Bennington Home Insurance
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What to Expect in Bennington, VT
Bennington is a southern Vermont town of just over 15,000 residents, divided into three quaint historic districts. The convenient location next to the Green Mountains lends itself to hiking, sledding and skiing. Major industries in Bennington include textiles, wood manufacturing, iron and pottery. You may want to make this area your home if you're looking for a low cost of living and access to arts, culture and vast natural beauty.
Buying a Home in Bennington
According to Sperling's Best Places, the median cost of a home in Bennington is $221,200, more than $100,000 less than the U.S. median of $338,100. Appreciation is currently at about 19% per year, so property in the city may be a good investment. You can protect this valuable asset and your budget with home insurance, which pays expenses related to covered events like theft and severe weather.
If you're looking for a historic property, Bennington is a great place to start your search. Nearly 28% of the homes in the metro area were built in 1939 or earlier. Another 30% date between 1970 and 1989, but you'll also find properties constructed in just about every decade in this eclectic town.
Possible Issues for Bennington Homeowners
Weather-related incidents pose some of the biggest concerns for property owners in Vermont. Your home may be vulnerable to the impact of wind damage, heavy snow, hail, fire or mudslides, depending on where exactly you live in town. While home insurance covers most of these issues, you may need additional coverage if your home has an elevated flood risk. You can find affordable rates on expanded policies when you compare prices with VIU by HUB.
Bennington also has a higher-than-average rate of property crimes, with about 3.44 of these incidents per year per 100 residents. That's more than double the state rate of 1.42 annual property crimes. Burglaries in the city are also more common than at the state or national level. Make sure your Bennington home insurance covers the cost of your personal property so you can replace jewelry, electronics and other assets if you experience a theft.
Average Bennington Home Insurance Premiums
Bennington residents pay an average of $70 per month or $835 annually for homeowners insurance, according to data from Nerdwallet. You'll save more than half compared to the U.S. average premium of $1,820 per year for comparable coverage.
Factors that affect your home insurance rates include the age of your home, the type of construction, your credit rating and your exact geographic location. You may even pay more than a neighbor a few blocks away if your street has an increased rate of claims. Every provider is different, so you should shop around for coverage.
Laws About Home Insurance in Vermont
You don't have to insure your home under state law, but your mortgage company likely has requirements about minimum liability and dwelling coverage. Dwelling insurance pays for covered damage to your home, its structures and the assets inside. Liability insurance pays your legal costs and third-party medical bills if someone outside the family has a severe injury at the home.
When you want to save money on premiums without reducing your protection, consider shopping for rates from multiple providers. VIU by HUB offers an online quote tool that makes it easy to compare policies and save on Bennington home insurance.
This information is intended for general informational purposes only and is not intended to constitute legal advice.