Finding the Best Homeowners Insurance in Vermont
Vermont is a beautiful place to live. Known as the Green Mountain State, it is well known for maple syrup and beautiful fall colors. Bordering Canada to the north and Massachusetts to the south, it has diverse geography of mountains and plains. The average price of a home in Vermont is $275,000, with higher-priced homes around Burlington. Vermont home insurance is designed to provide property damage coverage for your home and protect your belongings. It is important to understand the local climate as Vermont has varied weather, including snow, ice, hail, thunderstorms and more. Vermont tends to get more rain and snow than most other states. Vermont homeowner’s insurance rates depend on several factors, including your home's location and whether you live near water. Forested areas are vulnerable to woodland fires. If you are near a stream, river, or lake, you will want to investigate flood insurance as well. The best homeowners’ insurance in Vermont covers damage caused by fire, water, weather and more, with added coverage for property and bodily injury. It is wise to obtain Vermont homeowners insurance quotes from several companies before making your final decision. Coverages, companies, and rates vary considerably and doing your homework are key.
| Vermont Homeowners Insurance Cost Broken Down | Costs |
|---|---|
| Yearly Cost of Homeowners Insurance in Vermont | $1,651.00 |
| Costs Per Month for Homeowners Insurance in Vermont | $137.58 |
How Much is Homeowners Insurance in Vermont
Vermont is one of the least expensive states in the country to obtain a homeowner’s insurance policy. Whether you choose to live in the city or rural areas, your choice of insurance will vary depending on the area. Vermont is one of the smaller states in the union, so homeowner’s insurance rates are pretty consistent. Factors that contribute to homeowner’s insurance in Vermont include the square footage of your home, building materials used, surrounding property features, and the likelihood of natural disasters. While Vermont is not susceptible to many natural disasters, they do get their fair share of storms and harsh weather. Vermont tends to receive more rain and snow than most other states, so adding flood insurance is a good idea if you live near lakes or rivers. Low crime rates also contribute to low insurance premiums. So, how much is homeowner’s insurance in Vermont? Here are some statistics on homeowner’s insurance rates in Vermont: ● Least expensive city for homeowner’s insurance in Vermont is South Burlington ● Most expensive city for homeowner’s insurance in Vermont is St. Albans ● The average annual cost of homeowner’s insurance in Vermont is $771 ● The average monthly cost of homeowner’s insurance in Vermont is $64 ● Percentage of homeowners occupied units spending 30% or more on rent and utilities is 36% ● Annual premium of most expensive homeowners’ insurance in the state by the city is $798 ● Annual premium of the cheapest city in the state for homeowner’s insurance is $711
| City in Vermont | Monthly Costs | Yearly Costs |
|---|---|---|
| Burlington, VT | $48.42 | $581.00 |
| Essex Junction, VT | $47.08 | $565.00 |
| Rutland, VT | $52.08 | $625.00 |
| Colchester, VT | $46.75 | $561.00 |
| South Burlington, VT | $46.17 | $554.00 |
| Bennington, VT | $52.58 | $631.00 |
| Brattleboro, VT | $52.75 | $633.00 |
| West Hartford, VT | $50.33 | $604.00 |
| Milton, VT | $47.83 | $574.00 |
| Barre, VT | $49.42 | $593.00 |
| Springfield, VT | $52.42 | $629.00 |
| Middlebury, VT | $50.42 | $605.00 |
| Montpelier, VT | $50.42 | $605.00 |
| St. Albans, VT | $51.17 | $614.00 |
| Barre, VT | $49.42 | $593.00 |
| St. Johnsbury, VT | $50.25 | $603.00 |
| Shelburne, VT | $46.83 | $562.00 |
| Winooski, VT | $45.83 | $550.00 |
| Swanton, VT | $51.92 | $623.00 |
| Northfield, VT | $50.17 | $602.00 |
| Lyndon Center, VT | $50.67 | $608.00 |
| St. Albans, VT | $51.17 | $614.00 |
| Jericho, VT | $47.00 | $564.00 |
| Newport, VT | $51.67 | $620.00 |
| Waterbury, VT | $50.42 | $605.00 |
| Randolph, VT | $50.92 | $611.00 |
| Derby, VT | $52.33 | $628.00 |
| Castleton, VT | $52.17 | $626.00 |
| Hinesburg, VT | $46.08 | $553.00 |
| Stowe, VT | $50.42 | $605.00 |
| Manchester, VT | $51.92 | $623.00 |
| Richmond, VT | $46.50 | $558.00 |
Vermont Homeowners Insurance Laws
