Compare Homeowners Insurance Quotes In Vermont

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Best Home Insurance Rates In Vermont

Vermont is famous as the top producer of maple syrup in the US. The Green Mountain State is the second-least populous state, and its residents have been ranked as the healthiest of any state in the country. Two presidents were born in Vermont, Chester A. Arthur and Calvin Coolidge. Vermont is also home to a number of homeowners insurance risks that are typical of the New England region.

Average Vermont Homeowners Insurance Rates

Vermont has below average insurance premiums compared to the rest of the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Vermont was $844, much lower than the national average of $1,132. Only ten states have lower average home insurance rates than Vermont.

Vermont Average Annual Homeowners Insurance Rates
  2012 2013 2014
Vermont Annual Average $782 $814 $844
Vermont Price Per Month $65 $68 $70
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 39 41 41
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Compare Home Insurance Quotes in Vermont

Choosing a homeowners insurance company in Vermont should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes in Vermont from multiple companies.

Best Vermont Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Vermont. Out of the 1,093 Vermont homeowners that used QuoteWizard to request insurance quotes last year, 57 had no home insurance.

  1. Liberty Mutual
  2. Allstate insurance
  3. Progressive Casualty
  4. Nationwide
  5. Geico
  6. Travelers Insurance
  7. Safeco
  8. AAA Insurance Co.
  9. Hartford Insurance
  10. MetLife
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Why contact every individual company in Vermont that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Vermont Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Vermont Mutual Insurance Co. $21,204 11.9%
2 Co-operative Insurance Cos. $19,217 10.8%
3 Liberty Mutual $18,506 10.4%
4 Concord General Mutual Insurance Co. $12,245 6.9%
5 Union Mutual Fire Insurance Co. $12,082 6.8%
6 Allstate $9,879 5.6%
7 Chubb Corp. $8,904 5.0%
8 Travelers Companies Inc. $8,370 4.7%
9 USAA Insurance Group $7,768 4.4%

Financial Strength Ratings of Vermont Home Insurers

Source: A.M. Best (Ratings as of 9/10/2015)

  • Vermont Mutual Insurance Co.: A+
  • Co-operative Insurance Cos.: NR
  • Liberty Mutual: A
  • Concord Insurance Group: A
  • Union Mutual Fire Insurance Co.: A-
  • Allstate: A+
  • Chubb Corp: A++
  • Travelers Companies Inc.: A+
  • USAA Insurance Group: A++
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Vermont Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Queen City Assurance Inc. $169,396 12.3%
2 Liberty Mutual $113,383 8.2%
3 Archer Daniels Midland Group $81,624 5.9%
4 Travelers Companies Inc. $63,259 4.6%
5 WR Berkley Insurance Corp. $62,747 4.5%
6 Progressive Group $59,490 4.3%
7 Geico $52,093 3.8%
8 Vermont Mutual Insurance Co. $50,757 3.7%
9 Co-operative Insurance Cos. $50,225 3.6%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Vermont.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Vermont, the average listing price is $275,763 as of July 2015, basically equal to the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Vermont’s average burglary rate was 528.7 per 100,000 people, which is slightly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Vermont, there are 108.5 law enforcement personnel per 100,000 total citizens, which is about three times the national median of 32 per 100,000.

Home Insurance Hazards

As is typical of the New England region, Vermont’s weather is mostly mild. However, humid summers and extremely cold winters can bring serious homeowners insurance hazards.

Humid summers: While summers in Vermont are mostly mild, they are also quite humid. Humidity is relatively high in Vermont throughout the year, which is why winters are so snowy and rainfall is consistent year-round. Humidity peaks from August to October, while temperatures peak in July. Even in July, the hottest month of the year, average high temperatures barely exceed 80 degrees. In September, the most humid month, humidity levels average 84%. As humidity is essentially moisture in the air, it can sometimes be a serious homeowners insurance hazard. If this moisture gets trapped inside, it can form mold or mildew. And, some methods of insulation prevent the movement of moisture, which also leads to the development of mold and mildew.

Extremely cold winters: Vermont winters are snowy and can be very cold. Overall, Vermont averages 54 days and about 80 inches of snow per year. Despite its small size, snowfall varies greatly throughout Vermont. At Mount Mansfield, they average 85 days of snow per year, and about 244 inches annually. However, further south, in Montpelier, they average only 50 days and 94 inches of snow per year. Despite variations in snowfall, winter temperatures are uniformly quite low. In fact, Vermont has the #7 coldest average annual temperatures of any state. January tends to be the coldest month of the year. High temperatures during January are below freezing in the entire state, averaging 26 degrees. Low temperatures are in the single-digits, averaging 4 degrees. Below freezing temperatures are common through March. Extreme cold such as this is a homeowners insurance hazard. In freezing temperatures, metal structures become stiff and brittle and pipes can crack and leak as objects are forced to contract by the cold.

Year-round precipitation: The average annual rainfall in Vermont is about 43 inches. Most cities in Vermont will see rain almost every other day. For example, in Montpelier, they average 149 days of rain per year and over 37 inches of rain a year. Further north, in Newport, they average 175 days of rain per year and about 42 inches of rain annually. Normally, this rain is light, but occasionally, Vermont will experience a Nor’easter storm, which are typical of the New England region. These storms can cause extreme winds, blizzard conditions in winter, and flooding in spring. Preparing for these conditions is the best way to prevent against damage. That said, the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Vermont Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Susan L. Donegan
Insurance Hotline:
(802) 828 – 3301
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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