Best and Cheapest Renters Insurance Vermont Has to Offer as Rated by Customers in 2023
Wondering if you need renters insurance in Vermont? The need for renters insurance isn’t as obvious as the need for car or homeowners insurance. It’s important to understand that your landlord likely has insurance that covers the structure of the building you’re living in, but it doesn’t cover your personal belongings (i.e. anything you bring into the apartment). That’s where renters insurance comes in — it covers your items from perils in your apartment and also provides liability coverage in case an accident occurs in your apartment.
So if you want to ensure you’re properly covered while renting, it’s important to find one of the best Vermont renters insurance companies. But where do you start? In the table above, you can sort through all the renters insurance companies ranked on Clearsurance. The rating next to each company — the insurer’s Clearsurance score — is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Vermont renters insurance rankings.
Interested in learning more about one of the companies on the list of the best renters insurance companies in Vermont? You can visit the company’s profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.
On this page:
- Vermont renters insurance rates
- Renters insurance for Vermont college students
- Vermont property crime statistics
What are your coverage options on a renters insurance policy?
Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard policy contains some form of the following types of renters coverage:
Personal property coverage – This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered losses or perils, so make sure to look this over closely.
Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.
Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.
Beyond these basic coverage options, you may also be able to purchase additional coverage like identity theft protection, guest medical payments coverage, and other optional coverages.
People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports equipment, may wish to increase their coverage limits for additional peace of mind.
The average cost of renters insurance in Vermont is about $102 per year. In Vermont, renters insurance rates vary based on a number of factors, including your age, marital status, credit score, and the company you choose. Some companies may offer renters insurance in Vermont for a cheaper rate than other companies do. In the table below, you can see average annual Vermont renters insurance rates from some of the largest companies in the state.
|Company||Average renters insurance rates|
|Co-Operative Insurance Company||$100.00|
These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Vermont will differ. Rate data is provided by Quadrant Information Services.
You may rent an apartment located off-campus while attending a college or university in Vermont. There are a few things for college students renting housing in Vermont to consider in order to protect their personal belongings.
Typically, college students who live in dorms located on the college campus are covered by their parents homeowners insurance policy. That’s usually only the case for students who live on campus, though. Vermont college students who rent apartments off-campus should consider a renters insurance policy because their items won’t be covered under their parents’ policy, and without a renters insurance policy, they won’t have any protection.
College students will most likely have roommates in the apartment they rent. It’s not advised that students share renters insurance policies with roommates. Rather, each student should have their own renters insurance policy to protect their own belongings.
Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Vermont compare to other states around the country? The FBI published the following statistics on crime in Vermont for 2016:
- Property crime - 10,602
- Burglary - 2,103
- Larceny theft - 8,217
When compared to the national average rate per 100,000 inhabitants, all three crime statistics in Vermont rank below the national average.
How can you save money on your renters insurance in Vermont?
While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Vermont renters insurance premium and have some extra spending money?
Here are the top 5 ways to save on your renters insurance:
- Raise your deductible
- Ask about potential discounts
- Bundle your policies
- Determine the value of your personal property
- Pay in full by check
If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance provider, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as a smoke detector, protective devices like burglar alarms, or for setting up automatic payments.
A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get an online quote for a renters policy from at least three companies before making a decision.
How does Clearsurance rate and rank the best renters insurance companies in Vermont?
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Do you need a renters insurance guide?
As we mentioned above, there’s common misconceptions regarding what is and isn’t covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Vermont, it’s important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property. Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.
We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.