On average, Vermonters are paying $1,563 every month on homeownership costs. There are 400,000 houses in the Green Mountain State, 71% of which are occupied by owners.
- Population: 626,299
- Average value of homes that’s occupied by owners: $220,600
- Households: 258,535
- Average household income: $57,808
- High school grad or higher, percent of people age 25 years +: 92%
- Average travel time to work: 23 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
Although owning a home can be one of your biggest assets in Vermont, it’s not without risks. Being realistic about the risks that you face such as the possibility of fire or damage to roofs and windows compels you to protect your home by purchasing a homeowners insurance policy. There is also another possibility that someone can be injured on your property and consequently sue you for the damages.
Vermont homeowners are a lucky bunch, especially when it comes to homeowners insurance rates. Vermont has got some of the lowest home insurance premiums thanks to low property crime rates and lesser risk of natural disasters. But we can’t deny the turbulent harsh winters of New England. Heavy snowfall is common in the state that can lead to damages in properties. So, although the home insurance rates are relatively low in Vermont, it would be wiser to get a comparative study on multiple quotes from different companies. Moreover, the home insurance rates vary widely as per the age, construction materials and neighborhood of a residential unit. The comparative study will enable one to find the most competitive quotes around. Our free comparison tool saves you time by providing you with a list of home insurers in your area. Read on to know more about Vermont home insurance premiums.
Vermont home insurance premiums at a glance
As per the data gathered from Insurance Information Institute (III), Vermont ranks in the 41st position in regard to home insurance premiums. The average annual homeowners insurance rate here is $873 in 2015 (latest available data) which is comparatively lower than the national average of $1,173. On the other hand, the monthly average for homeowners insurance premium in VT is approximately $73 and the national monthly average is $98. But this is the average rate and you may not get the exact same quote with the first insurance company you come across. Thus, you must study multiple companies to find out the most suitable offer for you.
Average Vermont Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
Top 3 home insurers in Vermont
Here is a list of top 3 homeowners insurance company in Vermont. You will get compact reviews on their coverage, claims policy, discounts and other important aspects. Additionally, the reviews here also feature ratings received by these 3 companies from AM Best and S&P. These ratings will give you an idea on the financial hold of these companies. The financial condition of your insurer will help you to judge its efficacy in settling your claims with the most righteous compensation amount. The reviews here even feature customer satisfaction ratings from JD Power.
AM Best is a highly acclaimed credit rating agency in America which is known for offering independent and impartial opinion about insurers’ financial strength. S&P is a leading financial services company that occupies a top position in the big 3 credit rating companies. JD Power ratings offer the most independent and unbiased feedback on the customer satisfaction quotient of a company.
One of the most popular homeowners insurance companies in Vermont, the insurer holds 12 percent share in VT’s homeowners insurance market. Liberty Mutual offers a comprehensive standard home insurance policy that provides coverage for personal property, structures, liability protection & relocation expenses. It’s to note here, the policy also includes an exclusive 24/7 Emergency Home Repairs facility that you will find with no other home insurance company in the state.
The company has earned an A (Excellent) rating from AM Best and an A (Strong capacity) from S&P. Thus, you can be sure of the solid financial strength of the insurer. JD Power has given it a 3 (About average) out of 5 Power Circles Rating on overall client satisfaction.
Liberty Mutual offers a wide range of discounts for various factors. These include multiple policies and installation of safety & security devices at home. Moreover, you will also receive a discount while renewing your policy if you can show a no-claims history over the past 5 years.
The company has come up with a very impressive website packed with many helpful resources. You will get an easy quote tool online and coverage calculator that guides you on filing & tracking an insurance claim. Moreover, the company uses advanced RealTime review technology that enables agents to offer on-spot damage estimate when you report a claim.
Established back in 1828, Vermont Mutual is one of the most trusted names in VT’s home insurance scene. The company owns 12 percent share in the Vermont home insurance market and offers a vast range of home insurance policy options. The company caters to almost all kinds of housing units here including condos, single-family houses and even mobile-homes.
A standard home insurance policy from the company offers coverage for both dwelling & personal property. There are add-on coverage options as well that leverage your protection level. For those who run their business from home, the company offers Home Business Endorsement coverage. It’s an add-on with the standard homeowners insurance which will relieve you from wasting money on a separate commercial insurance.
