Getting a Condo Insurance Quote in Vermont
Many residents of Vermont choose the convenience of living in condos. But choosing the right insurance for your condo could be confusing. No need to fret; we have got your back. We will help you find the right policy for your needs at the best price. What influences the price of a yearly condo insurance in Vermont? We have listed the key factors for you to keep in mind as you negotiate the final cost of your condo insurance. Our goal is to make the purchasing process for you as easy as it can be.
Vermont Condo Insurance Statistics at a Glance
Given the numerous factors that affect the price of condo insurance in Vermont and considering that property values are on the rise, insurance policies can be on the expensive side. As a matter of fact, Vermont has rated the 8th most expensive state in the country for condo insurance. Vermont residents pay an average of $138 per month or $1,651 annually in condo insurance premiums. Despite Vermonters spending more on condo insurance, it's good to know that market trends show that the rates are becoming more affordable. Overall, most cities in Vermont have comparable average monthly rates for condo insurance, with Winooski, VT is shown to be the lowest priced city at $22.92 per month or $275 annually. On the other hand, Brattleboro has the highest condo insurance rates in the state at $26.38 per month or $316.50 annually. The rates in condo insurance also differ significantly depending on the insurance company, which is why it's important to do a bit of research to find the best condo insurance in Vermont.
$383
Average Annual Cost of Condo Insurance in Vermont
The average cost of condo insurance in Vermont on an annual basis is $383.
$32
Average Monthly Cost of Condo Insurance in Vermont
The cost of condo insurance in Vermont is roughly $32 per month.
36%
Percentage of Income on Ownership for Condos in Vermont
Residents of Vermont spend an average of 36% of their income on condo ownership.
33 years
Median Age of a Property Which Requires Vermont Condo Insurance
The average age of a property requiring condo insurance in Vermont is roughly 33 years.
What Affects the Costs of Your Condo Insurance in Vermont
There are several variables that cause shifts in condo insurance prices in Vermont. Insurance companies use these variables to calculate your individual risk and policy requirements and provide you with a precise quote for your condo insurance coverage. But there are many factors beyond your control that could also influence the cost of your condo insurance in Vermont. These factors include the location of your condo, the age of your condo, and its construction quality. In some cases, you may even be eligible for discounts. But there are also some factors in your control that could harm or benefit the final price of your Vermont condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal belongings in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your Vermont condo insurance, we advise you to be well prepared with this information beforehand.
Average Cost of Condo Insurance in Vermont by City
The most conventional type of condo insurance in Vermont is the HO6 insurance plan. Whether you are living the big city life in Burlington or South Burlington, or even own a condo in a smaller city like Manchester, you will probably require H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we have done the hard work for you and gathered a complete list of estimated condo insurance quotes for the city of Vermont. As these averages are based on all insurance prices per individual town or city in Vermont, the final price of your condo insurance may differ from that quoted below and will depend on the location of your condo.
| City in Vermont | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Burlington, VT | $24 | $291 |
| Essex Junction, VT | $24 | $283 |
| Rutland, VT | $26 | $313 |
| Colchester, VT | $23 | $281 |
| South Burlington, VT | $23 | $277 |
| Bennington, VT | $26 | $316 |
| Brattleboro, VT | $26 | $317 |
| West Hartford, VT | $25 | $302 |
| Milton, VT | $24 | $287 |
| Barre, VT | $25 | $297 |
| Springfield, VT | $26 | $315 |
| Middlebury, VT | $25 | $303 |
| Montpelier, VT | $25 | $303 |
| St. Albans, VT | $26 | $307 |
| Barre, VT | $25 | $297 |
| St. Johnsbury, VT | $25 | $302 |
| Shelburne, VT | $23 | $281 |
| Winooski, VT | $23 | $275 |
| Swanton, VT | $26 | $312 |
| Northfield, VT | $25 | $301 |
| Lyndon Center, VT | $25 | $304 |
| St. Albans, VT | $26 | $307 |
| Jericho, VT | $24 | $282 |
| Newport, VT | $26 | $310 |
| Waterbury, VT | $25 | $303 |
| Randolph, VT | $25 | $306 |
| Derby, VT | $26 | $314 |
| Castleton, VT | $26 | $313 |
| Hinesburg, VT | $23 | $277 |
| Stowe, VT | $25 | $303 |
| Manchester, VT | $26 | $312 |
| Richmond, VT | $23 | $279 |
Choosing the Best Condo Insurance Company in Vermont for Your Needs
Buying your long-term peace of mind means spending time and effort now in finding the best condo insurance provider for your needs. Be diligent in your search for the most extensive condo insurance, do not just settle for the cheapest. Insuring your condo means insuring yourself, your space, and your possessions. The best strategy for finding the most suitable condo insurance provider for your property is to compare different insurance providers in Vermont. A reliable insurance provider will not force you to make a quick decision or pay for what you do not need. Look for condo insurance companies that benefit their long-term customers with discounts or provide bundle insurance discounts. Make sure that your chosen provider is licensed. You can check the Vermont Department of Insurance website to find out the licensing status, financial stability, and criticism history of your chosen insurance provider.
