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On average, American homeowners pay $1,211 a year for their home insurance coverage. However, in Vermont, the average annual premium is lower at just $918 a year.
Having homeowners insurance coverage is important because hazards like severe weather events, accidental fires, and property crimes can result in expensive losses for Vermont homeowners who are not insured.
Your home insurance policy is designed to cover you against many of the hazards you are likely to face as a property owner in Vermont. Whether you are facing expensive losses related to a fire, a severe storm, or a rash of burglaries, you can rest assured that you are covered if you have a suitable Vermont homeowners insurance policy.
Let’s look at the things your Vermont homeowners insurance policy can do for you:
We can’t be 100% certain, but in 2019, insurance companies paid out more than $75 million in home insurance claims in the state of Vermont alone. That's a lot of unfortunate events happening to Vermont homeowners.
Insurance companies base their home insurance rates on the value of your property and how likely it is that something bad will happen to it. The higher the probability that a damaging event will affect your house and property, the more expensive your home insurance policy will be. These potential damaging events are called "risks” or “exposures.”
Let’s take a look at how risky Vermont is compared to the rest of the United States.
The burglary rate in Vermont is lower than the national average. This helps to keep coverage costs affordable in this state. Insurance companies will look at crime rates in your particular ZIP code when determining how high your premiums will be.
Several insurance companies offer policy discounts to homeowners who have burglar alarms, deadbolt locks, and other security features installed in their homes. Talk to a local independent agent to learn whether you qualify for this or any other discounts.
Severe weather events, including hailstorms and high winds, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
Be aware that flood damage is not covered by homeowners insurance. A local independent agent can help you assess your flood risk and, if needed, can set you up with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
The size of your house can affect your home insurance rates, since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
In Vermont, the average home value is higher than the national average. Of course, some cities in this state, like South Burlington, have a greater abundance of high-value properties than others, like Barre, and therefore the average rates for coverage in these cities tend to be higher.
When it comes to homeowners coverage, no insurance company can be considered the “best” for everyone. The policy that works best for you might not be the most ideal choice for your next-door neighbor or your friend in a neighboring town.
That is why independent agents compare policies and rates from multiple companies. That way, they can find the policy that is most suitable to meet your coverage and budgetary needs. Let a local independent agent help you find the policy that is best for you.
Yes! There are currently 107 independent insurance agents in Vermont who are ready to help.
Independent insurance agents do not work for a single insurance company. Instead, they work for you. This means they are free to shop around to find you suitable coverage at a competitive price. Contact an independent agent near you to get started.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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