Burlington, Vermont’s largest city, offers residents a charming environment but also faces unique weather challenges that impact home insurance rates. The national average cost for home insurance is $1,428 per year, while homeowners in Burlington pay an average of $1,120 per year. Burlington’s lower-than-average rates are primarily influenced by Vermont’s overall low crime rate, but winter storms and flooding risks can still drive premiums higher.
Local Factors Impacting Home Insurance Costs in Burlington
Winter Storms: Burlington experiences harsh winters with heavy snowfall and freezing temperatures, increasing the likelihood of damage to homes, roofs, and pipes.
Flooding: Homes located near Lake Champlain and lower-lying areas are at a higher risk of flooding, especially after snowmelt or heavy rains.
Older Homes: Many homes in Burlington are older, which can lead to higher premiums due to outdated construction materials or systems that need frequent repair.
Home Insurance Rates by Home Age in Burlington
The age of a home plays a significant role in determining insurance premiums. Older homes generally require more upkeep, leading to higher insurance costs, while newer homes benefit from modern construction standards.
Home Age
Average Annual Premium
0-10 years
$1,070
11-25 years
$1,120
26-50 years
$1,180
51+ years
$1,270
Home Insurance Rates by Credit Tier in Burlington
Credit scores greatly impact home insurance premiums in Burlington. Homeowners with excellent credit can secure lower premiums, while those with lower credit scores may see higher costs.
Excellent Credit (750+): $1,080 per year
Good Credit (700-749): $1,120 per year
Fair Credit (650-699): $1,220 per year
Poor Credit (Below 650): $1,350 per year
Cheapest Home Insurance Providers in Burlington
Several insurance companies offer competitive rates in Burlington, allowing homeowners to find affordable coverage. Below are the cheapest home insurance providers in the city:
Provider
Average Annual Premium
State Farm
$1,100
Allstate
$1,130
Liberty Mutual
$1,140
Farmers
$1,120
Home Insurance Rates by Deductible Amount in Burlington
Increasing your deductible can lower your monthly premium but will also increase your out-of-pocket costs when you file a claim. Here’s how deductibles impact home insurance premiums in Burlington:
$500 deductible: $1,250 per year
$1,000 deductible: $1,120 per year
$2,500 deductible: $1,020 per year
Types of Homeowners Insurance in Burlington
HO-3: Standard homeowners insurance that covers the structure, personal belongings, and liability protection.
HO-5: A more comprehensive policy that offers higher coverage limits for both the home and personal property.
HO-6: Condo insurance that covers personal belongings and the interior of the condo unit.
Additional Coverage Options
Flood Insurance: Essential for homes near Lake Champlain or in flood-prone areas, as standard policies do not cover flood damage.
Winter Storm Insurance: Protects against damage caused by heavy snow, ice, or freezing temperatures, which is particularly important in Burlington’s cold winters.
Water Backup Insurance: Covers water damage caused by backed-up drains or sewers, useful for older homes with outdated plumbing systems.
Frequently Asked Questions (FAQs) about Home Insurance in Burlington
How do Burlington’s winter storms affect home insurance premiums? The risk of snow, ice, and freezing temperatures increases the likelihood of property damage, leading to higher premiums.
Is flood insurance necessary in Burlington? Homes near Lake Champlain or in low-lying areas are prone to flooding, so flood insurance is highly recommended.
