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Cheap Renters Insurance Companies in Vermont

For many consumers, cost is the most important consideration when choosing a renters insurance policy. Co-Operative Insurance and Vermont Mutual offer the cheapest renters insurance in Vermont. Each company provides coverage at an average price of about $8 per month or $100 annually.

These average monthly and yearly rates are based on prices across several ZIP codes in Vermont. The premiums are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

Personal Property Coverage:

$20,000

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Company
Amountper year
1. Vermont Mutual Insurance
In 2021, Vermont Mutual Insurance ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Vermont.
$100
2. Co-Operative Ins Companies
In 2021, Co-Operative Ins Companies ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Vermont.
$100
3. State Farm
In 2021, State Farm ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Vermont.
$115
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Best Renters Insurance Companies in Vermont

While cost is important, renters should also evaluate the financial stability and customer support quality of different providers. It’s important to know that your insurance company can pay your claim without difficulty and provide great customer service.

MoneyGeek researched the best renters insurance companies in Vermont based on AM Best’s financial stability ratings, J.D. Power and Associates’ customer service scores and affordability.

Vermont Mutual ranked the best in the state with a score of 96 out of 100. Co-Operative Insurance came in second place with 95 points.


1

Vermont MutualScore: 96

5/5

Affordability

4.5/5

User Satisfaction

4.5/5

Financial Stability


Vermont Mutual ranked high in terms of financial stability, affordability and customer service. In addition to standard coverage, you can customize your policy to include protection for items like jewelry, electronics, fine art and more. You can use their website to find an agent near you to answer any questions you have.

2

Co-Operative Ins CompaniesScore: 95

5/5

Affordability

4.5/5

User Satisfaction

4/5

Financial Stability


Co-Operative Insurance makes it easy to find a local agent to help with your renters insurance needs. The company offers identity theft resolution services if your identity is stolen. There is no extra cost for this service. Claims are processed quickly and discounts are available.

3

State FarmScore: 71

3/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm policyholders can get customized plans that include identity theft protection, earthquake coverage and more for an extra cost. Discounts are available to renters who have home safety devices or bundle multiple policies. It only takes a few minutes to get a quote with the help of State Farm’s online tool.

Largest Renters Insurance Companies in Vermont

According to market share data, the five largest renters insurance companies in Vermont are Vermont Mutual (12.46%), Liberty Mutual (11.86%), Co-Operative Insurance (10.76%), State Farm (7.69%) and USAA (6.01%). These companies make up over 48% of the renters insurance policies in Vermont.

Buying your renters insurance policy from a larger company can give you the confidence that your provider has the financial stability to pay out your legitimate claims.

Company
Market Share
1. Vermont Mutual
In 2021, Vermont Mutual ranked #1 in Vermont for renters insurance market share.
12.5%
2. Liberty Mutual
In 2021, Liberty Mutual ranked #2 in Vermont for renters insurance market share.
11.9%
3. Co-Operative Ins Companies
In 2021, Co-Operative Ins Companies ranked #3 in Vermont for renters insurance market share.
10.8%
4. State Farm
In 2021, State Farm ranked #4 in Vermont for renters insurance market share.
7.7%
5. USAA
In 2021, USAA ranked #5 in Vermont for renters insurance market share.
6.0%

Average Cost of Renters Insurance in Vermont

$0
$0

renters insurance is 0.0% more than the average.

The average yearly cost of renters insurance in Vermont is $105. This is $54 less than the national average. The average monthly cost is $10, which is roughly $4 less than the national average. These prices are for a renter who purchases personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

Renters in Vermont can save money by comparing renters insurance quotes to find the most affordable option. For example, our sample renter could save $15 per year by choosing Vermont Mutual or Co-Operative Insurance, the state's cheapest options, instead of State Farm, the most expensive provider. This equates to about $1 per month in savings.

What Factors Impact Renters Insurance Cost in Vermont

Many factors determine your renters insurance premium. These can include your location, credit score, deductible and more. Be sure to remember these factors as you shop for renters insurance in Vermont.

