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Purchasing homeowners insurance may not be exciting, but it is important. A good homeowners policy can protect you from financial hardship if your home is damaged or destroyed. Here, we'll identify the best homeowners insurance in Vermont and direct you toward the cheapest policies in the state.
For cheap homeowners insurance in Vermont, these four insurers offer the lowest overall rates:
Moving into a new home is special. And as a bonus, new homes are typically less expensive to insure. Insurance companies know that all the components in the house are brand-spankin' new and unlikely to break down any time soon. That means fewer wet basements and broken water pipes. The savings get passed on to the homeowner through lower insurance premiums. These Vermont home insurance providers offer the lowest rates for newly built homes:
Older homes are often amazing, with details and features that can't be found anywhere else. That said, older homes are also prone to particular problems. Issues like shifting foundations, mold, and dry rot can lead to insurance claims. And that's why insurers tend to charge more to insure classic homes. In Vermont, these four companies offer the lowest rates for older homes:
For all but the wealthiest among us, living without homeowners insurance would represent a huge risk. However, homeowners who make a claim can expect their premiums to increase, particularly if it was a major claim. Premium increases don't last forever, but it's important to know that it can happen. For a Vermont homeowner who has made a claim, these four insurers attempt to keep rates low -- even after a submitted claim:
At an average statewide cost of $819, Vermonters pay 54% less than the average national rate of $1,788.
Average Rate Category | Vermont | National Average |
---|---|---|
Overall | $819 | $1,788 |
New home construction | $535 | $988 |
Older homes | $833 | $1,748 |
After making a claim | $903 | $1,984 |
The best homeowners insurance in Vermont can be described like this: a high level of coverage at a low price. While the concept seems simple, the tricky part is getting bombarded with unfamiliar terms. Here's a breakdown of what some of those terms mean.
Policy types range from basic to coverage with all the bells and whistles. The best homeowners insurance companies offer a full menu of coverage options. Choosing the right options comes down to deciding what needs to be protected. For example, if a homeowner has a fully outfitted art shed on the property, they'll need to make sure their policy is comprehensive enough to cover its loss. The same is true for things like high-end appliances and other expensive home upgrades.
The most basic policies are the least expensive. The problem with a barebones policy is that it may not fully cover losses. It's a good idea to fully consider the level of coverage needed before shopping for the best homeowners insurance in Vermont.
Any time a homeowner makes a claim, they pay an insurance deductible. A deductible is an amount the homeowner must pay toward a repair or replacement. Let's say there's a storm in the area, and a homeowner's roof ends up a few blocks away. If the cost of replacing the roof comes to $18,000 and the homeowner has a $1,000 deductible, they're responsible for paying the first $1,000 toward repairs. The insurance company then picks up the remaining $17,000. The lower the deductible, the higher their policy premium will be. Choosing a higher deductible can reduce the cost of the policy.
One of the smartest ways to land cheap homeowners insurance in Vermont is to ask about policy discounts. Nearly all insurers offer a list of home insurance discounts. These discounts cover everything from whether the home has a security system to whether the homeowner bundles home and auto coverage.
Recognizing the most common Vermont home insurance claims can help homeowners as they shop for a policy that fits their needs.
Wind and hail are the most frequent causes of insurance claims across the U.S. Within moments, hail can damage everything from siding to roofs.
Nationwide, lightning strikes are among the most common claims. Vermont is no exception. Whether a fire is started by nature or a human accident, it's important to have coverage when this peril strikes.
It typically rains more than the national average in Vermont. Rain, of course, can lead to flooded basements, leaking roofs, and a resulting loss of personal property.
The very best homeowners insurance in Vermont provides all the coverage people need at the lowest possible price. The fastest, easiest way to land a low price is to take advantage of discounts. Here, we look at coverage options and illustrate how discounts can reduce premiums.
Here's a rundown of the eight types of homeowners insurance:
A comprehensive policy may also include coverage for things like expensive add-ons, upgraded floors, and expensively outfitted theater rooms.
One important factor in finding cheap insurance in Vermont is claiming as many discounts as possible. Here are some of the most common:
When insurance companies determine rates, they take into account many factors, including:
The five cheapest cities in Vermont for homeowners insurance are:
City Name | Average Home Insurance Rate |
---|---|
Winooski | $724 |
South Burlington | $732 |
Essex Junction | $739 |
Burlington | $740 |
Williston | $744 |
And here are the five most expensive cities:
City Name | Average Home Insurance Rate |
---|---|
West Dummerston | $899 |
East Poultney | $898 |
Westminster Station | $897 |
Hydeville | $895 |
Beebe Plain | $892 |
Vermont's rates are often far below those found in other states, making it easier for the average homeowner to purchase the level of coverage they need and desire.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.