Being a homeowner can be exciting, but it is also a big commitment, as homeowners face many common risks such as fire, theft, and Mother Nature. That is why having the right homeowners insurance policy is crucial.
Regardless of whether you reside in an oceanfront house or a tiny house in the country, homeowners insurance is an agreement between the homeowner and an insurance firm in which the insurer agrees to cover financial losses relating to damage and liabilities. The only issue is that only the specific risks stated in the insurance policy will be covered.
Local independent insurance agents can evaluate the unique risks you face as a Burlington, VT, resident. Our local agents will work hard to find you a homeowners insurance policy that meets your needs and budget. Use our independent agent matching system to find the best insurance plans in your area. Tell us what you are looking for, and our technology will recommend the best agents for your insurance needs. Any information you provide will only be sent to the agents you pick. We do not sell to third parties.
What Is the Cost of Homeowners Insurance in Burlington, VT?
Many elements impact the cost of a homeowners insurance policy, including the size and location of your home, the value of the structure, inside contents, and any improvements you have made. Homeowners located in areas prone to severe weather or other risks such as property crimes will be obliged to pay more for their insurance policies than those who live in safer areas.
Clearly, averages can only give you an estimated idea of the costs you will be expected to pay annually for homeowners insurance. Actual homeowners insurance rates can differ from one homeowner to another. This has a tendency to happen because rates are determined on a case-by-case basis according to several different factors including some of the following:
- The age, cost, and size of your home
- The type of home you are insuring
- The number of stories in your home
- The crime rate and weather risks in your area
- Your credit score and claims history
- If you are bundling your coverage with another policy such as car insurance or life insurance
You need a homeowners insurance policy primarily to protect your home and its contents. No matter how sturdy the walls and girders surrounding you, they are still not much of a match against a strong storm or raging fire. A particularly costly disaster could leave a homeowner without the proper coverage to go bankrupt if they are otherwise lacking the financial resources necessary to recover from the damage and/or destruction.
Because your home is more than an assortment of ceilings, floors, and walls, homeowners insurance is intended to cover all the aspects within your refuge. This includes your family, friends, personal property, and pets. While the more intricate your home is, the more coverage you are likely to need, such as an umbrella policy or replacement cost home insurance.
Following are the four key coverage options included in a standard homeowners insurance policy:
- Structural damage: This covers what insurance firms refer to as the “dwelling,” or the construction of the home itself. Damage to or destruction of the dwelling by covered threats falls under this group. Often, coverage extends to detached structures such as garages.
- Personal property damage: This covers your personal belongings such as clothing, electronics, and furniture from hazards such as fire or theft. Possessions stowed within the home as well as exterior storage units are covered, although property stored off-premises may have a lower coverage limit.
- Liability: This covers any legal fees such as attorney and court costs if you are sued for bodily injury or property damage to a third party. Payments you are required to pay if you lose a case are covered as well. This coverage extends to all family members living within the home, including pets. Many other events that occur away from the home are also covered.
- Additional living expenses: This covers living expenses if your home becomes severely damaged or destroyed and you are forced to live somewhere else while waiting on repairs to be made. Additional living expenses cover the difference in spending to maintain your normal daily life while staying away from the home.
Does Burlington, VT, Homeowners Insurance Cover against Catastrophic Events?
Your homeowners insurance policy is developed to protect you against many of the dangers you may face as a homeowner in Burlington, VT, which includes a wide range of catastrophic events such as severe storms and flood damage.
Be sure to purchase the appropriate amount of coverage to enable you to repair or rebuild your home by setting your insurance coverage requirements high enough in the event of a disaster.
Catastrophic events in Vermont:
- Number of federally declared disasters in VT: 50 since 1953
- Most common reasons for disasters in VT: Severe storms
- Average number of tornadoes per year in VT: 1
Residents of Burlington, VT, are at high risk for damage caused by the following:
- Severe storms and lightning damage
- Floods and flood damage
- Hurricanes and tropical storms
- Ice storms and freezing
- Burglary and other property crimes
Fortunately, most of these dangers are covered by homeowners insurance policies. Nevertheless, it is essential to know that flood damage is not covered by homeowners insurance. This is true even if the flood is the direct result of a covered storm.
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What Doesn’t Homeowners Insurance Cover?