The Top Rated Condo Insurance Companies in Vermont Based off Consumer Ratings
State Farm holds the top place at being the largest condo insurance provider in the United States for more than 50 decades. In Vermont, a study done by JD Power showed that State Farm scored a 4 out of 5 (higher than the average) in the coverage offerings, billing and payment, customer support and claims. State Farm also obtained an NAIC criticism ratio of 0.2. Like many condo insurance companies in Vermont, they offer premium discounts on condos that were built or renovated to withstand any natural disasters that may occur in The Green Mountain State. When considering pure metrics of condo insurance companies in Vermont independently, Amica has the highest JD Power rating in the state at 5, while Liberty Mutual has the cheapest at 2. Chubb comes in as the condo insurance provider in Vermont, which has the cheapest NAIC criticism ratio at 0.03, while Hartford has the highest NAIC criticism ratio at 1.
| Vermont Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| AIG Ratings for Condo Insurance in Vermont | 2/5 | 0.09 |
| Allstate Ratings for Condo Insurance in Vermont | 3/5 | 0.34 |
| American Family Ratings for Condo Insurance in Vermont | 3/5 | 0.33 |
| Amica Ratings for Condo Insurance in Vermont | 5/5 | 0.24 |
| Chubb Ratings for Condo Insurance in Vermont | 2/5 | 0.03 |
| Concord Group Ratings for Condo Insurance in Vermont | N/A | 0.6 |
| Farmers Ratings for Condo Insurance in Vermont | 3/5 | 0.12 |
| Hartford Ratings for Condo Insurance in Vermont | 3/5 | 1 |
| Liberty Mutual Ratings for Condo Insurance in Vermont | 2/5 | 0.45 |
| Metropolitan Ratings for Condo Insurance in Vermont | 2/5 | 0.23 |
| MMG Insurance Company Ratings for Condo Insurance in Vermont | N/A | 0.3 |
| Nationwide Ratings for Condo Insurance in Vermont | 2/5 | 0.24 |
| Patrons Co-op Fire Ins Co Ratings for Condo Insurance in Vermont | N/A | 0 |
| State Farm Ratings for Condo Insurance in Vermont | 4/5 | 0.2 |
| Travelers Ratings for Condo Insurance in Vermont | 2/5 | 0.56 |
| Union Mutual Fire Group Ratings for Condo Insurance in Vermont | N/A | 0.7 |
| USAA Ratings for Condo Insurance in Vermont | 5/5 | 0.15 |
| Vermont Mutual Ratings for Condo Insurance in Vermont | N/A | 0.74 |
Vermont Condo Insurance Requirements
Under the Condominium Ownership Act Uniform, a condo unit resident in Vermont is permitted to obtain their own personal insurance but is not required to do so. The Act states that if the condo resident has an insurance policy that covers exactly the same risks as the owner's coverage at the time of claim, then the owner's policy will take precedence and provide the primary insurance. Vermont law demands condo owners obtain insurance for the entire condominium construction. However, condo unit residents may still need to consider purchasing insurance policies to cover their accountability, their possessions, any condo changes they install, or any event not insured by the owner's coverage.
What's Covered with Your Condo Insurance in Vermont
While researching condo insurance policies, you will notice that most condo insurance companies in Vermont will provide standard coverage consisting of construction property policy, personal property policy, liability policy, and loss of use policy. Construction property policy protects you financially from damage to the interior of your condo (walls, floors, tiles) and damage of permanent fixtures caused by a covered event, such as fire. Personal property policy protects your personal belongings, such as clothing, furniture, and electronics, that are lost due to a covered event. With a liability policy, you are protected if you are held legally accountable for property damage or injury. Generally, a condo insurance policy in Vermont covers $100,000 in liability compensation. The loss of use policy will cover your higher living expenses should your condo in Vermont become uninhabitable due to a covered event, forcing you to move out into a more expensive condo.
| Average Costs of Condo Insurance in Vermont by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Addison County, VT | $32 | $382 |
| Bennington County, VT | $32 | $382 |
| Caledonia County, VT | $32 | $382 |
| Chittenden County, VT | $32 | $382 |
| Essex County, VT | $32 | $383 |
| Franklin County, VT | $32 | $385 |
| Grand Isle County, VT | $32 | $386 |
| Lamoille County, VT | $32 | $386 |
| Orange County, VT | $32 | $386 |
| Orleans County, VT | $32 | $386 |
| Rutland County, VT | $32 | $387 |
| Washington County, VT | $32 | $387 |
| Windham County, VT | $32 | $388 |
| Windsor County, VT | $32 | $386 |
How to Get Vermont Condo Insurance Discounts
Every insurance provider in Vermont has its own discount or loyalty program. As you research different providers, make sure to inquire about discounts that may be available for you and your family. These may include bundled and multi-policy discounts, new client discounts, and loyalty discounts.
| Condo Insurance Deductible | Average Vermont Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $61 |
| $1,000 | $55 |
| $1,500 | $53 |
| $2,000 | $48 |
| $5,000 | $42 |
Getting the Best Vermont Condo Insurance Rates
Doing the research is key to finding the best condo insurance policy in Vermont to fit your savings. Give us a call, and we will help you check if any insurance companies can beat what you are paying. You would be surprised! You may also consider asking a friend to consult with their current condo insurance provider and get you a referral discount. You can also save a few dollars a month if you spend a little more on your deductible, as the higher the deductible, the lower the cost of your insurance plan. Just make sure your deductible is not too high, as, in the event of a loss, you are responsible for paying any sum up to the deductible. Bundling multiple insurance policies, like condo insurance and auto insurance, can also save you some money, so check with your insurance provider if they offer premium discounts on bundles. They may also provide discounts for long-time clients, and some of those discounts may save you up to 10% on your premiums. You can also get a lower insurance premium if you focus on keeping your credit rating high, as this is a factor insurance companies consider when providing your condo insurance premium.