Homeowner insurance coverage in Vermont for a condo, townhouse, or stick built home is considered one of the highest in the United States. Annual insurance premiums have pegged rates at a low of $677 to as high as $788. Because it is more expensive compared to other states, the homeowner must take the extra steps to ensure that they get the right policy.
Types of Coverage
There are six types of coverage that are included in the basic homeowner insurance in Vermont. These are:
· Structure Coverage – protects parts of the basic home including the walls, floors and ceilings.
· Detached Buildings – protects structures that are apart from the basic home, such as a detached garage, a swimming pool, or a storage shed.
· Personal Property – these are personal items that belong to the homeowner and/or his/her family. This would include appliances, furniture, clothes and toys. Expensive items such as jewelry, antiques, or coin and stamp collections need to be appraised and added to the policy.
· Loss Of Use – In the event that the house is damaged or needs to be rebuilt, this would cover additional expenses that would be incurred from renting an apartment while the homeowner and the family are unable to live in their home.
· Personal Liability – covers damages caused by the homeowner, family members, or their pet to a neighbor’s property. If someone gets hurt on the homeowner’s property, personal liability will cover the damages that the homeowner is legally responsible for.
· Medical Payments – This would shoulder any medical expenses that would be incurred when visitors get injured on the homeowner’s property.
What to Include in the Coverage
Like most U.S. states, flood insurance coverage is excluded from the basic homeowner policy. Given the erratic weather changes resulting from climate change and global warming, it is advisable to purchase a separate flood insurance policy from the National Flood Insurance Program.
While Vermont may not seem to be an earthquake-prone area, seismologists however have been predicting the risk of an earthquake of above 5.0 on the Richter scale to occur in the state at any given year. Instead of putting the home at risk, it would be best to get added earthquake insurance. It would be of interest to consumers to know that earthquake insurance has a higher deductible compared to other types of insurance and it costs much less in Vermont than in other parts of the United States.
How to Save Money On your Homeowner Insurance in Vermont
Credit score has great weight on a homeowner insurance policy in Vermont. Statistics have shown a correlation between a low credit score and an increase in claims made on an individual’s homeowner insurance. In order to raise the credit score and get the deductions on the premiums, the homeowner may take the following steps:
· Do an annual review of the insurance policy and especially the payments that have been made. A yearly review would also allow the homeowner to determine if he/she would need to request for additional coverage or if the property is still covered under the amounts needed.
· Do the math. Check the credit report for errors.
· Always ensure that payments are made on time.
· Reduce your credit card debts by paying a part of it.
Find homeowner insurance rates in each of these Vermont cities:
Barre – Bennington – Brattleboro – Burlington – Colchester – Essex – Essex Junction – Hartford – Middlebury – Milton – Montpelier – Rutland – Shelburne – South Burlington – Springfield – St. Albans – St. Johnsbury – Swanton – Williston – Winooski – Addison County – Bennington County – Caledonia County – Chittenden County – Essex County – Franklin County – Grand Isle County – Lamoille County – Orange County – Orleans County – Rutland County – Washington County – Windham County – Windsor County
Homeowner insurance in Vermont provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Vermont above.