Homeowners in the Green Mountain state understand the value of home insurance, especially when the harsh winter months cause property damage. But home insurance policies cover much more than broken roof shingles and fallen gutters. The right plan can protect you if somebody slips on an iced-over walkway and gets injured, or in the event of a fire or home break-in. MoneyGeek graded several insurance companies based on three factors to help you find the right home insurance policy to cover your needs at the most affordable rate. Compare your policy price, compare your state’s average premium with the national average and find the best option for your needs, no matter where you call home.
The Best Homeowners Insurance Companies and Cheapest Quotes in Vermont for 2020
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- The Best Cheap Homeowners Insurance in Vermont
The 4 Best Homeowners Insurance Companies in Vermont
When looking for the best home insurance in Vermont, your costs should not be the only things that matter. While it is important to know how much your premiums will cost you, it is also important to look at different coverage options, pay claims, good customer service and low complaint numbers.
To help you find the best homeowners insurance in Vermont, MoneyGeek has compiled a list of the state’s top four providers. The ranking is based on factors like insurance costs, the ability to pay claims based on AM Best’s financial stability rating and J.D. Power’s customer satisfaction ratings.
In addition to basic dwelling coverage, Allstate also provides coverage for loss of use, personal property, liability protection and replacement costs. You can get extended coverage for valuables and include identity theft protection in your policy. Discounts are on offer for multi-policy bundles and safe homes. They offer a robust online quoting system and most transactions can be carried out online using their website and mobile app.Read MoneyGeek's Allstate Home Insurance Review
State Farm provides coverage for several different types of property and has a detailed online quoting system. The feature-rich mobile app can be used to find local agents, file claims and paying bills. Apart from dwelling coverage, you can also get coverage for replacement value, personal property, other structures and liability protection. You can purchase extended coverage for loss of use, energy efficiency upgrades and identity theft protection.Read MoneyGeek's State Farm Home Insurance Review
Travelers helps customers overcome initial hurdles with a thorough, detailed online quoting system that automatically researches several parameters regarding your property. There is great flexibility in terms of limits and you can get coverage for dwellings, personal property, loss of use, other structures, and medical payments for others. If you have a certified green home, you can get additional coverage to repair, rebuild or replace parts of your home using green materials.Read MoneyGeek's Travelers Home Insurance Review
What Is the Average Cost of Homeowners Insurance in Vermont?
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Vermont is a state where home insurance is significantly less expensive than the national average. The average cost of home insurance in Vermont for a baseline dwelling coverage amount of $250,000 comes to about $1,197. This rate is $906 or 43.1% less expensive than the national average of $2,103 on average.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Vermont
Several factors can impact your home insurance costs in Vermont. Carriers can look at factors like the value of your dwelling, its age, its roof quality and your frequency of past claims to come up with a quote for your homeowners insurance policy.
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These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Vermont
If you are looking for cheap home insurance in Vermont, the company to go for is probably Allstate. For a baseline dwelling coverage amount of $250,000, an Allstate policy can come with an average annual premium of $983. This rate is about $214 or 17.9% less expensive than the state average.
Dwelling coverage refers to recouping the financial costs of repairing or rebuilding your home if it gets damaged by external circumstances outlined in your policy, like natural disasters, theft or vandalism. If you have particular coverage requirements and want the cheapest policy that ticks all the boxes, compare homeowners insurance quotes from multiple providers.
Cheapest Homeowners Insurance by Dwelling Coverage
Best Cheap Homeowners Insurance Companies for Expensive Homes
If you have an expensive home in Vermont, it can certainly make sense to get the best home insurance coverage you possibly can to stay safe financially. The most affordable option in the state can be Allstate. Customers can expect to pay about $3,864 annually on average for a $2 million home with an Allstate policy.
Cheapest Homeowners Insurance Companies for High-Value Homes
Best Homeowners Insurance Companies if You Have a Pool
Having a pool at home can be a great source of comfort and relaxation. However, it also affects your liabilities. Installing a pool may require getting additional insurance coverage and paying additional premium costs. For your pool home in Vermont, the most affordable insurance option might be a Travelers policy for which you can expect to pay an average amount of $975 every year.
Cheapest Homeowners Insurance for Pool Home
Cheapest Home Insurance in Vermont if You Have Poor Credit
While assessing your risk profile to determine your premium costs, insurance companies may consider your credit score as an important parameter. Having a low credit score might mean having to pay more for your premiums. If you have poor credit in Vermont, the cheapest home insurance option might be a policy from Allstate for which you can expect to pay about $983 per year, on average, for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
How to Get Homeowners Insurance Quotes in Vermont
To get your personalized quotes for home insurance in Vermont, you need to furnish your chosen provider with your name, address, phone number and social security number. You also have to declare your home’s age, value and details about its construction materials, security measures and addons like a pool or solar panels. With these details, the provider can give you a personalized quote.
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Other Considerations for Homeowners Insurance in Vermont
Many parameters can become important in determining insurance costs in Vermont. Your situation and factors inherent to your state and locality can influence the costs. Crime rates, weather risks and home values can be important factors here. For example, Vermont ranked 49th in the country in terms of property crime rate per 100,000 with roughly 8 property crimes and 1,077 violent crimes, according to a 2018 FBI study. In terms of home values, the state ranks 22nd with a typical average value of $254,234 per home.
It is a good idea to be prepared for emergencies in Vermont, especially those brought about by hazardous weather conditions. You can study the specific weather hazards your area might be vulnerable to and purchase coverage for those with your home insurance policy.
A large number of properties in Vermont can be particularly vulnerable to flood damage. About 12.9% of all Vermont properties, 39,700 in total, are at risk. In case some providers do not have flood insurance options, you can look for a government-run National Flood Insurance Program (NFIP) if your community participates. For a higher coverage amount, consider an incremental private policy.
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Vermont that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Vermont. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "2018 Crime in the United States." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.