Vermont Landlord Insurance

Find the Best Landlord Insurance Rates & Companies in Vermont 

Vermont's scenic landscape draws many visitors and residents alike. As such, there's plenty of opportunity in the state to turn a profit as a landlord. If you own and rent out a house, apartment, or townhouse in Vermont, landlord insurance can protect you from financial losses due to property damage and liability. 

Fortunately, an independent insurance agent in Vermont can help you obtain the right landlord insurance coverage. Your agent will ensure you get set up with the ideal policy for your rental units. For starters, though, here's a behind-the-scenes look at Vermont landlord insurance requirements and more.

Best Landlord Insurance Companies in Vermont

Landlord insurance is sold by many different carriers in Vermont. But when you're looking to get coverage fast, it's helpful to know where to start. Check out some of our recommendations for the best landlord insurance companies in Vermont.

1. Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has great financial strength, many discount options, and offers 24/7/365 customer service.
2. REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro is highly rated by the BBB and provides fast claim responses.
3. Encova: This insurance company sells landlord insurance and many other types of personal and business insurance. Encova has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.

A Vermont independent insurance agent can shop and compare landlord insurance quotes for you from these outstanding carriers and others who offer coverage in your city.

What Is Landlord Insurance?

Landlord insurance can protect the dwelling of the units you rent out to tenants, as well as your personal liability. It's a bit like homeowners insurance and can reimburse you for similar hazards, such as fire damage, falling objects, hail damage, vandalism, explosions, and more. If one of these covered incidents occurs, you can file a landlord insurance claim to get reimbursed for the damage up to your policy's limits.

How Is Landlord Insurance Different from Home Insurance?

Because landlords generate a profit from their tenants, their coverage must include certain parts of business insurance as well. This sets landlord insurance apart from home insurance. Loss of income coverage is included in landlord insurance and helps cover temporary suspensions in business operations, such as instances when you can't collect rent due to fire damage or other covered hazards.

Is Landlord Insurance Required in Vermont?

State law does not require landlord insurance in Vermont, but having this coverage can help you recover financially after a major incident like a lawsuit. Without a policy, you could have to pay these potentially huge financial losses out of your own pocket. Because of this risk, many landlords find having coverage well worth the cost of the premiums.

What Landlord Insurance in Vermont Can Cover

You can choose from many different types of coverage when creating your Vermont landlord insurance policy. Often, these include the following options:

• Loss of income coverage: This can reimburse you for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire. 
• Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
• Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.  
• Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event such as an accident while staying at your rental property. 
• Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
• Optional coverage: As a landlord, you can also choose from several additional coverages such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.

Your Vermont independent insurance agent can recommend the exact types of coverage that would benefit you the most.

What Landlord Insurance in Vermont Will Not Cover

Of course, landlord insurance isn't designed to cover everything. In Vermont, some of the most common landlord insurance exclusions are:

• Typical wear and tear damage to property
• Flood damage to property
• Water or sewer backup damage to property
• Damage or destruction to your personal property in any rental units
• Earthquake damage to property
• Expenses related to routine maintenance of the property

You might be able to secure coverage for some or all of these hazards by way of endorsements or add-ons. Just be aware that a standard policy is unlikely to include these protections.

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Average Cost of Landlord Insurance in Vermont

Landlord insurance costs an average of $1,169 per year in Vermont. You might find that the cost of your policy varies, however, depending on several factors like the following:

• The location of your rental properties
• The age, size, and condition of your rental properties
• The number of rental units you own
• The presence of a swimming pool or other high-risk features at your rental properties
• Your claims history

Vermont landlord insurance discounts can help you reduce your coverage rates. Ask your agent to check your eligibility. 

Popular Questions about Vermont Landlord Insurance