Vermont homeowners insurance

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Factors that can affect your Vermont homeowners insurance rates

In addition to ranking as the sixth smallest state, Vermont is one of the safest places to live and ranks highly on residential safety surveys.  Does a high residential safety ranking affect your Vermont homeowners insurance rates? It can, but don’t overlook other factors that also determine policy costs.

The home value affects insurance rates. If you’re looking for a house in Vermont, however, you can expect a selling price that’s almost 12% lower than the nationwide average. Outside of the Burlington metro area, the median sale price of a home runs about $250,000. Other than the property value, the rate-determining factors directly related to your home are structural and geographical.

The factors that relate to you as an individual are historical and forward-looking, such as your personal history and how much coverage you want. A lower credit score can positively affect your rates. But overall, the key to getting the best possible rates for the coverage you need is to compare policy quotes from different carriers with a resource like VIU by HUB’s comparison tool.

How your Vermont homeowners insurance rates depend on your home — and on you

The following details associated with your home can affect your rates:

       The materials used to build your home, such as wood or stone.

       The age of your home.

       The cost of rebuilding your home.

       The fire rating score for your community.

To help evaluate the fire risk at your home’s location, the Insurance Services Office assigns a rating to each community. Factors that determine a fire risk rating include how well-prepared each community’s fire department is to put out home fires. The ISO fire ratings range between one and ten; lower scores translate into lower homeowners insurance costs.

Certain factors relating to you as an individual also affect your policy cost, such as:

       Your age.

       Your credit score.

       Your history of previous insurance claims.

What you can do to get better homeowners insurance rates

Homeowners insurance companies take fire risks very seriously when calculating coverage rates. Since fire and lightning damage can account for more than one in every five insurance claims, the amount of fire risk your home faces will affect the coverage cost. Compare a few carriers’ quotes before you sign on the dotted line. Using VIU by HUB to compare your coverage will make it much easier for you to find the best rates.

A standard HO-3 policy form may not include some of the coverage types you need

A standard Vermont homeowners insurance policy, also called an HO-3 form policy, covers damage cause by basic perils like fire, explosion, theft and vandalism. Broad, Special and Comprehensive policy forms that cover a broader number of perils are available and should be considered before you decide on a policy or carrier.

Homeowners policies do not cover damage caused by flooding. Separate Flood Insurance is available in a policy from an insurance company or from the National Flood Insurance Program.

What disaster types have Vermont homeowners experienced?

Based on a list of federal disaster declaration categories, the most noted type occurring in Vermont was “Severe Storm.” “Flood” ranked second place. June, July and August reflected the three most disaster-prone months. Although they are not frequently declared a federal disaster, Vermont can average more than 25 floods a year.

Heavy snow also reflects a threat to your home. One particular storm blanketed the state and covered some areas with almost two feet of snow. The heavy snow accumulation caused trees to fall and knock down power lines. The property damage that occurred was in the millions of dollars and the state endured thousands of power outages.

How do Vermont homeowners insurance rates compare with other states?

Vermont ranks among the top five states with the lowest average homeowners insurance costs. Your individual rates may differ from the average property owner’s. Vermont has, for example, a significant number of vacation homes; if you own one or plan on buying one, expect higher rates compared to the same dwelling if used as a primary residence. Insurance companies reasonably assume there’s greater exposure to environmental perils or theft when you leave a home unoccupied during parts of the year.

This information is intended for general informational purposes only and is not intended to constitute legal advice.


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Vermont Legislature


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