The Cheapest and Best Renters Insurance in Burlington
The Companies With the Cheapest Renters Insurance in Burlington
Cost should be a significant factor since most insurance companies offer similar core averages. Burlington residents should compare renters insurance quotes from different insurance providers to determine the best policy.
If you're looking for affordable options, MoneyGeek found that the cheapest renters insurance in Burlington is offered by:
- Co-Operative Insurance: $100 per year
- Vermont Mutual Insurance: $100 per year
The prices are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage, and a deductible of $500. Your actual costs will differ. Check the table below for different personal property coverage limits to see how the prices change.
Vermont renters living outside Burlington can compare renters insurance for the state.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
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What Are the Best Renters Insurance Companies in Burlington?
MoneyGeek ranked the best renters insurance in Burlington and discovered that the top renters insurance companies in the city are:
- Best Overall: Vermont Mutual Insurance
- Runner-up: Co-Operative Insurance
MoneyGeek used a unique rating system that incorporates affordability and customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The best providers also offer unique coverages that other insurers don't typically provide.
Vermont Mutual Insurance offers the best renters insurance in Burlington, with a perfect score for affordability. It also ranks high for customer satisfaction and financial stability.
This provider also lets you customize your policy with add-on coverages for jewelry, gadgets and even pieces of fine art.
Co-Operative Insurance is Burlington's second-best pick for renters insurance. It has a perfect score for affordability and ranks high for customer satisfaction and financial stability.
Co-Operative Insurance is also one of Burlington's cheapest renters insurance companies. This provider also offers identity theft resolution services to help protect against cyber hackers or fraudsters. With Co-Operative Insurance, claims are processed quickly.
The Average Cost of Renters Insurance in Burlington for 2023
renters insurance is equal to the average.
On average, renters in Burlington pay $105 annually or around $9 monthly for renters insurance. This is $54 less than the national average cost of renters insurance, which is $159 per year.
What Factors Impact Renters Insurance Costs in Burlington?
While several factors impact your renters insurance cost, the following are the most impactful on the amount you will spend.
- Personal property coverage amount. This is a major determining factor in the cost of renters insurance in Burlington, so you should consider purchasing this coverage.
- Location within a city. Your renters insurance depends on where you live in the city. If your rental is in an area with a higher crime rate and is prone to natural calamities, you could pay higher premiums.
- Deductible. This is how much you pay the insurance carrier to cover a claim. Choosing higher deductibles may result in lower premiums. However, you'll pay more out of pocket when you file a claim.
- ACV vs. RCV. Depending on the type of insurance, your policy can reimburse you based on either the actual cash value (ACV) or the replacement cost value (RCV). ACV policies are based on your used items' depreciated value. On the other hand, RCV policies reimburse the equivalent cost of buying a new item similar in quality and value without considering depreciation. Since RCV policies pay more claims, they cost more than ACV policies.
- Liability coverage amount. The coverage level will have a minor effect on your renters insurance. A standard policy has $100,000 in liability coverage, but you can add thousands more for only a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Burlington Neighborhood Impact Cost of Renters Insurance?
The place you live generally doesn't affect renters insurance rates. MoneyGeek's study discovered that your neighborhood would only affect your premiums by a couple of dollars per month.
Understanding Renters Insurance in Burlington
In Burlington, renters insurance is not mandatory, but some landlords may require it. Regardless, MoneyGeek strongly suggests buying rental insurance as a low-cost way to protect your assets.
What Does Renters Insurance Cover in Burlington?
When looking for the right renters insurance, ensure you get enough coverage to meet your needs as a Burlington renter. Protecting your personal property from unforeseen expenses due to theft and other damages is more affordable. According to the FBI, the property crime rate in Burlington was 2,526 per 100,000 residents in 2019, which is 34% above the national average.
Burlington's apartment and rental home residents may also purchase additional insurance to protect them from risks like fires and water damage. Insurance companies in Burlington typically offer renters insurance policies that include:
- Personal property coverage: This covers the contents of your rented home from specific peril like vandalism, theft, electrical malfunctions and weather-related damages.
- Additional living expenses: If your rented property becomes unlivable after a covered peril, this takes care of temporary lodging or hotel expenses.
- Liability insurance: This coverage protects you if an accident happens on your rental property and causes harm to other people. It helps you pay legal fees and court judgment payments if sued.
- Medical payments coverage: If someone gets injured while staying in your rented property, it helps you cover medical expenses related to the specific injury. It pays out regardless of who is at fault.
What Is Not Covered by Renters Insurance in Burlington?
Renters insurance in Burlington covers your personal property, not the building. That's the responsibility of the owner. Renters insurance may not cover other specific situations, so it's best to get additional coverage.
Renters insurance may cover water damage, but if caused by flooding, most standard policies won't cover it. You can buy additional insurance from the National Flood Insurance Program (NFIP) to protect your rented property from flood damage.
A standard renters policy may also exclude your roommates' belongings, earthquake damage, car damage, jewelry and items that exceed your policy limits. Remember to read your policy carefully since not all policies are alike.
Frequently Asked Questions About Renters Insurance in Burlington
Renters insurance shoppers should look for the provider that offers the best combination of affordability and quality. To help you further, MoneyGeek answered some of Burlington's most commonly asked questions about renters insurance.
Renters Insurance in Burlington Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Burlington to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 26, 2022.