Home insurance in Vermont is quite affordable compared to other states. The average annual premium is just $848 for a policy with $300,000 in dwelling coverage and a $1,000 deductible — the lowest of all 50 U.S. states Insurify analyzed.
But flooding is a common risk in Vermont, and standard policies don’t cover flood damage. You may want to add flood insurance in addition to your home insurance coverage to better protect your home.
Here’s what you should know about comparing home insurance quotes and finding coverage in Vermont.
Many high-quality home insurance companies serve the state of Vermont, but the right one will depend on your budget, ZIP code, individual needs as a homeowner, and other factors.
Here are some of the best home insurance companies to consider.
The cheapest home insurance company in Vermont is Travelers, which has an average monthly premium of $64 for $300,000 in coverage. See below for a full ranking of the most budget-friendly home insurers in Vermont.
The average home insurance cost in Vermont depends on the amount of coverage you choose, the deductible, the type of home you’re insuring, and other details. For a $300,000 policy, Vermont homeowners pay about $936 annually. For an older home with the same coverage, the price is slightly lower, at $1,005.
The less coverage you buy, the more affordable your Vermont homeowners insurance premiums will be.
Dwelling insurance protects the physical structure of your home if it’s damaged or destroyed by a covered peril.2 The more coverage your home needs, the more you’ll pay for insurance, and vice versa. See below for a full breakdown of average premiums by dwelling coverage amount.
Your home insurance deductible is the amount of money you’re responsible for before your insurer will kick in and cover damages. For example, if you have a deductible of $500 and your home needs a $2,000 roof repair, you’d pay for the first $500, and your insurance company would pay the remaining $1,500.
Deductibles can affect your premiums significantly. The higher your deductible, the less the insurer is on the line for if you file a claim. This will qualify you for lower premiums. If you choose a lower deductible — meaning your insurance company will pay more in a claim — your premium will be higher.
Comparing homeowners insurance companies is the best way to get cheaper home insurance in Vermont, but you can explore many other strategies as well:3
Take advantage of discounts. Most insurance companies offer at least a few discounts that can help you reduce your premiums. These might include discounts for having multiple policies with the company (home, life, auto insurance, etc.), paying your premium in full, choosing electronic statements, and more.
Choose a higher deductible. A higher deductible means your insurance company pays less when you file a claim. This usually qualifies you for a lower premium. Just make sure you have savings on hand to pay that deductible when necessary.
Safeguard your house. Safety and security devices can often qualify you for extra discounts, as they reduce the chances of you filing a claim. You might also take steps to make your home more disaster-resistant, such as installing hurricane windows or reinforcing your roof. These may help lower your premium, too.
Improve your credit. Insurance companies typically use credit history to generate credit-based insurance scores that help indicate your likelihood of filing a claim. Poor credit can indicate a higher risk to the insurer, and they charge more to compensate for their risk. Make sure to pay all your bills on time and reduce your debt balances. Both these steps can improve your credit.
Vermont doesn’t require a minimum amount of home insurance. But if you have a mortgage on your home, your mortgage lender will require you to have a certain amount of home insurance on the property.
Make sure you understand everything your policy covers before purchasing it, as you may want additional coverages depending on your unique location and situation. For example, standard home insurance policies don’t cover flooding, or you may want additional coverage for high-value items like jewelry or artwork.
Home insurance policies protect you against many risks but not all of them. A standard policy typically includes 16 covered perils. For others, you may need additional coverage.
Here’s a look at some common perils you might face as a Vermont homeowner — and what type of coverage you’ll need to protect against them.
If you’re not sure what coverages you need for your location, talk to an independent insurance agent. They can recommend the right products for your homeowners policy.
If you’re shopping for home insurance in Vermont, this additional information may help as you research your coverage options.
Home insurance in Vermont costs $848 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, according to Insurify data.
But your rates will depend on multiple factors, including your ZIP code, age of your home, square footage of your home, and the coverage levels you choose.
Travelers has the cheapest homeowners insurance in Vermont, with monthly premiums of $64.
No. Vermont doesn’t require homeowners insurance, but your mortgage lender will require it if you have a mortgage on your home. It’s important to carry home insurance so that you can get help paying for repairs if a covered peril damages or destroys your home.
The most common type of homeowners insurance policy is an HO-3, or special form, policy. It covers your home, personal belongings, liability, and additional living expenses if you have to move out temporarily while your home is being repaired.
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