Vermont Condo Insurance
Get a complete analysis of Vermont condo insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Condo Insurance Rates & Companies in Vermont
Condominiums are a popular housing choice for many residents of the Green Mountain State, particularly those located near ski slopes and resorts. If you're among the many condominium owners in Vermont, a condo insurance policy can help cover your personal property and protect your finances. Without this coverage, you could end up having to repair or replace your belongings or pay hefty lawsuit expenses out of your own pocket.
Fortunately, a local independent insurance agent in Vermont can help you get equipped with all the condo insurance you need. They'll help you get matched to a policy with the ideal amount of coverage today. But first, here's a behind-the-scenes look at Vermont condo insurance requirements, coverage options, and more.
Best Condo Insurance Companies in Vermont
Many different insurers in Vermont offer condo insurance. However, you're seeking the best condominium insurance in Vermont, so you need to know where to find it. Here are some of our top recommendations for quality condo insurance in Vermont.
- Foremost: This insurance company sells condo insurance and many other types of personal insurance. Foremost has outstanding ratings from both AM Best and the Better Business Bureau (BBB), offers numerous discounts, and provides 24/7 claims reporting.
- Encova: This insurance company sells condo insurance and many other types of personal and business insurance. Encova has great ratings from AM Best and the BBB and offers 24/7 claims reporting services.
- Stillwater: This insurance company sells condo insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the BBB and offers nationwide coverage and 24/7 claims reporting services.
A Vermont independent insurance agent can help you shop and compare quotes and policy options from each of these top-rated carriers and others.
What's the Difference Between HO3 and HO6 Insurance?
Condo insurance, which is also frequently referred to as HO6 insurance, is a specialized type of homeowners insurance. HO6 policies are designed to cover your personal property, otherwise known as contents.
However, these policies differ from HO3 insurance, which is designed to cover more traditional houses. HO3 policies provide coverage for the structure or dwelling of the building itself, as well as its foundation. Condo insurance typically does not provide this aspect of coverage since the homeowners association's master policy is designed to cover the structural elements of each condo.
Is Condo Insurance Required in Vermont?
Condo insurance isn't required by state law in Vermont. However, most mortgage lenders require condo owners to obtain an insurance policy as part of their agreement.
Still, even if you don't have a mortgage, having condo insurance can be a wise decision. Without this coverage, you might have to pay out-of-pocket to replace your property if it gets stolen, damaged, destroyed, or even for an unexpected, expensive lawsuit.
What Does Condo Insurance Cover in Vermont?
Condo insurance provides more coverage than just your personal property. In Vermont, condo insurance typically includes the following protections:
- Liability coverage: This can reimburse you for the cost of your legal defense, as well as court fees and other related expenses, if you face a third-party lawsuit over claims of personal property damage or bodily injury.
- Contents coverage: This can reimburse you for repairs or replacements of your personal property, such as furniture, clothing, electronics, and jewelry if it gets damaged, destroyed, or lost due to theft, fire, and other covered perils.
- Loss of use coverage: This can reimburse you for extra expenses, such as takeout meals, gas, and hotel rooms if a covered disaster damages your condo to the point you must temporarily live elsewhere while repairs are in progress.
Your independent insurance agent can help you assemble a condo insurance policy that meets all your personal coverage needs.
What's Not Covered by Vermont Condo Insurance?
It's critical to understand what isn't covered by your condo insurance policy, too. In Vermont, condo insurance typically won't cover any of the following disasters or expenses:
- Flood or earthquake damage
- Routine maintenance expenses
- Intentional or malicious acts against third parties
- Insect damage or infestation
- Water or sewer backup damage
It's often possible to add protection against flood damage or sewer backup damage to your personal property as an endorsement for your condo insurance policy.
How Much Does Condo Insurance Cost in Vermont?
Because condo insurance doesn't cover the structure of your building, it's typically more affordable than a traditional homeowners insurance policy. In Vermont, condo insurance is also considerably cheaper than the current national average of $455 per year. Vermont condo insurance costs just $255 annually, on average.
However, keep in mind that your specific policy's rates can vary based on your personal claims history, the amount and type of coverage you choose, the deductible amount you select, and your exact location. Be sure to also ask your agent about condo insurance discounts in Vermont to potentially reduce your premiums even further.
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Popular Questions about Vermont Condo Insurance
Vermont state law doesn't require condo owners to have condo insurance. That said, many mortgage lenders in Vermont require you to have condo insurance as part of the agreement.
The current average cost of condo insurance in Vermont is about $255 per year. This breaks down to about $21 per month.
We found that Foremost is the best condo insurance company in Vermont this year. Foremost has excellent official ratings and customer service ratings, as well as great coverage options and competitive rates.
Vermont independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Montpelier or wherever you reside.
https://www.nerdwallet.com/article/insurance/condo-insurance-cost
https://www.iii.org/article/insuring-co-op-or-condo