a standard policy.
74,749 wildfires are reported nationwide in an average year, and can spark up in any part of the country. Wildfires, though, are generally covered under the fire damage portion of a standard policy unless they have been specifically excluded.
Vermont Homeowners Insurance Optional Coverages
No standard home insurance policy covers everything completely. Some areas that may need to be reinforced are your personal injury liability, the amount of personal property protection you have, and whether your policy states that pays full replacement value or actual cash value. For liability, consider getting an umbrella liability policy which will extend coverage in all of your liability insurance needs. You can increase the amount of your personal property protection by contacting your insurance company, and that is also where you should go to convert your policy to full replacement value. These options will cost you a little more, but they add a great deal of financial security to your home insurance.
Important Contact Information
Vermont Department of Insurance
89 Main Street
Montpelier, VT 05620
Phone: (802) 828-3301