Vermont homeowner’s insurance requirements vary depending on whether you have a mortgage. Vermont does not have a law mandating insurance, but if you have a mortgage, your lender may require it, as mortgage companies want to protect their investment, and you need to be covered at least up to the replacement cost of the home. If you don’t have a mortgage, homeowner’s insurance is still a good idea. Unless you have a big savings account to cover the cost of damages, you are taking unnecessary chances. Choosing the right coverage for your situation takes a little bit of homework. Homeowners insurance protects you against two types of risks. The first is damage to your property from natural disasters, accidents, or theft. The second is protection from being liable or financially responsible if someone is injured on your property. If you are involved in a lawsuit, you will want to be protected from excessive medical bills and financial losses. No matter where to live and the condition of your home, you are at risk for something. Your insurance company will keep you up to date on updates to Vermont homeowner’s insurance laws. While the government does not regulate premium rates, the State Insurance Division makes sure that rates are competitive.
What Does Homeowners Insurance Cover in Vermont
Homeowners insurance coverage in Vermont has a few options. The Basic Coverage Form (HO-1) provides a minimum coverage on your dwelling and personal property. It ensures against fire, lightning, vandalism, and theft. It has some extended coverage options covering explosions, vehicles causing damage to your home, hail, smoke, aircraft, windstorms, and broken windows. The Broad Coverage Form (HO-2) includes all of the hazards as mentioned above, plus protection from falling objects, the weight of snow, sleet and ice, sudden damage to water heating systems, damage from plumbing or appliances, freezing pipes, and power surges. Coverage is usually limited to sudden and accidental damages. General wear and tear are not covered. Extra coverage can be purchased for flood insurance, renter’s insurance, and condominium insurance. Generally, insurance covers the home's replacement value by market standards and the replacement of belongings up to a certain amount. If you have an older or sub-standard home, where the cost to replace it would be far greater than the market value, a Modified Coverage Form can be added. Evaluate your location and current situation and choose the coverage that fits your needs. Many people buy too little or too much coverage, so reading the fine print and asking yourself what the homeowner’s insurance cover in Vermont is important.
| Costs of Home Insurance in Vermont by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Addison County, VT | $63.58 | $763.00 |
| Bennington County, VT | $63.58 | $763.00 |
| Caledonia County, VT | $63.58 | $763.00 |
| Chittenden County, VT | $63.67 | $764.00 |
| Essex County, VT | $63.83 | $766.00 |
| Franklin County, VT | $64.08 | $769.00 |
| Grand Isle County, VT | $64.25 | $771.00 |
| Lamoille County, VT | $64.25 | $771.00 |
| Orange County, VT | $64.25 | $771.00 |
| Orleans County, VT | $64.25 | $771.00 |
| Rutland County, VT | $64.42 | $773.00 |
| Washington County, VT | $64.50 | $774.00 |
| Windham County, VT | $64.67 | $776.00 |
| Windsor County, VT | $64.33 | $772.00 |
Top Rated Homeowners Insurance Companies in Vermont Based on Ratings
There are several top-rated homeowner’s insurance companies in Vermont. Some have personal service, local offices, online applications and 24 out of 7 claim filings. Here are a few of the best homeowner’s insurance companies in Vermont. With a J.D. Power rating of 5 out of 5 stars, Amica is ranked the highest. It has an A+ Better Business Bureau ranking. Their Platinum Choice Home Package covers all the hazards, plus more, including computer coverage due to power surges. Liberty Mutual is a trendy choice in Vermont with affordable rates, discount opportunities, and no-hassle claims-management services. Vermont Mutual Insurance has been providing coverage in the state since 1828. With an A+ rating from A.M. Best, they tend to offer the lowest premiums, and they are a local option for the community. Other companies providing Homeowners Insurance in Vermont include Concord General Mutual Insurance Company, Travelers, MMG Insurance, Union Mutual Fire Insurance Company, USAA, Allstate, State Farm and Co-Operative Insurance Company. Vermont Mutual Insurance Company is the cheapest, and Co-Operative Insurance Company is the most expensive. This is not an exhaustive Vermont homeowner’s insurance companies list by any means, as most major companies offer quotes. For example, Geico homeowner’s insurance in Vermont offers an online quote.