In regards to financial strength, the company has improved in the past few years. As a result, AM Best upgraded their rating of A (Excellent) rating to A+ (Superior) rating for Vermont Mutual Insurance.
The company is especially focused on Vermont and operates with a huge network of local agents all across the state. As Vermont Mutual is a local company, it can always assure more attentive service for Vermont homeowners compared to the other big names that operate across the USA.
Patrons Co-Op owns almost 11 percent market share in the Vermont homeowners insurance market. The organization offers home insurance coverage for almost all kinds of homes here and extends protection beyond the dwelling property. Policies from the company will also cover your boat, snowmobile, antiques and other valuables. Moreover, if you have set your office at your home, you will also get coverage for it under their homeowners insurance policy.
Patrons Co-Op is known for fair and fast settlement of claims. Being a local organization, the company holds excellent professional ties with independent adjusters & appraisers, contracts, cleaners, engineers, law enforcement personnel, attorneys and other related specialists. It helps Patrons Co-Op to ensure the most prompt, unbiased and professional claims settlement for the homeowners in Vermont.
The company has received an A (Excellent) rating from AM Best.
Vermont Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
Source: Insurance Information Institute, AM Best, S&P, JD Power
Resources for Vermont homeowners
On-Site Loan Program
Vermont’s official government site lists quite a few programs in which homeowners may be eligible for. First on their list is the On-site Loan Program also known as Vermont Wastewater and Potable Water Revolving Loan Fund that helps homeowners repair or replace septic and/or water supply systems that are faulty for a low financing cost. A specific official source must confirm that the wastewater and/or drinking water supply is a compromised system and that repair or replacement of the system is needed to be eligible for this program. If interested to know more about the On-site Loan Program, more details can be found here.
To qualify for this program, your income must fall below the program limits. Offering financing to homeowners who need to repair or replace their septic systems, this is another great program that offers support to those who are eligible. To learn more, please go to NeighborWorks HomeOwnership Center.
Home repair loans & grants
The Section 504 USDA Home Repair Program extends loans up to $20,000 to very low-income homeowners to help them with home renovations and grants up to $7,500 to elderly very-low income homeowners to help remove health and safety hazards in their homes. To learn if you qualify for this loan or grant, please visit the USDA website.
Why you need a homeowners policy in Vermont
The insurance policy will protect you from high costs in the unlikely event that a natural disaster strikes your home and incurs costly damages and repairs. If you have a mortgage, the lenders or banks will require you to have insurance that is at least up to the value of your property and other structures in your home such as outbuildings. The home is referred to as the dwelling, for insurance reasons.
In other words, Vermont homeowners insurance will protect you from two risks within the stated limits of your insurance policy:
The risk of liability – you get coverage against being liable for injuries caused to other people or their assets. When you’re responsible for other people’s injuries, then the policy will cover their medical costs.
The risk of damage to your own property – this particular coverage means that you’re protected against losing the use of the dwelling, your personal belongings, and protection against theft and loss of other structures on your property.
Purchasing Vermont home insurance
You will need to know the worth of your dwelling or personal property and decide on how much liability coverage you intend to have. States that fall under the same rank will charge similar premiums. Therefore, it’s critical to know the average premiums for homeowners insurance and renters in Vermont before you start shopping. As mentioned at the beginning of this article, according to III, the average yearly premium for homeowners in Vermont is $873, which is $300 less than the national annual average.
It’s critical to know the limits and coverage that you have or should have when purchasing homeowners insurance because a lack of that information could prove very costly in the long run. Surprisingly, most Americans don’t shop for insurance policies the way they do when it comes to cars, computers, and other things. It’s important to note that there is a wide range of insurance companies across the nation that vary substantially with regard to quotes and even types of features of their homeowners insurance policies.
The state of Vermont doesn’t regulate the premium rates of the insurance policies offered by various insurance companies. The State Insurance Division has a prerogative to only monitor the market so as to ensure that it stays competitive. Therefore, it’s a good idea to shop around extensively before you purchase a homeowners insurance policy.
For more assistance, please contact your local state department of insurance:
Vermont Insurance Division