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Homeowners insurance covers your home against damage from fire, vandalism, theft, and Vermont storms and winters. Without it, you risk losing everything you own. Here's how to get low cost Vermont homeowners insurance. What Homeowners Insurance Covers Homeowners insurance covers: Your home - Homeowners insurance will pay to repair or rebuild you home after its been damaged or destroyed by a fire, by a plumbing leak, by vandalism, or by snow or storm damage. Standard policies do not cover flooding, but you can get it from the Federal Insurance Administration (fema.gov). To estimate the amount of home coverage you need, multiply the square footage of your home by local building costs per square foot. You can get the local building costs in your area from an insurance agent, a real estate agent, or a builder. There are two types of homeowners coverage - 1. Actual cash value coverage, which pays to replace your home or personal possessions minus a deduction for depreciation, and 2. Replacement cost coverage, which pays the actual cost of replacing your home or personal possessions. Your possessions - Homeowners insurance will pay to replace your personal possessions after they've been stolen, or damaged. Standard policies provide personal property coverage equal to 50% to 70% of your home insurance coverage. To determine if this is enough coverage, add up the value of all your possessions. If you need more coverage you can purchase it from your insurance company. Standard policies limit the amount of coverage on expensive items like jewelry, furs, and computers. Check your policy to see what the limit is and purchase more coverage if you need to. Additional living expenses - Homeowners insurance will reimburse you for your living expenses - hotel, motel, and restaurant bills - when your home is being repaired due to a fire, a plumbing leak, vandalism, or by snow or storm damage. Standard policies provide additional living expense coverage equal to 20% of your home insurance coverage. If you feel you need more you can purchase additional coverage. Personal liability - Homeowners insurance will pay your legal fees and court costs when you're found liable for injuring someone or damaging their property. Standard policies provide $100,000 worth of liability coverage, but you can purchase more coverage if you feel you need it. Where to Get Low Cost Vermont Homeowners Insurance The best place to get low cost Vermont homeowners insurance is at an insurance comparison website. It only takes a couple of minutes to get rate quotes from a number of insurance companies. Visit http://www.LowerRateQuotes.com/homeowners-insurance.html or click on the following link to get Vermont homeowners insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section, and get answers to your questions from an insurance expert by using their online chat service. The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on homeowners insurance in Vermont.
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