  • Location: Renters insurance companies consider your ZIP code when determining your premium. If your rental is in an area that has higher crime rates or is more prone to natural disasters, you may have to pay higher rates.
  • Credit Score: Providers use your credit score to analyze the probability you’ll file a claim. Insurers have found that people with poor credit scores are more likely to file claims than those with high scores. As a result, renters with low credit scores could pay higher premiums.
  • Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance carriers make payouts based on actual cash value (ACV) or replacement cost value (RCV) calculations. While ACV policies are cheaper, they also reimburse you less because they consider your belongings’ depreciation over time. RCV plans are pricier because they will reimburse you for a new item of the same type and quality.
  • Deductible: When your insurance company agrees to pay your claim, you have to pay a deductible. A policy with a higher deductible will have a lower monthly rate since you need to pay more out of pocket. Packages with lower deductibles have a higher cost because the provider pays more in reimbursement.
  • Coverage Amount: Policies with a higher coverage amount tend to cost more than those with lower coverage amounts. It’s a good idea to perform a house inventory before shopping for quotes to learn the actual value of your possessions. This can help you avoid paying for more coverage than you need.
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Renters Insurance in Vermont: What You Need to Know

MoneyGeek recommends that tenants buy renters insurance since it protects their belongings at an affordable price. It can be beneficial to have if you experience theft, destruction from a natural disaster or a fire.

In Vermont, 24.9% of people are renters and the average monthly rent price is $980. For a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly renters insurance price is $9. This rate is .89% of the price of rent.

What Renters Insurance Typically Covers in Vermont

Before you buy renters insurance in Vermont, you should understand what your policy does and does not cover. A standard plan covers personal property, medical payments, additional living expenses and liability insurance.

Personal property insurance in Vermont will protect your belongings from damage caused by hail, windstorms and lightning.

What Renters Insurance Typically Does Not Cover in Vermont

Renters insurance in Vermont covers many types of emergencies. However, certain issues may not be included in your policy. Here are some situations that your renters insurance probably won’t cover.

  • Flooding: Renters insurance covers water damage from a broken main or pipe. Unfortunately, flooding from natural disasters is typically excluded. It may be a good idea to get coverage through the National Flood Insurance Program (NFIP) if you are concerned about flooding.
  • Earthquake Damage: Earthquakes are normally not covered by renters insurance. You will need to pay more if you want this type of coverage.
  • Structural Damage: Renters insurance covers your property, not your rental home’s structure. This is your landlord’s responsibility.
  • Roommate Property: Unless your roommate is included in your policy, their belongings won’t be protected. They will need to buy their own insurance.
  • Expensive Items: Valuables like jewelry or gaming computers are generally excluded from renters insurance. You need to purchase an additional rider if you want them to be covered.

Please read your policy’s fine print to find out what it covers. Talk to your agent if you have questions so you can make sure your claims get paid.

FAQs About Renters Insurance in Vermont


Is renters insurance required in Vermont?This is an icon

Vermont law does not require tenants to have renters insurance. That said, landlords can mandate renters insurance if you want to rent their property.

Do you need renters insurance in Vermont? This is an icon

Although the law does not require it, renters insurance is a low-cost way to protect your belongings.

Can your landlord in Vermont require renters insurance?This is an icon

Landlords can require tenants to buy renters insurance as part of the lease agreement.

How much is renters insurance in Vermont? This is an icon

According to MoneyGeek’s research, the average monthly cost of an insurance policy with $20,000 in personal property coverage and $100,000 in liability coverage is $9.

Who has the cheapest renters insurance in Vermont? This is an icon

MoneyGeek’s data shows that Vermont Mutual and Co-Operative Insurance offer the most affordable renters insurance in the state.

Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Renters Insurance in Vermont Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from 3 of the top insurance company in Vermont that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Vermont. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About the Authors

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.