Best Homeowners Insurance Agencies in Burlington

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• How can a Burlington resident determine whether an insurance company or agent is licensed or has been disciplined in Vermont?

  Burlington residents can learn about insurance firms or agents in Vermont by asking friends or relatives. Another option is to contact the Vermont Insurance Division at the Department of Financial Regulation at 800-964-1784 or 802-828-3302 to inquire about the licenses or disciplinary actions of their potential insurance carrier or broker.

• Why is it important to carry home insurance when taking out a mortgage in Burlington?

  When applying for a mortgage in Burlington, having home insurance is essential to protect your property investment. Homeowners are frequently required by mortgage lenders to maintain a certain level of insurance coverage. If homeowners do not meet this requirement, lenders may purchase a policy on their own. Homeowners who obtain their own policy through an insurance agent can ensure adequate coverage and competitive rates, as well as avoid increased costs passed on to lenders.

• Can owning a pet lead to higher homeowners' insurance premiums in Burlington?

  Pets can raise the cost of homeowners insurance in Burlington. Some pet breeds may require insurance coverage for potential damages or injuries caused by the pet, as required by some communities. While standard renters insurance policies may cover such liabilities, some insurers may require additional coverage. It is recommended that you discuss these options with an insurance agent or company to understand how they affect premium rates.

• Do homeowners in Burlington need vacant property coverage if they are away for an extended period?

  Yes, extended absences from your Burlington home may necessitate vacant property coverage. Standard policies typically impose time limits on how long a home can be vacant. This extra safeguard may be required to ensure adequate coverage and protection when a house remains unoccupied for a period that exceeds the predetermined limit.

• Should the value of the land be considered when determining how much homeowners insurance to purchase in Burlington?

  No, the value of the land should not be considered when determining how much homeowners insurance to purchase in Burlington. Homeowners' policies typically cover perils such as theft, windstorms, and fire for the structure itself, rather than the land on which it is built. Including the value of the land could result in unnecessarily higher premiums. To ensure you're paying an appropriate premium, focus on insuring the structure and its contents against relevant risks.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.