Vermont Home Insurance 

If you are a homeowner in Vermont, you may be wondering what kind of insurance you need to protect your property and assets. Homeowners insurance is not required by law in Vermont, but if you have a mortgage, your lender may ask you to have a policy that covers at least the value of your loan. Homeowners insurance can help you pay for repairs or replacements if your home or personal belongings are damaged by certain perils, such as fire, lightning, windstorm, hail, smoke, explosion, vandalism or theft. It can also cover your liability if someone gets injured on your property and sues you for damages.

There are different types of homeowners insurance policies available in Vermont, depending on how much coverage you want and what perils you want to insure against. The most common types are:

- The Basic Coverage Form (HO-1): This is the most basic and limited policy that covers your dwelling and personal property against fire, lightning, vandalism, malicious mischief and extended coverage perils (such as riot, explosion, aircraft and civil commotion). This policy is not very popular and may not be offered by all insurers.

- The Broad Coverage Form (HO-2): This policy covers your dwelling and personal property against the same perils as HO-1 plus some additional ones, such as falling objects, weight of ice or snow, accidental discharge of water or steam, freezing of plumbing systems and sudden tearing or cracking of heating or cooling systems. This policy is more common than HO-1 and offers more protection for your home and belongings.

- The Special Coverage Form (HO-3): This is the most popular and widely available policy that covers your dwelling against all perils except those specifically excluded in the policy (such as flood, war or nuclear accident). Your personal property is covered against the same perils as HO-2. This policy offers the most comprehensive coverage for your home and gives you more flexibility to choose what perils you want to exclude or add to your policy.

- The Tenants Form / Renter’s Insurance (HO-4): This policy is designed for people who rent their homes and do not own the building they live in. It covers your personal property against the same perils as HO-2 but does not cover the dwelling itself. This policy is important for renters because your landlord's insurance does not cover your belongings or liability. This policy may also cover additional living expenses if you have to move out temporarily due to a covered loss.

- The Broadest Coverage Form (HO-5): This policy provides the highest level of coverage for both your dwelling and personal property. It covers them against all perils unless they are specifically excluded in the policy. This policy is similar to HO-3 but offers more protection for your personal property. This policy may not be available from all insurers or for all types of homes.

The cost of homeowners insurance in Vermont depends on many factors, such as the type and amount of coverage you choose, the value and condition of your home, the location and crime rate of your area, the deductible you select, the discounts you qualify for and the insurer you choose. According to data from Progressive, the average annual premium for homeowners insurance in Vermont was $1,056 in 2020, which was lower than the national average of $1,445.

Homeowners insurance is a valuable investment that can help you protect your home and assets from unexpected losses. If you are looking for homeowners insurance in Vermont, you should compare quotes from different insurers and review their policies carefully to find the best coverage and price for your needs.