For most people, their home is their biggest investment. Usually, it is also their greatest financial asset. Therefore, it stands to reason that when you are choosing Vermont home insurance, it is important to know not only what type of coverage you need but also the amount of coverage that will adequately protect you and your investment.
When people are considering Vermont home insurance, most probably think of natural occurrences which can happen unexpectedly- thunderstorms with damaging hail and wind, tornadoes and earthquakes. It is important to remember that many times, unless specified in your Vermont home insurance policy, coverage for floods and earthquakes are considered “extra”. This means that you have to add them to normal policy coverage (and at additional cost).
Also, people want damage protection from fire, smoke, and other related problems. But there are other circumstances which can warrant having a sound Vermont home insurance policy. It’s important to have protection from possible theft and also from personal liability claims (which can arise from someone injuring themselves while on your property).
There are also some simple things you can do to reduce your risk of loss and minimize the chance of damages. These include installing and maintaining smoke detectors throughout your home, installing a security system, and placing fire extinguishers in high-risk areas.
Also, remember that the better home insurance coverage you have in effect, the less financial obligation you will have in the event of a claim. Additionally, if you have a mortgage, you may want to check with your lender as many mortgage companies have certain coverage requirements that they expect you to include in your policy.
Once you have looked over the information outlined in this article, you will be able to put together a policy which is right for your needs and resources. You can rely on insuranceUSA.com to help guide you through these facts and offer you straight-forward, affordable Vermont home insurance quotes.
Choosing Your Vermont Home Insurance Policy
Generally, there are two types of Vermont home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of Vermont home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package Vermont home insurance policy rather than buying several types of separate coverage.
There are seven types of Vermont home insurance policy options available. Each type of Vermont home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of Vermont home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 Vermont home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This Vermont home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of Vermont home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Vermont home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This Vermont home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 Vermont home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This Vermont home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Vermont home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much Vermont Home Insurance Do you Need?
You may be asking how much Vermont home insurance do I need? The answer is only as much as needed to cover a loss but not so much that you can’t afford the premiums.
Most insurers will ask you have your house appraised by a professional home inspector before they’ll write you a policy. Furthermore, you will want to compile an inventory of all your major possessions such as furniture and appliances. Hang onto your receipts and take photographs. Also, update your policy at least once-a year or whenever you make any changes.
Should you ever have questions or concerns about your Vermont home insurance, make sure you contact your insurer for answers. And remember, InsuranceUSA.com is a great place to research Vermont home insurance and request a free quote!
Non-Renewals and Policy Cancellations
Vermont home insurance has a policy “term period” which means the insurance company cannot cancel or not renew a policy unless they are legally-justified in doing so.
Normally, most insurance policies will be cancelled if the policy-holder fails to pay their premiums or they submit fraudulent claims. Other instances, which might warrant cancellation are if the policy-holder is convicted of a crime; they make changes to the property rendering it uninsurable; or if they create unsafe conditions that increase the insurer’s risk.
Usually, after the policy term ends, the insurer, if they wish to cancel or not renew your policy, will have to provide adequate notice.
Finding Vermont Home Insurance That Meets Your Needs
Finding appropriate Vermont home insurance shouldn’t be a difficult process. It is, however, important that you make sure that any company that you consider working with is legal. To do this you can ask for a copy of their license number that is issue by the state of Vermont.
The first step in making sure that you get what you need when it comes to Vermont home insurance is to complete the questionnaire that your insurer gives you. The more information that you supply the insurer with the better an offer they will be able to make to you.
Ask around about service levels when shopping for Vermont home insurance. Service is equally as important as price when you are purchasing home insurance.
On-Line Vermont Home Insurance
Like with all important decisions that you make with regards to your home, you should shop around for the best value Vermont home insurance. Shopping on-line can make this a quick and painless process. Using a comparison site like InsuranceUSA.com also simplifies the process. While faster than filling in paper forms, it is important to remember that the information that you provide potential suppliers with is the key to your obtaining the home insurance that you need.
Don’t confuse price with quality. Often the cheapest isn’t the best. Try to find out as much as possible about any company that you are considering buying Vermont home insurance from. This will mean that you get exactly what you need.
- Enosburg Falls
- Essex Junction
- Manchester Center
- North Hartland
- Saint Albans
- Saint Johnsbury
- Saint Johnsbury Center
- So Burlington
- South Burlington
- South Burtlington
- St Albans
- White River Junction