| Vermont Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| AIG Ratings for Homeowners Insurance in Vermont | 2/5 | 0.09 |
| Allstate Ratings for Homeowners Insurance in Vermont | 3/5 | 0.34 |
| American Family Ratings for Homeowners Insurance in Vermont | 3/5 | 0.33 |
| Amica Ratings for Homeowners Insurance in Vermont | 5/5 | 0.24 |
| Chubb Ratings for Homeowners Insurance in Vermont | 2/5 | 0.03 |
| Concord Group Ratings for Homeowners Insurance in Vermont | N/A | 0.6 |
| Farmers Ratings for Homeowners Insurance in Vermont | 3/5 | 0.12 |
| Hartford Ratings for Homeowners Insurance in Vermont | 3/5 | 1 |
| Liberty Mutual Ratings for Homeowners Insurance in Vermont | 2/5 | 0.45 |
| Metropolitan Ratings for Homeowners Insurance in Vermont | 2/5 | 0.23 |
| MMG Insurance Company Ratings for Homeowners Insurance in Vermont | N/A | 0.3 |
| Nationwide Ratings for Homeowners Insurance in Vermont | 2/5 | 0.24 |
| Patrons Co-op Fire Ins Co Ratings for Homeowners Insurance in Vermont | N/A | 0 |
| State Farm Ratings for Homeowners Insurance in Vermont | 4/5 | 0.2 |
| Travelers Ratings for Homeowners Insurance in Vermont | 2/5 | 0.56 |
| Union Mutual Fire Group Ratings for Homeowners Insurance in Vermont | N/A | 0.7 |
| USAA Ratings for Homeowners Insurance in Vermont | 5/5 | 0.15 |
| Vermont Mutual Ratings for Homeowners Insurance in Vermont | N/A | 0.74 |
How to Lower Homeowners Insurance in Vermont
There are several strategies to lower homeowner’s insurance in Vermont. First – shop around. As mentioned, there are many options for homeowner’s insurance, and it’s best to get several quotes. Consider the deductible, coverages, and how much your home will cost to replace – not for what it will sell for in the current market. The condition of your home can also make a difference – cleaning up the yard of fire hazards, adding a new roof or storm shutters, upgrading the plumbing or electrical, or building a retaining wall to keep out water. Adding a security system might also garner you lower rates. Vermont homeowner’s insurance discounts vary from company to company. If you are with an insurer for a long time and do not file claims, you will have a lower rate than someone with poor credit. Some companies offer discounts if you bundle your auto insurance and homeowner’s insurance. Other discounts might include being a first-time homebuyer or a discount for automatic paperless billing. Be sure and check out local and national companies as they both have their advantages. Review your current policy periodically to ensure the coverage is appropriate and pay attention if the Vermont homeowner’s insurance rates increase in 2021.
Compare Homeowners Insurance in Vermont Before Buying
We can’t say this enough – compare homeowner’s insurance rates in Vermont. Read the fine print and get the coverage you need, but not too much. Before you even purchase a home, keep insurance in mind. Are you in a flood plain? Will you need to do fire mitigation or major home renovations? While Vermont rates are fairly consistent throughout the state, there is some difference based on location. Keep this in mind while shopping for homeowner’s insurance in Vermont. Do your research, find out how easy it is to file a claim, check with your neighbours to see who they might recommend. Find a company and representative that will give you peace of mind. Always ask for discounts and consider bundling services. Review your policy every six months to ensure the optimal rates and coverage. With the lowest rates in the nation, affordable homeowner’s insurance in Vermont is a reality.