While homeowners insurance provides many important coverage options, regrettably it cannot cover the whole shebang. It is a good idea to become familiar with the listed non-covered risks in your policy to save yourself the trouble of filing claims. Homeowners insurance does not cover the following risks:
- Specified natural disasters (i.e., floods, earthquakes, and mudslides)
- Wear and tear damage (i.e., homeowners fail to maintain the home)
- Business-related liability
- Maintenance-related losses
- Insect damage or infestations
- Damage from war or nuclear fallout
You may want to seriously consider adding a flood insurance policy to protect your home against flood or water damage, especially for those who live in areas prone to flooding. Flood insurance policies are available through the National Flood Insurance Program, which is a part of FEMA.
Talk to your independent insurance agent for help in ensuring that your home is properly covered.
Is Homeowners Insurance Required by Law in Burlington, VT?
Homeowners insurance is not required by law; however, most moneylenders are likely to require you to have a policy before they agree to sign a loan for you. Regardless of whether it is required or not, it is always better to be concerned about obtaining coverage as there are several threats that could damage or destroy your home or belongings, and subsequently, your bank account.
Why Does My Home Need Personal Liability Insurance in Burlington, VT?
Lawsuits occur all the time, which can become very expensive. For this reason, your homeowners insurance also provides you with personal liability coverage.
Homeowners insurance is aimed at covering the various costs you may accrue if liable for damages related to a covered event. A few examples of situations in which personal liability coverage may protect you include the following:
- Your dog accidentally turned on the stove when reaching for your steak, which was sitting on the burner. Instead of eating the steak, he set the stove on fire.
- A rattlesnake was found and removed from your toilet! Disturbingly, another 30 rattlesnakes were discovered under your home and around the plumbing system.
- The power went out at your house while you were out of town, causing all the contents of your upright freezer to defrost, coagulate, and spill out onto the garage floor.
- You decided to take your high-priced, brand-new drone for a test ride in your backyard. Your next-door neighbor shoots it down because he thinks you were spying on him.
An independent insurance agent in Burlington, VT, can explain your homeowners liability coverage in better detail.
If you wish to supplement your homeowners insurance with higher liability limits than your homeowners insurance policy allows, your representative can also help you to obtain a reasonably priced umbrella insurance policy. Umbrella insurance is a low-cost way to boost all of your liability coverage requirements.
Does Homeowners Insurance Cover against Burglaries in Burlington, VT?
In the last five years, Burlington has seen increasing violent crime and decreasing property crime. The burglary rate in VT, and in Burlington in particular, is much lower than the national average, which also will allow you to pay a lower rate of homeowners insurance.
- Number of burglaries per 100,000 homes in the US: 376
- Number of burglaries per 100,000 homes in VT: 234.2
- Number of burglaries per 100,000 homes in Burlington: 284.3
Being the victim of a burglary is distressing enough. If your Burlington, VT, home is broken into, you may find some reassurance in knowing your homeowners insurance can provide compensation for your damage as well as for any other property damage the burglars may have done to your home.
Home defense systems are among the most effective theft prevention devices around and many insurance firms offer reductions to clients who have home defense systems installed in their homes. An independent insurance agent can assist you in finding all the potential discounts for which you may qualify.
Does Homeowners Insurance Cover a Second Home or Vacation Home in Burlington, VT?
Whether you own a vacation home or you have a house nearby that you rent to young couples, if you're among the Burlington, VT, residents who own more than one home, you will want to cover all your houses with a suitable homeowners insurance policy.
If you are not currently living in your second or vacation property, there may be added threats which insurance firms may take into consideration. Additional insurance products may be necessary.
- Second homes inhabited by renters have higher liability and property damage risks. These houses require specific coverage options offered by landlord insurance.
- Vacation homes left vacant for long periods have an increased risk of burglaries and property damage. Vacant home insurance may be required while the house is unoccupied.
An independent insurance agent can help you assess the coverage needs for all your residential properties and can help you find the most affordable policies to insure them.
Why Work with an Independent Insurance Agent in Burlington, VT?
TrustedChoice.com independent insurance agents are not tied down to one carrier. They can get quotes from several insurance firms, so you have a variety of affordable options.
Our local agents will review your risks and answer your questions. With the right Burlington homeowners insurance coverage, you can rest easy knowing that you and your family are protected.
Independent insurance agents in Burlington, VT, are eager to help. Contact an independent insurance agent near you to begin reviewing personalized homeowners insurance quotes.
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