What is Homeowners Insurance?
Vermont homeowners have invested a lot in the houses they own, and few could afford to lose their home in a disaster. That’s why there’s homeowners insurance.
Homeowners insurance helps protect houses and the contents inside them from many potential disasters. In addition to offering protection for a house and its contents, most policies also include liability protection for the policyholder themselves.
Who in Vermont Needs a Homeowners Policy?
Most people who own a residence in Vermont need to have a homeowners policy for their house. This includes both “full-timers,” who live in the state year-round, and “part-timers,” who maintain a seasonal home in the state.
In many cases, homeowners are required by the terms of their mortgage to carry a homeowners policy. Banks frequently include such a requirement in the loans they underwrite to ensure that their investment in a home will be protected from disaster.
Many homeowners who aren’t obligated by a mortgage to carry a homeowners policy still choose to. Replacing a house is an expensive proposition, and few homeowners could afford to completely rebuild their residence if it was destroyed. Even those few who do have the financial resources necessary to rebuild a home normally don’t want to risk having such a large expense.